Loans for Flight Training?

[Cassia]

Hey there,

My name is Cassia and I am currently looking into ways to finance becoming a charter pilot. I realize that this is not the ideal time to be looking into an aviation career, but this is what I want to do with my life right now. I'd like to get my certificates from a place like Aurora Aviation or a simliar programme that isn't a four year degree deal. However, finding anyone willing to give me a loan for this sort of thing is proving a lot more challenging than I had anticipated. Could anyone on this forum point me in a direction? I can't take out a student loan since I'm not going to a college, and it's not as if I'm buying a car or something, I'll admit, I'm feeling a little lost. Is it just not possible to do this in the current economy? Would it be more realistic to apply to programmes run through colleges and take out a student loan? But then it would cost exponentially more to get the education I want and from what I understand, I would leave with not much more actual flight experience than if I had just gone to a non-degree flight programme.

This is all a bit jumbled, but that's how my mind is at the moment I guess, haha. Any advice is appreciated.

Thanks!

Cassia

 

[Secret Squirrel]

If you really HAVE to get into aviation then Get a job and pay for your flight ratings with CASH! You will never be able to pay off a huge loan for flight ratings based on what companies pay. A couple years of hard work and a very tight budget and you could have all your flight ratings paid for. I see so many guys whose life has been ruined by a more than $1000 a month loan payment on flight ratings. Some of these guys are not even working as pilots (can't find work or are laid off).

There is a reason it is hard to get a loan for flight school. Most guys default because it is too expensive for the amount of money you will make. Or an even better idea. JOIN THE MILITARY!

 

[pilotyip]

good info here

If you really HAVE to get into aviation then Get a job and pay for your flight ratings with CASH! You will never be able to pay off a huge loan for flight ratings based on what companies pay. A couple years of hard work and a very tight budget and you could have all your flight ratings paid for. I see so many guys whose life has been ruined by a more than $1000 a month loan payment on flight ratings. Some of these guys are not even working as pilots (can't find work or are laid off).

There is a reason it is hard to get a loan for flight school. Most guys default because it is too expensive for the amount of money you will make. Or an even better idea. JOIN THE MILITARY!

He has some good points. Those who start training now will most likley be in a good position for the 2012 hiring boom. As the regional pilots move into the Nationals and majors there will be lots of hiring in the regional end.

 

[bizicmo]

He has some good points. Those who start training now will most likley be in a good position for the 2012 hiring boom. As the regional pilots move into the Nationals and majors there will be lots of hiring in the regional end.

The hiring boom. Just like the last one that has placed thousand of pilots in $20,000 to $30,000 a year jobs.

 

[bizicmo]

And that's after working as a flight instructor for some time.

 

[Cassia]

If you really HAVE to get into aviation then Get a job and pay for your flight ratings with CASH! You will never be able to pay off a huge loan for flight ratings based on what companies pay. A couple years of hard work and a very tight budget and you could have all your flight ratings paid for. I see so many guys whose life has been ruined by a more than $1000 a month loan payment on flight ratings. Some of these guys are not even working as pilots (can't find work or are laid off).

There is a reason it is hard to get a loan for flight school. Most guys default because it is too expensive for the amount of money you will make. Or an even better idea. JOIN THE MILITARY!

Thank you for your advice. I did consider joining the military before I ended up on a backcountry trail crew in Yosemite this summer. It's still an option, although not my favorite.

I cannot see how I could save up enough money in a couple years working as a barista or bartender to pay for 30,000 dollars in flight training (or whatever it would end up being). Even working two jobs and living off dumpster dived food, I don't see that happening. I want a better life with a career that makes me happy, I do not want to spend the next ten years talking about wanting to be a pilot and never saving enough money to pay for the training. Of course, I'm not saying I'm opposed to working two jobs while I'm training as a pilot (and after!) to help out with the expenses.

From what I gather, Sallie Mae Career Training Loans sound like a scam. Are there any trade school or technical school oriented loans out there that are legit?

Thank you for your time, either way.

Cassia

 

[midlifeflyer]

I've been kind of surprised at the lack of people trying to get aviation-related loans and peer-to-peer sites like www.lendingclub.com. Other types of educational loans, yes, but not aviation.

Not saying it's a good idea or not. Just surprised.

 

[Secret Squirrel]

Be careful what you wish for. Sounds like you are not looking for advice, just money. Good luck. They only thing that might be harder to find than a job in aviation right now is money for aviation training.

 

[Lynxman]

Reconsider this industry and if it's still for you then you will find a way to finance it. Military is a great way to make money, but remember don't join the military because you want to pay for flight training. Your job in the military is to support and defend the country the money is just an added benefit.

 

[ualdriver]

.... likley be in a good position for the 2012 hiring boom. As the regional pilots move into the Nationals and majors there will be lots of hiring in the regional end.

There's going to be a hiring boom in 2012?