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Originally Posted by troopernflight  Ok, here's what I meant guys. Don't go work for the airlines right away. Continue your current ground job, do some instructing on the side. Take any money you make from instructing and pay it towards the loan. Also take any extra money from your regular pay check, and pay it towards the loan. Get a part time job, pay that money towards the loan. Not saying you won't have to sacrifice for a while, but it's one route to take. I'm sure this is a preferential thing, and that some have had success in other ways. I'm just putting one viable option on the table here... |
Troopern, you're right. That is a viable option, but it's not one I can see making a lot of sense. (I'm making this same point in another thread.) If you've got the money from a regular job to service the loan, then in all probability you have the money to pay cash as you go without incurring debt. I see the point about instructing, building time while keeping the day job, and there are merits to that argument, but at the same time, you can get to a CFI rating for way less than that, still build time, still pay cash, and add ratings as you have the money to do so. It comes down to the fact that your method gets you there faster. If that's number one priority, then it might be a good plan for you. If it's not, I'd counsel patience and taking more time, paying less interest.
There are a few of us (can you tell?) who are vocal and seriously opposed to large loans (SteveC, Loadmaster, me, a few others)
but that doesn't mean we're necessarily right. If it works out for someone, more power to them. It's just that personally, I have seen younger folks (than me) getting into debt situations that they couldn't handle, because on paper it looked good, but real life got in the way. I am formerly one of those people and I spent YEARS extracting myself from hellish debt and bad credit as a result of making those decisions. This is one of the few areas of experience I can speak to in an educated manner around here, and I just want to help someone potentially avoid making the same mistakes I did.
It's about having information and options. Options = freedom, IMHO.