Flight training loans

[Way2Broke]

If your going to take a loan out for something, take out a loan and buy a plane. Do your training, and when your done you can either sell the plane or if you can afford it you can hold onto it. Raising the money to pay for a CFI should be easy. Of course, you will still have to rent a twin for that portion. I know it seems elaborate, but it will save you alot of money. Above all enjoy your training. It is some of the most enjoyable flying you will ever do, everything is new and exciting! Good luck!

 

[time builder]

If you take out a loan, I would recommend taking it for one certificate or rating at a time, then pay it off before your next step. The main reason being to keep your training going until your checkride so you don't have to waste money being retrained.

If you're going into debt to get to the airlines quicker, listen to everone above, it doesn't work too well. The old "if you can do it I can" is being stretched a little too far, because even a few years ago we were literally paying half as much for planes and instruction.

 

[RedGuy]

Take a look at Sallie Mae, that's who I got my loan through, they're not too bad. I originally had a 6% intrest rate but it's variable, so it's up to 8.25% right now. I got a 15 year loan, though it'll be paid off long before that. I tried the pay as you go work line guy, live at home, drive a beater, eat sleep breath airplanes, it doesn't work. I would really recomend buying your own plane though, you'll save TONS of money that way, may even come out slighly ahead if you do it right.

 

[Swass]

Where are you located? Move to ICT get a job hammering rivets at one of the local aircraft manufacturing plants and fly at their clubs while getting paid. I've known many people who did this and had money in their pockets and health benefits. The rates are great for rental as well.

 

[Amish RakeFight]

Whatever it costs, no one can take an education away from you. You'll never regret having paid whatever it costs to earn those certificates. Material items wear out, break, go out of style, etc. There's nothing like an education.

 

[The_Russian]

Whatever it costs, no one can take an education away from you. You'll never regret having paid whatever it costs to earn those certificates. Material items wear out, break, go out of style, etc. There's nothing like an education.

Agreed!

If you need to take on debt, work extra hard for a little while until it is paid off! Pick up extra flying whenever you can.

 

[Darkhlmt]

Where are you located? Move to ICT get a job hammering rivets at one of the local aircraft manufacturing plants and fly at their clubs while getting paid. I've known many people who did this and had money in their pockets and health benefits. The rates are great for rental as well.

I would love to work for one of the manufacturing plants. However, I live about 15 minutes from DPA. No aircraft makers around here.... I was just thinking about robbing a bank. That seems easy enough. Who's with me. lol j/k

I have managed to work out a deal with one of my friends for use of his 172. I pay the insurance and for my own fuel. Then we decided on a reasonable hourly operational dollar amount. The hope is that sometime in the next year I will be able to buy into the aircraft. Now I just have to get in the air. A LOT!!