Quote:
Originally Posted by d_mckerrow06  Hello, its always been my dream to become a professional pilot but now that the time is here to start going to college/flight school it looks like the only way to do it is going to be with large student loans. Even the community college I would go to that has an articulation program with the local FBO will still cost be around 28,200 for the first year and 18,200 for the second year. I would graduate with an associate in applied science, private pilots license, insturment license, commercial pilot single engine licenses, and my CFI. I am wondering if anyone has experience with loans of 40,000 or more. thanks. |
Take the loan amount, divide it by around 100, and that'll be your approximate monthly payment, provided you don't go into forbearance (sp?).
40,000k/100 = $400/month. This could vary depending on your interest rate payment setup, but this would probably be right around worst case scenario.
That being said, $40k is nothing. I met one person who had $160k in loans
. And he went to work for mesa. Not sure how he pulled that one off.
The other option would be to try and find a fairly high paying job right outside highschool (say construction), live with the 'rents, drive an old car with minimal insurance, and cut your expenses. Save up for ~2 years doing that and pay mostly cash for your ratings.