slick1537 Posted October 28, 2006 Report Share Posted October 28, 2006 Hey guys whats up, its been about a week since I was last able to check here since I started my new job and I must say, I think there was a lot more new post than there usually are. Anyway after reading fry's last post about financing it really started to hit home that financing anything more than like 30% of the loan is just going to earn your a rediculus interest rate and debt for a long long time. I was also browsing around the website of the flightschool I want to attend and they pointed out that they have some kind of degree program wiht a partnering community college. The class is a two year business administration with aviation specialty degree. I know its just business degree, and I have shunned a lot of my former high school classmates for getting "business" or "liberal arts" degrees, but I relized you can no longer get far without sometime of college education. My new job is basically cutting open boxes for 12 hours strait, with a pinch of forklift operation. 3 long shifts, then 4 days off. You see, some of the nicest, hardest workign people have been there for 7 years, and still are just cutting open boxes, yet the bosses have been there for 3 months and have a degree in god who knows what, even if it isnt relavent to mass scale product distrobution. Here is the big perk for me, attending a school will allow me apply for financial aid and whatever other grants I can get to assist with school and flight training. Although here is my question: How much money can I expect financial aid to help with? My mom and dad are seperated. Father probably makes 40-50 a year, and my mom probably makes around 30. I think less income families recieve more aid? This whole college idea is pretty knew to me, but I know it is probably something I should be doing, so anyone who can help me out with this, thank you in advance! Quote Link to comment Share on other sites More sharing options...
dlo Posted October 28, 2006 Report Share Posted October 28, 2006 hey i dont know what your really asking, but i can tell you a few things about finacial aid. if you are going to college, grant money is available through finacial aid office. this can be up to 4,000 a semester, if you are under 23 and still on your parents income, if parents don't make much you could qualify for up to 4,000 or maybe more a semester. you will have to check wish finacial aid office and fill out the fasfa for online. if you want a government loan that you will have to pay back, but it is at very little interest rate and yoiu can deffer payments until six months after school, this loan will only pay for college classes and no flight training. that will not help you with flight training. ive looked hard and found that flight training is expensive and nobody looks at it as a career, nobody will pay for it for free and nobody will lend you money at a low interest rate for flight training. you can get any kind of worthless college degree you want, eg. basket weaving and government will help you pay for it, they will give you free money and loan you money but not help with flight training. you could always go to a cheap, local community college, get as much freee money as you can qualify for, take out a loan each semester for about 7 grand max and use this to pay for flight training, but it will take a long time to do with such low finacial aid and loan amounts...... this is all very confusing, but in short, no one will pay for flight training except a higher interest rate loan. the only other thing is to save your money, go to a local college and take out gov. loans, for the local college and use them towards flight training. Quote Link to comment Share on other sites More sharing options...
slick1537 Posted October 28, 2006 Author Report Share Posted October 28, 2006 Well basically I would be attending a community college. I am also figuring out how I can get residency, or how long I would have to wait, so that I will qualify for resident tuition rates. Basically what you said about college. Now about the federal loans at low rates, the flight training is part of the curriculum. Basically it is "seen" as a college class, but taken at a FAA approved flight school. I was under the impression that I could get a loan for the schooling+training all together and at a lower rate. Instead of not going to school and paying for just a flight school loan at $100,000 worth of interest over 15-20 years. Someone please clear this up for me! Here is the specific program I am looking at if it helps clear things up...http://www.hcc.edu/programs/documents/AviationMgtB073.pdf Quote Link to comment Share on other sites More sharing options...
fry Posted October 28, 2006 Report Share Posted October 28, 2006 Now about the federal loans at low rates, the flight training is part of the curriculum. Basically it is "seen" as a college class, but taken at a FAA approved flight school. I was under the impression that I could get a loan for the schooling+training all together and at a lower rate. Instead of not going to school and paying for just a flight school loan at $100,000 worth of interest over 15-20 years. Someone please clear this up for me! http://studentaid.ed.gov/PORTALSWebApp/stu...jsp?tab=funding The bad news is that the amount of loan money you can get with a federally guaranteed student loan is limited. Even though flight training is part of the curriculum you can't borrow more than the limit and that by itself is not enough to cover the education cost...tuition, fees, books...and the flight training. You'll have to come up with additional money besides the federally guaranteed loan...i.e., non-federally guaranteed loan (e.g., "Career Training" loan thru Sallie Mae, which is basically a private signature loan), work-study, grants, scholarships. Other than Uncle Sam there is no "low cost" way to do flight training. So if you're going to invest in yourself and borrow the money be a smart consumer. Squeeze every drop of training out of every nickle. Don't pay more than you have to for the training or the loan 'cause it's real money...yours...that you'll be paying back. Quote Link to comment Share on other sites More sharing options...
PilotLevi Posted October 30, 2006 Report Share Posted October 30, 2006 http://studentaid.ed.gov/PORTALSWebApp/stu...jsp?tab=funding The bad news is that the amount of loan money you can get with a federally guaranteed student loan is limited. Even though flight training is part of the curriculum you can't borrow more than the limit and that by itself is not enough to cover the education cost...tuition, fees, books...and the flight training. You'll have to come up with additional money besides the federally guaranteed loan...i.e., non-federally guaranteed loan (e.g., "Career Training" loan thru Sallie Mae, which is basically a private signature loan), work-study, grants, scholarships. Other than Uncle Sam there is no "low cost" way to do flight training. So if you're going to invest in yourself and borrow the money be a smart consumer. Squeeze every drop of training out of every nickle. Don't pay more than you have to for the training or the loan 'cause it's real money...yours...that you'll be paying back. Check your PM's Quote Link to comment Share on other sites More sharing options...
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