Student Loans

[GmeisteR]

Hey everyone, after reading and making a lot of phone calls i can not get a straight answer out of anyone.

 

Can you get student loans to cover all of your flight training? the college i called here in Florida, said that they only give out enough to cover the classes you take at the college which is only like $8K worth, so that still leaves me like $50,000 to pay out of pocket. Does this seem right to anyone?

 

I have a state funded program that i got a $20K grant from, So if i can find a way to put even another 20-30K on student loans then i can make flight school happen.

 

In short, how much of flight school can you get covered with student loans ?

[ChprPlt]

depending on your credit and if you have a co-signer you may get a loan for the full amount. Its hard to get loans these days. I had a student finance the whole program through www.pilotfinance.com

[GmeisteR]

yeah, i am trying to find a way to do this without my parents, which is why im wondering how much of flight school you can put on student loans.

[ChprPlt]

There is no set limit. Depends on your credit and the finance company you are trying to use. Just figure out how much $ you need and apply for that amount.

[01CelicaGTS]

There are not a lot of companies out there that are financing flight training. The best way that I've seen is to get into a program at a college that offers a degree. The best one's are program's that have flight and ground training as part of the syllabus. Portland Community College where I live has a program like that. It is easier to get funding for a college than it is to get private loans for flight training. Also, you can get Federal loans which are lower interest rate.

 

There are other colleges as well that you can get a degree at and then get extra money for flight training. For example, I am attending online classes throught UVU and I get a federal check and a private loan check every semester. It covers the cost of tuiting, and everything else is sent to me in the form of a check to use for "school related expenses". When I talked to financial aid, they said that what you use it for is pretty vague, but if you can justify it as relating to your degree then its fine.

 

In my case, my cost of attendance for 2 semesters has been $29,076 (it includes tuition, room and board, books, personal expenses and transportation). I've been awarded $9500 in FEDERAL loans, and $18,000 in personal loans. The tuition that I've had to pay has only been $2314. The amount of federal aid you can recieve goes up every year. If you took 4 years to complete the program, you could use almost all low rate, federal loans to pay for flight training. They can give you up to $57,500 for a four year degree program.

 

They only problem with the program at UVU is that they don't really cater to helicopter pilots, their ground and flight training is geared toward fixed wind, so they say you can only get a BS in Aviation Administration, or something like that.

 

So, a program like the one they offer at Portland Community College is the best choice, since your ground and flight time count as credits toward your degree, so you spend less money on "tuition", but you can't get as much money since it's only an AAS (2 year degree).

 

I am kind of trying to get the best of both worlds. I am in my second semester at UVU and am finishing my flight training, so I already got 2 sememsters worth of financial aid. Now I am going to try to transfer my credits to PCC, and finish out an AAS there. The cool thing about PCC is that they turn my ratings (private, commercial, CFI, etc) into credits!

 

If you have any questions PM me.

[GmeisteR]

yeah see at Palm Beach State College they offer an AA,AAS and an AS degree in aeronautical science. they also have a program geared towards helicopters. which is nice. the AS is the one that transfers to Embry Riddle for a 4 year. which they also have something worked out with embry riddle because your last 2 years at embry riddle will only cost $15,000. So this is the rout ima take come aug. Problem is i have over a years worth of engineering school done, and i think only like 2 credits will transfer when i switch my major, so its like im starting college all over again. But the $57,500 is in a stafford loan correct? i saw that on their site, and was turned off by the 6.8% interest, and with having to use the full amount thats kinda scary lol. but it might be my only option. i know what you mean by recieving the extra money back, im getting that every semister now as well for engineering school. which is no where near as expensive as flight training. but thank you for shedding light on this for me, i was wondering if i could get financial aid plus stafford to cover it if i go through a college degree program.

[csw1000]

May I inquire as to what this $20k state grant is all about and how you got it? Is it only available in FL? If so I can move. I too am going through UVU and am in my second semester. Have not done much flight training yet due to weather and scheduling but have gotten about $9500 extra over tuition to put towards it. Another $20k would be awesome if it is a grant.

[macatstarr]

it never ceases to amaze me at the ignorance thats spread on this board...

 

why on gods green earth would anyone go into that kind of debt to learn this skill set. Unless you your a man of means (rich!) the only realistic & economical way to learn to fly & probably to best is through the military.

 

Unfortnately, young people today don't understand the value of dollar, building wealth, & the burden of money on a young professional. (FLIGHT SCHOOLS ARE BANKING YOUR IGNORANCE) I just gave you pearls, however your probably to blinded by desire to see them...

 

 

"Wisdom comes from experience. Experience is often a result of lack of wisdom."

— Terry Pratchett

[r22butters]

yeah see at Palm Beach State College they offer an AA,AAS and an AS degree in aeronautical science. they also have a program geared towards helicopters. which is nice. the AS is the one that transfers to Embry Riddle for a 4 year. which they also have something worked out with embry riddle because your last 2 years at embry riddle will only cost $15,000. So this is the rout ima take come aug. Problem is i have over a years worth of engineering school done, and i think only like 2 credits will transfer when i switch my major, so its like im starting college all over again. But the $57,500 is in a stafford loan correct? i saw that on their site, and was turned off by the 6.8% interest, and with having to use the full amount thats kinda scary lol. but it might be my only option. i know what you mean by recieving the extra money back, im getting that every semister now as well for engineering school. which is no where near as expensive as flight training. but thank you for shedding light on this for me, i was wondering if i could get financial aid plus stafford to cover it if i go through a college degree program.

 

Dude, if I were you, I'd finish that degree in Engineering. You're gonna need a good job for a long time while you look for work as a pilot.

Edited June 10, 2010 by r22butters

[csw1000]

it never ceases to amaze me at the ignorance thats spread on this board...

 

why on gods green earth would anyone go into that kind of debt to learn this skill set. Unless you your a man of means (rich!) the only realistic & economical way to learn to fly & probably to best is through the military.

 

Unfortnately, young people today don't understand the value of dollar, building wealth, & the burden of money on a young professional. (FLIGHT SCHOOLS ARE BANKING YOUR IGNORANCE) I just gave you pearls, however your probably to blinded by desire to see them...

 

 

"Wisdom comes from experience. Experience is often a result of lack of wisdom."

— Terry Pratchett

Something about your comment makes me want to punch you in the face. You do not know anything about me you ignorant oaf. I have worked in the world trade center as a stock broker, been a national airport advertising program manager, and a production manager for one of the largest civil aircraft manufacturers out there. I have been to over half of the states in the continental US, many of the larger cities, the Rocky Mtns. in CO (awesome), and have four amazing kids and a great wife. Do you now want to know why I would be willing to go into debt to pursue my dream, the dream I have had since I was 12 years old, because money does not buy happiness. I have made in excess of six figures, owned my own business and taught some of my closest friends a trade that now supports their families. You know what I haven't ever done? What I want to do, thats what. I want to fly helicopters, for a living. Why do hurdle jumpers jump hurdles? Because it is easy? No, because it is a challenge, and a passion. Go piss in your crappy little dreamless toilet and make sure to let every obstacle you come across get in your way. People like you should sit back, shut up, and stay the hell out of my way. I now live on about $25K A YEAR, NO HOUSE PAYMENT, NO CAR PAYMENT, AND ONLY THREE MORE YEARS OF GIVING MY EX WIFE HALF MY INCOME. If I eventually get a job that even pays $50k a year then I have doubled my income. In addition to that my wife is also back in school, for free, at our local community college. It is not a right now plan, it is a rest of our lives plan. I am not a young ignorant fool, I am a 35 year old man who has been through the grinder and is tired of it. I will earn my degree and cpl and make a career for myself and die paying for it if I must, but at least then I will be able to jump on the "best job on earth" thread and say that I am happy to go to work, and if I won the lottery I would pay off my loans and keep on flying.

[Eggbeater]

it never ceases to amaze me at the ignorance thats spread on this board...

 

why on gods green earth would anyone go into that kind of debt to learn this skill set. Unless you your a man of means (rich!) the only realistic & economical way to learn to fly & probably to best is through the military.

 

Unfortnately, young people today don't understand the value of dollar, building wealth, & the burden of money on a young professional. (FLIGHT SCHOOLS ARE BANKING YOUR IGNORANCE) I just gave you pearls, however your probably to blinded by desire to see them...

 

 

"Wisdom comes from experience. Experience is often a result of lack of wisdom."

— Terry Pratchett

 

You sound like you have a lot of resentment and irritation built up towards the new people wanting to enter this industry. I don't know about anyone else, but personally, loans allowed me to successfully pursue this career, and I don't regret one bit of it.

 

I've been making loan payments for a couple years now, and I am still thankful for the opportunity they gave me. I mean, where else can a 25 year-old be entrusted with a 25 million dollar machine and make good money doing it? Of course the military is that "where else", but I tried that and my eyes weren't good enough. So ease up a bit on the new guys and have some respect for those pursuing their dreams.

[csw1000]

Here, here, Eggbeater! To all, I apologize for losing my temper in my previous post. Doctors, lawyers, vets, etc. You have to spend money to make money. I admit that a doctor will probably have a higher starting wage, but I will have a much better office! I know there are a lot of guys on this forum that do not advocate loans for training, but realize that for many of us there is simply no other option. Guarded optimism and caution are appreciated, but what about encouragement?

[r22butters]

...I now live on about $25K A YEAR, NO HOUSE PAYMENT, NO CAR PAYMENT, AND ONLY THREE MORE YEARS OF GIVING MY EX WIFE HALF MY INCOME...

 

If I were in that situation, I would just get my Private, and build the rest of my time through "time building" ops.

 

I would also seriously consider buying an old helicopter(or even a kit, like the Mosquito), and just fly the crap out of it.

 

You may find it easier to get a loan to purchase a helicopter, rather than for training in one?

[csw1000]

R22butters, I have given it some thought. I am concerned about the maintenance expense, plus I don't think there is a qualified heli mech within at least two hours from where I live. I plan to get my private and finish my degree and just keep working at it one way or another. I am building equity in my home one project at a time, finishing school (finally), and the kids are growing up. I hope for things to come together in the next five years or so. We'll see. One thing is for sure, if I don't try I'll regret it for the rest of my life. By the way, I hope you find some work soon. I'm pullin' for ya!

[Trans Lift]

CSW100O, Well said mate. I have no time for that comment either. I am also the type f person that if I want something bad enough, I will get it no matter what. If a loan is the answer to pursuing my dream cause face it, I am way to much of a free spirit for the miltary, I will get a loan. Money definitely doesn't buy happiness but it helps with the basics.

 

It is a tough road to get there but when you do it will be all the sweeter. I fly ag now and I still find it hard to believe that I get paid to do something that I would do for free (don't tell the boss that though).

 

it never ceases to amaze me at the ignorance thats spread on this board...

 

Me neither and I wish people like you would stop spreading around....get back on your high horse and leave the rest of us alone!

[01CelicaGTS]

The majority of people going to flight school know what they want to do for a living....FLY!!! That's better than over 50% of college students. They go to school spend as much as us (usually less, but sometimes more) and get out of college only to go work at Wal-Mart. Or they drop out half way through, because they realized they actually have no idea what they want to do with their life, and go work at McDonalds, still having to pay off thier loans.

 

I've been thinking about this lately. My mom is a public school teacher. She does it because she loves doing it. She has spent over $75,000 (I think around $100,000) on school including getting her Masters Degree. Starting salary for public school teachers is about $25,000-$35,000.

 

So school teachers go to school for at least 4 years (another 1.5-3 years to get a masters degree), spend as much as us, start out making a little more than us, and have to deal with 25 KIDS all day! Now I know from seeing my mom, that they don't only work the 6-7 hours they are at school. She would go to school 1-2 hours early, stay 1-2 hours late, and then work on lesson plans, grade homework, get assignments ready, etc., for another couple of hours at home!

 

In contrast, we get to spend our days in a HELICOPTER, teaching one ADULT student at a time, and (for the most part) do something that we love. Now I'm only talking about flight instructing, which must of us will only do for a couple of years. Then we get to move on and get a major pay increase, and still do something we LOVE.

 

I don't know why so many people on this forum are SO AGAINST getting loans. Millions of students do it every year. Many of these students spend as much or more than us at 4 year universities. I personally know more people who have gotten their degree and are not doing anything related to their degree, and are making less than 30k a year. Like someone else said "you have to spend money to make money".

[macatstarr]

I would like to apologize, I certainly didn't mean to offend anyone. Good luck with your endevor & fly safe.

[csw1000]

I would like to apologize, I certainly didn't mean to offend anyone. Good luck with your endevor & fly safe.

Apology accepted, please accept mine for losing my temper. I am sure you meant well.

[csw1000]

The majority of people going to flight school know what they want to do for a living....FLY!!! That's better than over 50% of college students. They go to school spend as much as us (usually less, but sometimes more) and get out of college only to go work at Wal-Mart. Or they drop out half way through, because they realized they actually have no idea what they want to do with their life, and go work at McDonalds, still having to pay off thier loans.

 

I've been thinking about this lately. My mom is a public school teacher. She does it because she loves doing it. She has spent over $75,000 (I think around $100,000) on school including getting her Masters Degree. Starting salary for public school teachers is about $25,000-$35,000.

 

So school teachers go to school for at least 4 years (another 1.5-3 years to get a masters degree), spend as much as us, start out making a little more than us, and have to deal with 25 KIDS all day! Now I know from seeing my mom, that they don't only work the 6-7 hours they are at school. She would go to school 1-2 hours early, stay 1-2 hours late, and then work on lesson plans, grade homework, get assignments ready, etc., for another couple of hours at home!

 

In contrast, we get to spend our days in a HELICOPTER, teaching one ADULT student at a time, and (for the most part) do something that we love. Now I'm only talking about flight instructing, which must of us will only do for a couple of years. Then we get to move on and get a major pay increase, and still do something we LOVE.

 

I don't know why so many people on this forum are SO AGAINST getting loans. Millions of students do it every year. Many of these students spend as much or more than us at 4 year universities. I personally know more people who have gotten their degree and are not doing anything related to their degree, and are making less than 30k a year. Like someone else said "you have to spend money to make money".

My wife is pursuing her elementary teaching degree, in a word, CRAZY!! Thank goodness for teachers, but I don't know how they do it. Just raising my own kids is tough I would go crazy if I had to deal with a whole room of other peoples kids. And the pay, I feel for these teachers, all the money for college and I made more money installing garage doors, lots more! Kinda emphasizes the point though, they are doing it because that is what they love and care about.

[GmeisteR]

wow ALOT has happened here since i last checked this. TO CLEARIFY : The grant i speak of YES its a GRANT STATE FUNDED EVERY STATE HAS IT ! Every state has a DVR Program, its designed to help people with disabilities get EMPLOYMENT NOT EDUCATION, so they will help pay for any skilled training or college. what type of disability you have will depict how much you will recieve. when i saw disability its not only for people who have a huge disability, take me for example, when i was 17 i had back sergury for scoliosis, so im getting quite a bit of money from them. however even if you had a ear-acke back when you were 17 and it caused some hearing loss you will be eligable for DVR.

 

i was garaunteed $20K ima push to get the state max which is $40K

here is the big catch, if you take their money and dont finish your training you have to repay it ! SO FINISH lol. i got lucky because if you look at me you would never know i had a back sergury, and could never tell anything was wrong with me.

 

Now, like i said every state is different, Foridas DVR program now has a waiting list which i was on for over 300 days...so its by no means an easy process.

 

 

NOW macatstarr, im not gonna get on you about your post, because my dad taught me that i should never buy something unless i had the cash to pay for it, so i understand what your saying, and yes in my case im taking loans out for this however, im doing that for the DVR program, if i shopwed them i could pay for this up front they would never gimme the $20K.

 

To answer someone elses post : YES after i finish flight school ima hope to be working as a CFI part time and then i will continue to finish my engineering degree at the same time. by no means am i just stopping that degree for good.

 

 

If ANYONE has questions about DVR just pm me.

Edited June 10, 2010 by GmeisteR

[GmeisteR]

Oh and might i add....I tried to go into the military when i was a senior in high-school, but they wouldnt take me because of my back. so yes LOANS is my only option ! i dont mind working for something i want, so repaying a school loan doesnt bother me. house loan and school loans are the only things in my life i dont buy outright. all my toys/cars i have bought with cold cash. so yes maybe ease up a bit on the newbies. Plus, I'm not gonna lie, not very many people in their 20's have a spare 80G's laying around for flight school. and we don't all have rich parents, and not too mention some kids might have rich parents, but maybe they are the type of parents who say, "If you want something you have to work to get it"

[heloidaho]

I love seeing my tax dollars at work. /sarcasm