Newbie needs advice

[slide33]

This topic may have been covered previously, so direct me there if I'm repeating a question here.

I need to finance my training costs. I'm about to start working on my commercial at the local FBO where I did my Private and Instrument. Then I plan to knock out my CFI ratings at the ATP(Airline Transport Professionals, Inc.) in Trenton (14 day program, $5-6k). Time is of concern, so the 14 day program is worth the money (i think).

I'm looking for any advice on how to finance what I'm estimating to be about $8k in flight training cost to get me to CFI status. I'm in the military but will be getting out in a little over a year. I'm not eligible for VA/GI Bill benefits (60% of tuition costs) - I had a ROTC scholarship and wisely chose not to put in for the GIB. Smart, eh?

I've looked at Sallie Mae Career Loans, but they seem to be pretty high rates.

Any other financing/loan options you gentlemen would recommend?

Also, any info/advice on ATP (Trenton specific would be great) would be much appreciated.

Thanks.

 

[cessna_driver2]

You could try some distant learning programs. That way you can get subsidized loans to pay for college credit and flight time. I've hear of some short time CFI farms getting some govt loans, but that's about it.

otherwise run a search through this site and you'll come up with a billion of different ways of funding.

Good luck

 

[Pilotadjuster]

GIB

Don't feel too bad; unless you were prior enlisted, I don't think you would qualify for GIB after taking the ROTC Scholarship. On the bright side, it was nice to have nothing to pay on registration day, wasn't it (Army 4yr ROTC here--thanks all of you who paid taxes in 1983-87...)?

Are you in the Guard? There may be programs available to you through there. When I was in the IL ARNG, tuition at all state schools was free for guard members (hence 90% of my soldiers were college students)

I checked and would have qualified for the GIB on a 1yr reserve duty past obligation for 1yr GIB basis. Didn't take it because my Advanced Course would have been a bit much with a full time job .

By the way--found out that "1 weekend a month, 2 weeks a year" stuff is out the window for officers, even in peacetime yet?

Good luck on your training and do search this site as well. There are a lot of options the webmaster has posted.

Fly Safe LT

 

[great cornholio]

One of the flight schools I use to teach at used to Key loans. www.key.com
They also used Pilot Finace loans.
http://www.pilotfinance.com/pages/539359/index.htm
Hope this helps.

 

[JRSLim]

Aunt Sallie

Hey there..
first off, if you are Military, look for any loca military Aero Clubs - even with out VA there will be financial benefits. Here's a link: Aero CLubs

Also, I am doing the Sallie May way. Dunno if you can find some better rates, but Aunt Sallie has been keeping me in the air since I started my Commercial. (If you do find something better let me know)

 

[tinman]

I did Sallie May for some of my stuff a few years ago. It was kinda high(interest rates).I just got some info in the mail this past week about refinancing that loan, and they say something about being involved with the government. Anybody else heard about this? Is it a scam?

 

[350DRIVER]

I personally would look into Airman Flight School (OUN).. They really give you a crash course on the CFI/CFII. You will leave a pretty confident "new" CFI and the ground schools are conducted by John Lair (sp?) who in my opinion is one of the best ground instructors I have ever came across in this industry. I went there a little over two years or so ago and would do it all over again if I had the chance. It is $4900 or so give or take a few bucks for both the CFI/CFII and you won't be there very long and the price is "guaranteed" regardless of how many hours you take to finish up. You are not paying per flight hour/ground instruction instead you are paying for a "course"... If you wanna get it done "fast" and at a decent price then I suggest looking into Airman. You can finance the entire course and the office people are very helpful.

Certified Flight Instructor 3 weeks

Could be done in less time..... I think 2 weeks or so was the average. ( maybee a little less).




http://www.airmanflightschool.com/

good luck


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[MYFpilot]

This worked for me, but it's risky: Start with one or two credit cards. Charge them up and start flying. After a few months goes by and your training is all finished apply for another new card. However, make sure it's one with one of those low balance transfer offers. Transfer the remaining balances from the other cards to the new one. AOPA had the best deal, something like 1.9% for a year. The down side is these low rates usually are only short term. So, you usually end transferring the balances around quite a bit between multiple cards, in order to keep the rates low. Like I said, it worked for me. I financed about $7000 for my training this way and never paid over 4% in interest, and paid it off in two years working as a CFI.