ways of paying for training

[cforst513]

I submitted this in a different thread, but I wanted to have others who might not be interested in the other thread to have a chance to read this one. Sorry if you read this or replied to it elsewhere, but here's what I wrote:

i have a question for all of you CFI's in this forum - i will very soon start my flight training, and this will be right after i graduate from college in May/2005. i have 6 mos. at least, unless i get them deferred longer, to start paying back my student loans, so yay for that, and as of right now, i'm more than 1/3 done paying off my car loan. now, here's my question: would you, if you were me, take out another loan (if the banks will let me) to cover the cost of flight training (say....$40,000 to cover myself) at an FBO OR would you try and find a job and use that money to pay for training? pros and cons:

pros to taking out a loan: i definitely have the money at my disposal, so i won't have my CFI after me with a gun and the money i would make at my job could help to pay back my 3 loans, which i'm sure would be easier than going paycheck to paycheck to pay for my training.

cons for taking out a loan: i am loaned out already. my parents are as well. they think that i will be hard-pressed to find a bank that would allow me to borrow, so that's iffy. also, i wonder what the monthly payment on that $40,000 loan would be. my car loan is approx. $240 a month, so that hurts big time since at school i only work 10hr/wk at $7.25. but if i don't take out a loan, would living paycheck to paycheck be enough to cover both training AND my loan costs? i'm in a bind here. i considered places like ATP and Delta Connection, but man, Delta was talking near $90,000!!!

do you think $40,000 will cover PPL, instrument, CFI, Multi, and maybe MEI? i'd also like to get my CFI-I, but i figure by that point i will be getting paid as a CFI as well as having another job, so i won't need to depend on my loan to pay for it there. what do you all think? sorry this is so longwinded . Thanks for any insight!!

~CForst

 

[minitour]

*chop*
...do you think $40,000 will cover PPL, instrument, CFI, Multi, and maybe MEI? i'd also like to get my CFI-I, but i figure by that point i will be getting paid as a CFI as well as having another job, so i won't need to depend on my loan to pay for it there. what do you all think? sorry this is so longwinded . Thanks for any insight!!

~CForst

www.airmanflightschool.com

Professional Pilot Course

Pvt-Inst-CSEL-CMEL-CFI-CFII $28,995
Last time I checked the MEI was around $3,500

Plus if you do well, stay on the chief pilots' good side, etc. you may be in for a CFI job after you're done. The instructors there should be logging 100 dual/month. If they don't, it's their own fault.

If you have any questions, just gimmie a holla.

Werd out from da hizzle

-mini

 

[psysicx]

Or you can go skymates and pay 24000 all the way up to your mei.

 

[cforst513]

Or you can go skymates and pay 24000 all the way up to your mei.

where is this skymates, and do they have a webpage? i've never heard of it before.

 

[TopGun-MAV]

i went to tab express in florida. now i'm a qualified beech1900 first officer. now i have an interview with a large embarer operator out of phenix. i am on my way to flying the heavy iron.


good luck
maverick

 

[psysicx]

www.skymates.com its located in Dallas and is a good flight school.

 

[bobbysamd]

$chool$

do you think $40,000 will cover PPL, instrument, CFI, Multi, and maybe MEI? i'd also like to get my CFI-I, but i figure by that point i will be getting paid as a CFI as well as having another job, so i won't need to depend on my loan to pay for it there.

If you go the traditional flight school route, choose one where you can be hired after graduation. Even better, look for a school that would upgrade your CFI on its nickel. E.g., FlightSafety will do that, but, at about $70K, it is too rich for your blood.

On the other hand, $40K should pay for most of MAPD. And, if you get "the interview" and are hired, you won't need to instruct.

Good luck with wherever you choose to train.