How much debt....

[Captain Oveur]

No debt when I had my basic ratings. A Cessna 150 went for about
$10.00 per hour, but then, I was just taking home $440 a month as
an E-5 (mid 70s). And I took about 3.5 to 4 years, that might be a little longer
than many want to take, LoL.
No GI bill, either, I was 'saving it'.:bawling:

 

[MFRskyknight]

22, private with instrument, and only $33,900 to pay back to Keybank. All thanks to Scareman Fright School! Sept. 5th it'll have been a year since I "finished" that pilot upgrade course.... but I'm making ok money now (working two jobs) and scaring cows in 172s and T-crafts about 8-12 hours a month

MFR

 

[navigator72]

Just a few small personal loans to keep me flying. Those loans have been paid off for a few years now. Age 36

 

[Socalplt]

Went to a community college in SOCAL back in the early 90's. Paid $15hr dry for a 152, $10 for fuel, $20 for the instructor, 172s went for around $44 wet, Senecas under $100. Paid under $13,000 up to my Comm MEL/SEL. A few years later added the CFI, CFII, and MEI for under $5,000. Luckly only went into debt on about $6,000 of it which I paid off years ago.

I know things have changed, and you probably couldn't do it for less than 30-40k now. However, I recently had an FO tell me he owed over $80k for his training. Nearly made me sick thinking about how he'd be paying on this the next 15-20 years+.

 

[stearnst]

....Nearly made me sick thinking about how he'd be paying on this the next 15-20 years+.

Try at least 30 years, if I'm lucky!

 

[BOOZENEWS]

None!!

Yea Baby!! My parents gladly payed for all my flight training, PVT-MEI, at my local FBO!! Oh yea!! 25 yrs old!! Life is good!!!!

 

[stearnst]

Must be nice...

 

[Flysher]

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.

what? man please tell me you are kidding.

 

[Flysher]

Yea Baby!! My parents gladly payed for all my flight training, PVT-MEI, at my local FBO!! Oh yea!! 25 yrs old!! Life is good!!!!

I wish I had parents like that. Mine just cosigned a loan from hell for me then my mother passed away and my dad moved away. Now im stuck with it for 20 years.

 

[FN FAL]

Yea Baby!! My parents gladly payed for all my flight training, PVT-MEI, at my local FBO!! Oh yea!! 25 yrs old!! Life is good!!!!

That's what HE said.

 

[landlover]

That's what HE said.

whats that got to do with the price of beans?

 

[FN FAL]

whats that got to do with the price of beans?

Well, you could look at it two ways.

One: PFT deep sea divers take out loans too.

Two: There are more divers looking for pilots, than pilots looking for divers.

 

[navigator72]

Here's a link to a good way to get yourself out of debt.
http://www.DaveRamsey.com
He is a radio guy that has good ideas about getting out of debt and avoiding the credit lifestyle scam all together.

 

[jtf]

Accelerated flight school burned through about 35K in loans from mid '98 to mid '99. I finnished at age 27 and I'm down to about 15K left to pay still. I don't know how the Comair/ Delta Connection guys could do it. I started there and they promised 35K max with living expenses and after over 10K to get the private and a start on the instrument I woke up and told those liars to F-off. I wish I would have just gone to the FBO I taught at- 172s were $45 an hour in the summer of '99 there. I would have done it all for half as much. I just wanted the "guarenteed interview that hires 98 percent into Comair airlines". I have no problem with the airline, but the school is one of the biggest scams out there.

 

[PacoPollo]

Is that including PFT?