[bigs]

Figured I'd chuck my two cents in on this one, for what it's worth. My folks (retired military dad, teacher mom) took out a loan for $75k so I could go to Pan Am in Ft. Pierce for Instrument through CFI. I had already gotten my PPL at an FBO in Maine. Rolled into that was a $10,000 car payment, $5000 credit card, $12000 for checkrides, books, living, and miscellaneous expenses for the year because you couldn't work while at Pan Am, and approximately $48,000 for training costs (including the screwjob $2000 "breaking your contract" fee) if you choose not to complete the program.

Long story short, first week of instrument training September 2001 happens. Obviously far-reaching implications throughout the industry and on flight schools. The guaranteed salary CFI job disappeared, the waits for 141 stagechecks and checkrides were sometimes 3-4 weeks (passed all except one on the first attempt), and the program was changed so you had to go all the way through ACE and Route instead of working your way through CFII, MEI, ACE, and Route while working as a CFI. This all added a lot of time and expense (in the form of living expenses, etc.) and I elected to leave after CFI because they had not held up their end of the bargain or offered anything beyond "here's the number to Key Bank, see if you can get another $20,000".

Moved to Virginia in 2002 and took a 40k job in healthcare sales, which fortunately I had enough experience previously to move back into. Worked my way up through a couple of different companies to the point where I'm now making $90,000 base plus commissions. I started in 2002 paying $750/month, and my folks were generous enough to help out with paying down the balance as well. As my pay situation improved, so did the amount I paid each month until for the past year I was paying between $1250 and $1500 per month. At the end of September I wrote a check for $10,000 and finished off the remaining balance of the loan...total time to pay off was just over five years.

Being in the above situation absolutely sucks, and anybody who has been in that kind of debt (particularly tied to a mortgage on a loved one's home) knows that it keeps you awake at night. If you have to take out a small loan then do so, but speaking from experience...stay out of that situation if at all possible.

Throughout this time, I've kept my CFI current through the bi-annual FIRC process, and flown here and there, although not nearly as much as I'd like. I've been teaching part-time recently and am working with an awesome group that does ground schools at local FBOs. My wife, who makes a great salary, is finishing up her loan as well and we're paying off the last of our credit card debt (paid off almost $25,000 in the past year). We have a home and are saving money, and within the next 4 months I will finally have saved enough to make the leap to aviation full-time if all goes as planned.

Bottom line...pay now or pay later. Gotta tell you, though, having that kind of debt hanging over your head and not being able to afford to fly sure sucks a lot of the joy out of aviation. Best of luck to anyone in weathering the struggles, though, I think flying will be worth it in the end.

Bigs