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Financing my Pilot Training


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Hi all new here. I just got my Privates for rotorcraft and I want to continue. Unfortunatly I dont have the finances. Anyone have any ideas on how to get financing. Any good loan programs. I was thinking ofdoing the school rout but I already have a BA and a Masters in an unrelated field. I want to get my CFI and instrument as well as the comercial. Thanx for any help.

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sallie mae is pretty much your only financing option. the interest is outrageous and it's even worse if you choose a deferment option, and if you don't have a cosigner you might not get all the $ you need. if you and your cosigner have excellent credit and you can make at least interest payments while you're training, you can expect interest rates honestly somewhere between 15-20%. for a 15yr term, that's monthly payments ~$900 i think

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expect to hear from Fry on this, he's the voice of discontent when it comes to the money for training threads. don't let it discourage you, he has good information and uninspiring opinions. he's the glass is half empty kinda guy, although he somehow avoids letting us ever know why he became so jaded.

 

i'm currently borrowing for my training, i have a bachelors in a well-paying discipline which i despise and gave up years ago. instead I work nights at a swanky restaurant to pay the bills so i can train full time. it's do-able, if you're comfortable living an austere lifestyle for a few years while you train, teach and pay off the debt. which i think those of us who are serious about flying for the rest of our careers are prepared for and ok with. find a great little school that owns its helicopters and doesn't gouge you for ground school. although maybe you already have that where you got your PPL. you CAN do it for under $50k, the $75k everyone likes to throw around i think is for someone with no feel who goes to SSH without ever having sat in a bird before.

 

good luck!

 

heligirl03

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The best possible thing you can do for yourself is try to get as much money you can without taking out a loan. You will be paying big time on a loan. However if you cannot wait any longer check into sallie mae.

 

 

I had 3 student loans. One from the Feds, two other private loans. One was Salie Mae the other a company no longer doing pilot loans. I couln't deal with having 3 loans so I looked all over for sometime for a company that would take on private loans for consolidation. I found only one company. Loan to Learn. Visit Loantolearn.com for more info. My rate is 9% by myself no co-signer. They may be able to finance your training. Although as others pointed out, it's best to save up as much as you can and pay less interest. Food for thought.

 

JD

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Hi all new here. I just got my Privates for rotorcraft and I want to continue. Unfortunatly I dont have the finances. Anyone have any ideas on how to get financing. Any good loan programs. I was thinking ofdoing the school rout but I already have a BA and a Masters in an unrelated field. I want to get my CFI and instrument as well as the comercial. Thanx for any help.

 

Pulleeze. I'm pretty sure you're a troll and putting us on but what the hell I'll bite and ask the obvious question. Why don't you pay for your flight training the same way you paid for your BA and Masters?

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Thanks for your help guys, I just reread my post and saw that I told you guys I had a masters and a BA and also noticed I had a bunch of spelling errors, American Education I tell ya, just kidding it was late @ night. I will check out Sallie Mae but that is a pretty high interest rate. I can do better with a credit card. I also am in a field that I no longer wish to be part of but making the career switch is hard financially. I have a wife and 2 kids to support and im 36. Switching careers will be a challenge but I defiantly will not be able to train full time. Can’t lose my day job. I will also check out Loantolearn.com and see what they have to offer.

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