Want to start flight training

[01CelicaGTS]

So I took a demo flight a couple of weeks ago and i loved it, andi want to start flight training. I tried to apply for a loan through Sallie Mae, but they only approved me for 20k. I can't get my parents to cosign until the spring because of a bad mark on there credit that won't be off until then (hopefully). Anyway, I was thinking about just accepting the 20k and then starting, and applying for the rest when my parents can cosign. How far will 20k get me??? the place where i'm going has a website. www.inlandhelicopters.com . Any help would be appreciated, thanks.

[Sparker]

20K should get you a ppl and maybe more depending on how fast you learn, expect it to take longer than FAA mins. I avoid loans, so I don't know much about how they work. I'd call Sallie and ask her opinion.

 

I have seen things go wrong when people have family co-sign their loans. If you finish and lose an eye or arm or worse in an accident, who's gonna pay off the loan?

 

Try to do as much of it with cash working hard when you can.

 

Check out the faq, and feel free to ask more ?'s

 

Good luck

 

PS do a forum search for financing or sallie mae and you will have more than enough to chew on....

[fry]

So I took a demo flight a couple of weeks ago and i loved it, andi want to start flight training. I tried to apply for a loan through Sallie Mae, but they only approved me for 20k. I can't get my parents to cosign until the spring because of a bad mark on there credit that won't be off until then (hopefully). Anyway, I was thinking about just accepting the 20k and then starting, and applying for the rest when my parents can cosign. How far will 20k get me??? the place where i'm going has a website. www.inlandhelicopters.com . Any help would be appreciated, thanks.

 

That loan will get you about a third of the way towards an eventual $700 a month or so in debt for twenty years. And if your parents think they have credit problems now wait until you've defaulted on the loan and the bank comes after them.

 

Because unless you can make it through 200 hours of flight training (80% of those who start do not); an 800 flight hour apprenticeship at slave wages (50% of those who start do not); and, moving to Louisiana ibecause that's where the work is you will have wasted that $700 a month.

 

If you're going to spend that much money on vocational training at least get into a field that pays sufficiently to produce a return on the investment.

[helifool]

If a loan is the only way, than its the only way to make it happen. Just do all your research and think real hard about it.....

[PhotoFlyer]

Fry, can you back up those statistics? I heard that 80% of all statistics are made up on the spot.

 

Oh, and $20,000 should get you through private and about 1/3 of your instrument, assuming your performance is average, and you only fly the 22.

 

If your parents credit is that bad, you will probably only be approved for another $20,000 at the most. You would need to find another cosigner. I can't give advice about whether you should take out a loan, since I didn't.

[bossman]

Don't pay any attention to Fry, someone is always peeing in his Cheerios. If you want to do the loan, go for it. It's better than sitting back 10 years from now and saying, "what if". The 20 will get you your private. You'll always have the license to learn. Best of luck to you.

bossman

[Sparker]

Don't pay any attention to Fry, someone is always peeing in his Cheerios. If you want to do the loan, go for it. It's better than sitting back 10 years from now and saying, "what if". The 20 will get you your private. You'll always have the license to learn. Best of luck to you.

bossman

 

Ignoring the voice of reason can be disastrous.

 

A lot of people hate Fry. He tells it like he sees it.

 

Listen to both sides and make your decision.

[slick1537]

I have also heard that the dropout rate for professional programs is around 80%. My instructor backed this up for me. I figure the reasons must be A) lack of money or Lack of Determination. I think its safe to say that a lot of people must start into this field thinking it is easier than it is, otherwise there is no way the drop out rate would be so high.

Edited November 4, 2007 by slick1537

[Chi-town]

I've got a lot of students who were only able to get 20,000 at a time. When you start getting low on the first loan, just apply for another 20,000.

 

As much as a "Debbie Downer" Fry is, there is an element of truth in the dropout rate. Money issues and lack of motivation being the major factors why people drop out.

 

So, Fry, have you taken your own advice? Are you now a 1st year law or medical student? I'm just wondering because you seem pretty bitter for a guy going through training. I was a pretty chipper guy when I was getting my ratings. Save your bitterness when you're making $15 an hour while keeping students from killing you on a daily basis.

[BOATFIXERGUY]

There is a high wash out rate in helicopters... Fact of life. They are hard to fly. If you really want to try it, then go for it. If you don't, later in life you'll always regret not going for it. Nothing wrong with a loan.

[LB11]

If you ask me, save your money and pay at least part of the training in cash. I was going to start training a year or so ago, then decided what fry is saying is pretty accurate. Check with any loan calculator. Figure 60000 start to finish (maybe more) and you'll be paying at least $500 for the next 20 years.

 

Anyways, Im now living with the parents again saving some money. If you cant find the drive to save at least some of the money for your dream, then your probably not going to have the drive to make that 20% passing rate.

[bossman]

Ignoring the voice of reason can be disastrous.

 

A lot of people hate Fry. He tells it like he sees it.

 

Listen to both sides and make your decision.

Nobody suggested ignoring any advice or opinions. I say go ahead and get the private. Why not? He'll always be able to say "I'm a helicopter pilot". The professional pilot route is not for everyone. We have a lot of students that add the helicopter to their fixed wing. We have a lot that just do the private so they can rent the helicopter on occasion. Some folks just like to fly and never intend to make a living at it. I say that you'll regret it the rest of your life if you don't give it a shot. Loan or no loan.

bossman

[volition]

I concur!!

[Sparker]

Nobody suggested ignoring any advice or opinions.

 

bossman

 

Not to make a huge issue of it, but you said:

 

Don't pay any attention to Fry, someone is always peeing in his Cheerios.

Edited November 5, 2007 by Sparker

[Copterpilot213]

It's really hard for anyone to give you the advice you need, since we aren't you and don't know enough about you to give you advice specifically tailored to your needs.

 

That being said, in my opinion it'd be a great idea to save up enough money for 10-30 hours of flight instruction time, so you can get a feel for it and if you like flying and can put the effort into it that is needed. At that point you'd be better suited to make that decision to go all the way, just get your private license or be happy that you tried it out and discovered it wasn't for you before you invested too much into it and got a big loan.

 

In the end I'd say if you HAVE to get a 20k loan, be sure that if you don't use all of the money and decide flying isn't for you, that you can cancel everything and send the unused portion of your money back.

 

Either way good luck and let us know what you decide!

[01CelicaGTS]

Thanks guys. I was thinking that i'll just get the 20k and so what if i can't do it or don't want to do it after 20 hours. Can't i just use the rest of the money from the loan to pay the loan??? It's not that my parents have bad credit they just had a screw up with the credit card company that won't come off of their credit report until the spring. I just figure i can start getting my private liscence, get another loan and get the rest, and in the end just consolidate them into one loan. The pay of a Flight instructer is better than what i'm getting paid now, and i've been at my job for 4 years. Thanks for the input guys.

[fry]

Can't i just use the rest of the money from the loan to pay the loan??? It's not that my parents have bad credit they just had a screw up with the credit card company that won't come off of their credit report until the spring. I just figure i can start getting my private liscence, get another loan and get the rest, and in the end just consolidate them into one loan. The pay of a Flight instructer is better than what i'm getting paid now, and i've been at my job for 4 years.

 

You are doomed, your only hope is that in today's credit environment the bank does not give you a loan. Your understanding of how loans work is going to cost you a lot. Give your parents a break and don't involve them...they've got their own credit issues.

[FlyNHighNFast]

Listen to Fry on this one.

 

This is not an easy pursuit, if it were, everyone would be doing it. You really have to want it and keep wanting it, no matter how tough the going gets. Take the time to save for at least the private and you should know by then if it's what you really want.

 

M.

[01CelicaGTS]

Fry, i'm pretty sure you don't understand what i'm saying, you sound like an arrogant ass. I do understand how loans work, i have had them before and will have them for the rest of my life just as the rest of the american public does. I have an excellent credit score, the only problem is that i'm only 21 and don't have enough credit history to get a bigger loan. What i was trying to say is that if i don't like flying or just can't do it, cuz i suck or whatever reason, that i will use the remaining 16,000 dollars to pay off 16000 of the loan and pay off only 4000 myself. I'm just saying that if i get the loan and can't fly, i'm not out the whole amount of the loan. Anyway, i'm not sure that will work anyway, because my parents don't want to help me out because they are going to be getting a new house, and worry about being approved for it if they have a 30k loan out at the same time.

[Kyle]

my parents don't want to help me out because they are going to be getting a new house, and worry about being approved for it if they have a 30k loan out at the same time.

 

This is 100% true. If your parents are applying for a new home loan they don't want to make any major purchases or be a part of any large financing deals. Examples: buying a car, co-signing a loan for flight school. This is especially important if they have a small blip on their current credit report. I know this because I'm a mortgage/RE broker.

 

In regards to your flight career.... I have the same predicament as you. I am just getting started and wondering whether or not I should finance or pay out of pocket as I go. The one thing holding me back from pulling out a $60,000 loan is the fact that I will be in my forties when I relieve myself of this debt. $60,000 is a pretty large debt, the same as a second mortgage on a house with almost the same interest rate (prime + 0% - prime + 4%). Prime is currently at 8.25. So if you have limited credit due to lack of tradelines, you will probably be looking at an interest rate of around 12%. This makes for an even more expensive repayment of an already expensive debt. Not too mention if you plan on buying a house in the next 15 years as I do, you better hope that the income you receive as a helicopter pilot isn't as bad as everyone says it is. (I think I just solved my own problem). My plan is to keep working where I'm at now and fly helicopters part time or a couple of times a week with 24 hour shifts. Not too sure how its going to work out but it sounds like alot of fun right now.

 

I thought Fry was kind of a downer also when I read his response but he does put things into perspective. If flying helicopters is your dream, I still say go for it. Take out your $20,000 loan. If you decide it's not for you, whatever amount you haven't yet spent immediately pay it back to principal (make sure you stress principal to the bank). Also make sure you don't have a pre-payment penalty. I don't think Sallie Mae allows pre-pay penalties but you never know. If you have any questions about the financing portions send me a PM. Good Luck.

[Goldy]

If you use your brain, some initiative, pick a decent school, and have average or above flight skills, you should only spend 12-15K on your private. I'll leave the other comments untouched !

 

Fly safe, Goldy

[fry]

I know this because I'm a mortgage/RE broker.

 

Oh good, loan advice from a mortgage broker...that's like getting marriage counseling from a prostitute.

 

Borrowing money at 12% a year is crazy. On twenty-thousand bucks that's two hundred dollar bills every month just to rent the money...i.e., not including the principal.

[Kyle]

Well... I guess that is the last time I display my employment on this site. I could have been a charity worker for the red cross feeding the children in Africa and the guy/girl still would have shot me down. Redundancy seems to be a strong suit for him/her though. 12 % is absolutely ridiculous like I stated in my initial post. He/She has the payment schedule wrong also. You will begin paying less than $200 in interest/month. As the loan matures you will continue to pay less and less interest and more principal. Last time posting for this topic, PM me with any Qs. Have Fun.

[big_z]

Are you sure you just want to go for your private ticket and not go the whole way? You won't make any money with a private pilot license alone. It's a big investment for no payoff.

[smartymarty]

Are you sure you just want to go for your private ticket and not go the whole way? You won't make any money with a private pilot license alone. It's a big investment for no payoff.

 

I agree. I was thinking about doing the same thing, but I figured that if I just do the whole thing in one shot I can just defer the payments until I'm employed and at least get some money for my newfound skills.