Quote:
Originally Posted by skydog  You have set yourself up well. Now be patient. Don't take out a loan for flight training. You have a good paying job. Live lean and save up your money for training. Then when you make the leap you can go debt free. |
That philosophy can go either way unfortunately.
Plus side of waiting and saving...
- No debt.
Potential Negatives:
- Debt.
- Miss the seniority bus. ie: if you got hired somewhere in 2007 with a quick upgrade... then you are building PIC time quickly and prepping yourself for the majors pretty quick. However, if you wait 4-5 years then we may be back in the "downside" of the aviation hiring cycle and it may take an additional few years to get hired and even longer to upgrade.
Everyone lately seems to be basing the "don't do it now and go into debt" decision on current hiring trends in the industry.
We all know it's cyclical. When I came on this board in a few years ago... people were begging for leads for ANY flying job... CFI, Traffic Watch, Jump Pilot, Pipleline Patrol, Bush Pilot, etc... ANYTHING that would keep the flying and hopefully make a paycheck at the same time. The airlines just weren't an option unless you had 1500-2000+TT and an internal Rec.
So... my recommendation is this. Go for the happy medium. Wait until you can pay off a good chunk of the bill upfront and finance the rest. Don't let life get in the way of your dreams. People will finance a $30,000 car without blinking and yet folks on here will tell you not to finance something that would lead to your dream job or career.
So basically... start doing your calculations now. Come up with a number to finance that seems reasonable on paypack and terms. Then when you reach your goal of being able to only finance that amount... go for it.
Even so... as bad as the full amount of the loan can be... I personally know many FO's who survived paying their loans, having a family, living on CFI and First year FO wages... and are doing just fine. In fact many of those same guys are upgrading and doubling their pay within only 2 years of getting hired. Obviously that's a best case scenario... but it's an example of a true scenario.
It can go either way in this industry!
Good luck!
Bob