I need a little more help...

[wannabe87]

Ok, so I have started my flight training now!! Woooo hooo.... But Im a little nervous right now because I will end up needing $20-25,000 more than I have saved up, so I will have to borrow money. I just want to get some ideas on how I could get the money I still need...? Anyone out that have any advice, ideas, opinions, thoughts, or any way that I could get around that amount of money?

[yzchopper]

Ok, so I have started my flight training now!! Woooo hooo.... But Im a little nervous right now because I will end up needing $20-25,000 more than I have saved up, so I will have to borrow money. I just want to get some ideas on how I could get the money I still need...? Anyone out that have any advice, ideas, opinions, thoughts, or any way that I could get around that amount of money?

 

You might add some more information regarding your situation with the VA benefits and where you would like to go with your training. That may help people better understand and point you in the right direction.

 

Steve

[wannabe87]

Good point Steve. Well I am using my GI Bill(not chapter 33) to help with the cost of flight training. My total cost will be around $35,000 for all ratings through CFII, and I currently have $15,000 that I am putting towards the flight training, so that leaves a remaining cost of approx. $20,000. I cant seem to find any luck on getting funding for that amount. I also have a cosigner that I can use that makes good money, and has a better than average credit score, but it still seams hard to find lending for that amount. I realize that I am in a better position than most are when it comes to their training, but I am worried about not being able to finish so I would really like to find a way to have all of the funding so that I can get through all of my flight training. I am open to alllll ideas. Thanks!!

[r22butters]

I'm sure you don't want to hear this, but... Don't borror money! Go get a 'real' job and save up. The industry is not in any great need for new pilots, you have plenty of time.

[r22butters]

Just in case you need a little more perspective on why there's no hurry to get into this industry, and why you should not borrow money.

 

I just started collecting unemployment, $400/week. The last flying job I applied to paid $300/month!

[wannabe87]

I'm sure you don't want to hear this, but... Don't borror money! Go get a 'real' job and save up. The industry is not in any great need for new pilots, you have plenty of time.

 

Yea right now Im thinking that may end up being my only option. But I had a plan of how I could pay back the loan pretty quickly using the military. But that is the plan unless I can figure out a way to borrow even just half of the $20,000.

[Carpenter]

Going into debt for flight training is the worst possible scenario. Pay as you go or don't go! This may not sound popular, but it is the cold hard truth right now. The goal right now should be to pay off debt, not take on more!

[ADRidge]

Going into debt for flight training is the worst possible scenario. Pay as you go or don't go! This may not sound popular, but it is the cold hard truth right now. The goal right now should be to pay off debt, not take on more!

 

This is the only reason my head is above water. I'm done with my training, and I thank God I didn't have to borrow anything to get it done. You know what it's like to get stuck with a loan payment with no job in the foreseeable future? I don't either, but I know at least fifteen folks who do. None of them enjoy it.

[apiaguy]

in tough times like these you'd be better off to get your airplane private and then use your GI crap to pay as much helicopter time as possible. Do the add-on way! I know, I know.. you need helicopter hours... but there is as much chance you'd get a job with less than 200hr helicopter right now as with 200. Forget the robinson montra... go with the schweizer. DO NOT BORROW MONEY. You could have all your ratings for under $35k... then as you have money you can keep building hours helicopter and might even get a job along the way.

[wannabe87]

This is the only reason my head is above water. I'm done with my training, and I thank God I didn't have to borrow anything to get it done. You know what it's like to get stuck with a loan payment with no job in the foreseeable future? I don't either, but I know at least fifteen folks who do. None of them enjoy it.

 

Well with what everyone is telling me I am starting to think maybe I should just work for the ratings. I just need to figure out a job that could get me enough money to pay for the ratings.

ADRidge, what did you do while working on your ratings? How do people make enough to pay as they go? Any ideas?

[ADRidge]

I took alot of time between my ratings. Took me a year to get my PPL, but I'd saved for a year beforehand and paid as I went. Managed, with a little help, to fix up and flip a house during that year, which paid for my instrument and a bit of commercial. The rest of the money I worked for, begged and borrowed from family. It took me a tad over 2 years to get my ratings, but I did it without using SLM or other lenders, although I almost broke down and got a loan to finish. I'm so glad I didn't.

[CrashC]

Same boat here. Say I wanted to work and pay for training as I go. Say I wanted to finish within 3 years. Average training from zero to CFII is what...$65k. So I'd need to earn about $22k more per year AFTER taxes...more like $30k a year gross. If that was realistic, one would think I'd already be doing it.