How did you pay for flight training??

[oilcanbland]

Hello everyone,

I have been pursuing a four-year degree for Prof. Pilot for about the last five years at my local college. I am an instrument rated private pilot. To graduate I still need to get my CFI, CFII, tailwheel endorsement, and multi. I haven't flown for the last 2 years, because I lost my medical for a while. I have finally gotten it back, but needless to say this medical thing threw a major kink in the pursuit of my degree.

Now I'm finally in a position to where I can finish my training, but I don't have the $15,000-20,000 I need to do it. I'm getting ready to begin looking into financial aid offered through the school, but I'm not sure they will have enough to cover it all. I just wanted to hear from everyone who has been through college flight programs, how you have paid for it all. Are there any special scholarships or loan programs out there that I should look into?

Thanks

 

[CrewDawg]

Have you ever considered the Air National Guard? I joined up went to training for a semester and came back in time to start the next semester! It has been the best thing I have ever done. They paid my tuition, gave me a nice sign-on bonus and the GI-Bill which covered most of my flight fees up through CFI. I paid for my multi, CFII and tailwheel out of pocket. But not a bad deal to come out of college with all my ratings and have less than 5k in school loans! I was also able to get my unit to send me to UPT. PM if you would like details.

In case you were wondering I went on pretty much every TDY I could and one trip to the desert and never missed more than two weeks of school at any one time.

 

[RedGuy]

I had a combination of me working and paying as I went, a line of credit, and a loan from Sallie Mae. But one thing though, you're already having trouble with your medical and you what only in your 20's? Maybe before you throw 20 grand down the drain you should consider another profession.

 

[CrimsonEclipse]

I worked 2 jobs and never went into debt.

CE

 

[navigator72]

I worked 2 jobs and paid as I went. It's really the best way. That way when you are starving to death on CFI's wages, you can actually use your paycheck to pay for Ramen noodles instead of paying the loans back.

 

[oilcanbland]

Thanks for the replies,

CrewDawg, I've looked into the Guard, and as great as it sounds financially, its not for me. RedGuy, the medical thing won't be an issue, and even if it was, I've got some things I can fall back on anyway.

Going into more debt is the last thing I want to have to do. I've spent the last few months trying to come up with the money without having to go into debt, but haven't had any luck yet. I'm still working on that though.

So for you guys that worked and paid that way, what kind of jobs did you have? I'm working one full-time job right now, but that money is having to go for me and my wife's living expenses. Not leaving any money for flying.

Thanks for all the advice.

 

[navigator72]

Hi,
It's not easy for sure.
have you taken a look at your lifestyle? are there things you could cut out of the picture for a few months?
Is your wife working?
Do you have car payments? if so maybe selling a car and buying a $2000 beater while you finish your training is an option.
I find in most cases there are ways to lower your living expenses by cutting out simple things.
How about a second job? It sucks but if you look at the big picture it really isn't that bad.
Learn to sell on Ebay.
Goodluck

 

[NW Flyer]

I finished half my ratings while on unemployment... For the other half, I took a job as a line guy at the FBO, got a discount on flight time and free dual from my buddies.

Also made a lot of good contacts as a line guy (corporate). I actually loved working the line, best farmer tan I ever had!

 

[Lead Sled]

It was back in 1966. I was 15 years old earning a buck an hour bagging groceries. I learned in an Aeronca Champ. It cost me $4 an hour (wet). Then it came time to take the PPL checkride I had to check out in something with a full gyro panel. I went to the local FBO and bought a 10 hour block of time in a brand spanking new Cessna 150; it cost me $60 wet - that was total, not per hour. Later, when I was working on my commercial and instrument rating I bought a Luscombe 8F that had a full gyro panel. I was able to do most of my commercial and instrument ratings in the airplane. When it was done, I was able to sell it and recoupe all of my training expenses plus. When it came time to get my multi rating I negotiated with the owners of an Aztec who were getting ready to trade up to a Cessna 340. They offered me the use of their airplane - all I would have to pay was fuel and the cost to add me to their insurance policy. Fuel was around 50 cents a gallon, so my fuel cost was right around $125. My CFI charged me $75 as did the Designated Examiner as I remember. The big expense was the $400 the insurance agent wanted to cover me while I was training. I wrote out a check to the insurance agent just prior to making the first flight. We flew a lot and knocked out the training and the checkride in 3 or 4 days. Just after I took the check ride the insurance agent called me and asked me how it went. I told him that I passed and he told me that he was ripping up my check! My first retractable time was in a brand new (1967) Mooney M20-C. I wasn't able to fly it very much or very often, The FBO wanted $15/hour wet for it. The main airplanes that I flew to build time, in addition to the Aeronca and the Luscombe, was a Cessna 170 that cost me $7 and hour wet and a new Cessna 172 that cost $8/hour. Things haven't changed all that much, it still takes about a day's wages to buy an hour in a trainer and 2 days in a retract.

LS

 

[KingDriver]

I was a midlife career changer at about age 30. When I decided to make the jump, I was a little nervous but, it has turned out to be the best decision I've ever made. I finished my instrument through CFII in about 6 months. I had a little bit of money set aside but, for income I took a job as a waiter at a higher end restaurant. I could easily make 150 a night on weeknights and anywhere from 200-300 on weekend nights.