How much debt....

[Kingair1181]

How much debt did you have when you finished flight school and how old were you? Been talking to a few friends lately and it seems the older ones (30ish and up) saved up before starting their flight training and have far less debt then say the average 25 year old.

What also amazed me were how many out there had over 50,000 in debt between credit cards, flight school loans and college. I'm 25 and have around 30,000 but it seems a lot of guys are far worse off then I am and haven't met many out there who are around my age and better off. Finished up flight school a little over a year ago and most months I just pay the minimum payment for the loan.

Just wondering if most are in a similiar situation as I am or worse off or better. My parents covered the cost of my private pilot license but I was on my own after that so I didn't have much help.

 

[Learsforsale]

Everything included I think I am pushing $60,000 in the hole. I yearn for the day when I am worth nothing.

 

[blingair]

My advice for anyone getting into this wacky biz is to stay away from the big flight schools and aviation colleges. Pan Am, UND, E.R. etc. promises the moon but there is absolutely no difference in training between these places and your local FBO except of course for the price.
Also go to a local college and get a degree in something other than aviation so you have something to fall back on when you realize the reality of the job.

 

[Berkut]

Four year degree + A&P + Commercial/multi = $28000 in loans. 32 years old.

 

[FN FAL]

Back when I was in a regional SJS initial hire FO class, one of my classmates admitted to me that he had over 80K in debt.

My 141 school was 19,500.00, PVT to MEI and that included lodging.

 

[Amish RakeFight]

Luckily, I have zero debt. And my folks gave me zero help. They didnt even want me flying, period.

...now if I could only buy a little multi time, I'd be set.

 

[CrimsonEclipse]

Finished my Flight school at 21. Debt: $0
Finished my A+P at 26. Debt: $0
4 year degree at 32. Debt: $0
Outside help: $0

Sometimes 2 jobs. ALOT of hard work and smart spending.

CE

 

[Murdoughnut]

I did the college and grad school first path. Now I'm just paying for my flight training as I go. It was a great plan except I didn't account for meeting a woman with over $90,000 in debt herself (most of which is law school student loan). It sickens me to think of how much I could be flying if I hadn't met her. Oh well. Love is a sick motha.

 

[garf12]

I got a little over 6.8 million in loans with an average APR of around 7% Works out to about 500k a year or $1369 a day in interest. That'll keep you awake at night.

That kind of inheritance @ 23 will make you grow up real quick.

 

[timeoff]

$0 debt. 32 years old and also on the pay as you go plan. Averaging about 25 hours a month lately. I started back in '98 and picked up again back in '05. I thought I was in a career position that I would never leave but like all things in life, sh*t happens.

The wife (26) makes more than I do and really wants me to pursue flying as a career even knowing what lies ahead in terms of stability and income. Her job is home based and allows her to move wherever I need to. One child (2 yr old son) and he is always at home with her. It is a pretty good deal.

Also have about $30k in student loans (down from $45k).