Money for training

rookie chopper · May 8, 2007

I am new to this forum. I have started my Private pilots training. I am using a low budget. I am looking for a place to get a loan for school to complete this process faster. I am commited to beckoming a commercial pilot. However on my budget it will take a long time. Anyone have any ideas?????????

mechanic · May 10, 2007

You can start with your schools aid office. If they can't help, then look at this link, Guide. You are gonna have to have a job history and current job, as well as a cosigner, too. Sallie Mae seems to be the most widely used, but not the cheapest. If you are Veteran, that will help some if you have not used up your entitlement.

Sallie Mae

Key Bank

Citi Bank

Wells Fargo

Teri

Loan to Learn

Nel Net

These are a few that do training loans. There are many others you have to look, and don't be affraid to ask a bank or school about doing the paper work to be able to get the loan. I asked my school to get with Key Bank, they were happy too, and I got the loan. Its at a cheaper rate than what Sallie wanted to offer me.

Good Luck

klas · May 10, 2007

...
Sallie Mae
Key Bank
Citi Bank
Wells Fargo
Terri
Loan to Learn
Nel Net

These are a few that do training loans. ..

What the heck is a TERRI?

Sparker · May 10, 2007

Take every spare dollar that you would use for flight time and BUY LOTTERY TICKETS!!!!! :lol:

No don't do that.

The first step is GET ON A WRITTEN BUDGET!!!

You can not imagine the money you will save buy planning where you are going to spend your money on paper and sticking to it. It sounds like a pain in the rear, and it is, but it has saved me so much money I will never go back. It is not an option in my opinion.

Check out some money guys, I use Dave Ramsey's plan, there are budget forms online for free, of course only for the first 30 days, and then it is $9.00 a month after that. Go to www.mytotalmoneymakeover.com

I know everybody has different opinions on money and I am not trying to start an argument so...

If you can live on Ramen for a couple years, do it. I would not borrow more than 20K to finance flight training, chances are you will make less starting out as a CFI than the average college graduate, so it is not smart to have 3 times as much debt (70K total)

Check some loan calculators and see how much you think you can swing a month, you might be surprised how high the payments are.

Don't forget, once you get your PPL you can share the cost of the flight, no more than half and there is a bunch of rules about "nobody can have fun during the flight, and they have to have wanted to go to where you are going anyway and accidentally found out that you had a PPL and blah blah blah blah" -Exaggeration intentional.

Lacking patience is very expensive, and the banks in America are making millions off of people's impatience.

Good Luck!!

Edited May 10, 2007 by Sparker