How to afford ATP

SkyJeff · February 26th, 2005, 00:31

I am a full-time college student and only work part time, but I'm always planning ahead. I know that ATP has financing, but that won't do me much good for a while.

My plan is to graduate and work full-time ( who knows where ) and live with parents. I can be very tight when I want something enough like flying as a career. Obviouslly I would not get approved for a loan at my age and salary.

Are there other options I could consider that I am overlooking? I know money doesn't grow on trees, but my determination will find a way.

UND_Flyer · February 26th, 2005, 10:40

[ QUOTE ]
Obviouslly I would not get approved for a loan at my age and salary.

[/ QUOTE ]

If you have a co-signer with good credit, it shouldn't be a problem getting a loan.

SteveC · February 26th, 2005, 10:58

[ QUOTE ]
I am a full-time college student and only work part time, but I'm always planning ahead. I know that ATP has financing, but that won't do me much good for a while.

My plan is to graduate and work full-time ( who knows where ) and live with parents. I can be very tight when I want something enough like flying as a career. Obviouslly I would not get approved for a loan at my age and salary.

Are there other options I could consider that I am overlooking? I know money doesn't grow on trees, but my determination will find a way.

[/ QUOTE ]

You're on the right track, in my opinion. Living frugally, working a decent job, you can probably save enough in a couple of years to fully pay for your flight training. Sure beats taking out a loan and ending up paying a ton more money for the same thing, and having to struggle for years on a meager salary with huge loan debts.

Just think, if CFI's and first year F/O's can live on less than $20,000 per year, how quickly do you think you can save money if you live the same life style while working at a decent paying job? Then take a look at what you pay for flight training and compare it to the interest payments you would have if you went the loan route.

As an example, lets say you were smart and did one of the Ari-Ben / Skymates programs and it cost you somewhere south of $40,000. A fifteen year loan at 6% interest would cost almost an additional $21,000! Ouch. Two years of delayed gratification start to sound a little more reasonable, eh?

Keep on keeping on....

Kloader · February 26th, 2005, 13:29

Howdy. Yeah, money is a total hassle. When I was younger and getting interested in flying for a career, after already getting a bachelors in psych, I didn't even realize that I could take out $40,000 and try and jump into the regionals. I still think about it alot. But truthfully, it would be too much for my family's finances to pull off. So, way back when, I decided to get my A&P instead while still working full time at the airport. I fueled jets or threw cargo, and did a lot of load planning for DC-8's. Looking back, those were some of the coolest days.....although on paper you look kind of like a knuckle dragger. So, with an A&P you are not intrinsically more interesting to a regional, but around the local FBO its a great way to trade your wrenching for flight time. I have my IA now, and just about every customer I have would rather loan me their airplane than pay my bill. As you can summarize, its a slow road to the top. But its another option, and builds some flexibility into your 'aviation career'. Flying has so many components that are cool and make it tick.....but pilots, myself included, tend to get a little myopic and focus only on the cherry on top of the cake.

My rambling 2 cents. Cheers.

SkyJeff · February 26th, 2005, 13:42

Thanks for the responses.

I'm still leaning towards saving up for a few years after college and going to either Air-ben or most probably ATP. I'm always considering other options like flight training after ATP, but only time will tell. I enjoy reading the perspective pilots biography and how they got to the cockpit, each one is unique.

I'm already selling my 4-wheeler for a private license this summer, which is a move in the right direction I think.

I only know that my determination will get me where I want to go.

This forum is very helpful!

SmitteyB · February 26th, 2005, 14:14

Hey, I'm 19 a full time college student and got approved. Keep in mind that you don't need to begin paying on the loan until 6-months post graduation (or end of training).

I did have a cosigner however.

DE727UPS · February 26th, 2005, 22:43

"I'm already selling my 4-wheeler for a private license this summer, which is a move in the right direction I think."

Dang...too bad you don't have a Vette. I like Vette's....

SkyJeff · February 27th, 2005, 14:02

[ QUOTE ]

Dang...too bad you don't have a Vette. I like Vette's....

[/ QUOTE ]

LOL! I wish I did just so I could sell it to you!

Jeff

jawright · February 27th, 2005, 17:41

[ QUOTE ]
I am a full-time college student and only work part time, but I'm always planning ahead. I know that ATP has financing, but that won't do me much good for a while.

My plan is to graduate and work full-time ( who knows where ) and live with parents. I can be very tight when I want something enough like flying as a career. Obviouslly I would not get approved for a loan at my age and salary.

[/ QUOTE ]

Sounds like my situation, and I am planning to do the same thing. If you're in school you qualify for Stafford loans, which are Federal low interest loans that you can get no matter what your credit is. You can only take out a little at a time, but if you do it every semester and save the money that comes to you by the time you graduate you may have a good chunk of the $$ you'll need. Debt really sucks though.

You should also consider Ari-Ben or Skymates. They are cheaper and offer programs similar to ATP's.

February 26th, 2005, 00:31	#1
SkyJeff Junior Member Join Date: Feb 2005 Location: Covington, LA Posts: 173	How to afford ATP I am a full-time college student and only work part time, but I'm always planning ahead. I know that ATP has financing, but that won't do me much good for a while. My plan is to graduate and work full-time ( who knows where ) and live with parents. I can be very tight when I want something enough like flying as a career. Obviouslly I would not get approved for a loan at my age and salary. Are there other options I could consider that I am overlooking? I know money doesn't grow on trees, but my determination will find a way.

February 26th, 2005, 10:40	#2
UND_Flyer Senior Member Join Date: Jan 2004 Location: CVG Posts: 1,033	Re: How to afford ATP [ QUOTE ] Obviouslly I would not get approved for a loan at my age and salary. [/ QUOTE ] If you have a co-signer with good credit, it shouldn't be a problem getting a loan.

February 26th, 2005, 10:58	#3
SteveC Moderator Join Date: May 2003 Location: GRR Posts: 8,501	Re: How to afford ATP [ QUOTE ] I am a full-time college student and only work part time, but I'm always planning ahead. I know that ATP has financing, but that won't do me much good for a while. My plan is to graduate and work full-time ( who knows where ) and live with parents. I can be very tight when I want something enough like flying as a career. Obviouslly I would not get approved for a loan at my age and salary. Are there other options I could consider that I am overlooking? I know money doesn't grow on trees, but my determination will find a way. [/ QUOTE ] You're on the right track, in my opinion. Living frugally, working a decent job, you can probably save enough in a couple of years to fully pay for your flight training. Sure beats taking out a loan and ending up paying a ton more money for the same thing, and having to struggle for years on a meager salary with huge loan debts. Just think, if CFI's and first year F/O's can live on less than $20,000 per year, how quickly do you think you can save money if you live the same life style while working at a decent paying job? Then take a look at what you pay for flight training and compare it to the interest payments you would have if you went the loan route. As an example, lets say you were smart and did one of the Ari-Ben / Skymates programs and it cost you somewhere south of $40,000. A fifteen year loan at 6% interest would cost almost an additional $21,000! Ouch. Two years of delayed gratification start to sound a little more reasonable, eh? Keep on keeping on....

February 26th, 2005, 13:29	#4
Kloader Newbie Join Date: Feb 2005 Location: 7S5 Posts: 12	Re: How to afford ATP Howdy. Yeah, money is a total hassle. When I was younger and getting interested in flying for a career, after already getting a bachelors in psych, I didn't even realize that I could take out $40,000 and try and jump into the regionals. I still think about it alot. But truthfully, it would be too much for my family's finances to pull off. So, way back when, I decided to get my A&P instead while still working full time at the airport. I fueled jets or threw cargo, and did a lot of load planning for DC-8's. Looking back, those were some of the coolest days.....although on paper you look kind of like a knuckle dragger. So, with an A&P you are not intrinsically more interesting to a regional, but around the local FBO its a great way to trade your wrenching for flight time. I have my IA now, and just about every customer I have would rather loan me their airplane than pay my bill. As you can summarize, its a slow road to the top. But its another option, and builds some flexibility into your 'aviation career'. Flying has so many components that are cool and make it tick.....but pilots, myself included, tend to get a little myopic and focus only on the cherry on top of the cake. My rambling 2 cents. Cheers.

February 26th, 2005, 13:42	#5
SkyJeff Junior Member Join Date: Feb 2005 Location: Covington, LA Posts: 173	Re: How to afford ATP Thanks for the responses. I'm still leaning towards saving up for a few years after college and going to either Air-ben or most probably ATP. I'm always considering other options like flight training after ATP, but only time will tell. I enjoy reading the perspective pilots biography and how they got to the cockpit, each one is unique. I'm already selling my 4-wheeler for a private license this summer, which is a move in the right direction I think. I only know that my determination will get me where I want to go. This forum is very helpful!

February 26th, 2005, 14:14	#6
SmitteyB Old Skool Join Date: Nov 2004 Location: Ithaca, NY Posts: 1,954	Re: How to afford ATP Hey, I'm 19 a full time college student and got approved. Keep in mind that you don't need to begin paying on the loan until 6-months post graduation (or end of training). I did have a cosigner however.

February 26th, 2005, 22:43	#7
DE727UPS Old Skool Join Date: Nov 2000 Location: Spokane, WA Posts: 6,521	Re: How to afford ATP "I'm already selling my 4-wheeler for a private license this summer, which is a move in the right direction I think." Dang...too bad you don't have a Vette. I like Vette's....

February 27th, 2005, 14:02	#8
SkyJeff Junior Member Join Date: Feb 2005 Location: Covington, LA Posts: 173	Re: How to afford ATP [ QUOTE ] Dang...too bad you don't have a Vette. I like Vette's.... [/ QUOTE ] LOL! I wish I did just so I could sell it to you! Jeff

February 27th, 2005, 17:41	#9
jawright Senior Member Join Date: Feb 2004 Location: in search of the elusive "BowieGoat." Posts: 424	Re: How to afford ATP [ QUOTE ] I am a full-time college student and only work part time, but I'm always planning ahead. I know that ATP has financing, but that won't do me much good for a while. My plan is to graduate and work full-time ( who knows where ) and live with parents. I can be very tight when I want something enough like flying as a career. Obviouslly I would not get approved for a loan at my age and salary. [/ QUOTE ] Sounds like my situation, and I am planning to do the same thing. If you're in school you qualify for Stafford loans, which are Federal low interest loans that you can get no matter what your credit is. You can only take out a little at a time, but if you do it every semester and save the money that comes to you by the time you graduate you may have a good chunk of the $$ you'll need. Debt really sucks though. You should also consider Ari-Ben or Skymates. They are cheaper and offer programs similar to ATP's.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode