How did you pay for ATP?

LoadMasterC141 · August 28th, 2006, 14:00

I am trying to find the BEST balance of "Time to Regional airline job" and "debt incurred". It really is tough.

Here I am paying off everyone and everything I owe money too; selling anything that is not fastened down, turning cell phones and cablee/internet off......so I can go to ATP. Still though, I would have to take a loan out. GOD THAT SALLIE MAE LOAN SCARES KITTY!
I mean for $45k, you are going to pay back 3 times that amount, especially if you defer for 18 months.

I have no other ways of getting the money, not all of it anyway. I am definitely going to try and save as much as I can toward it, but I'll still end up with some kind of loan. The problem is, I am 31....tick tick tick......so time to save $45k is even more important than if I were, say, 21. Currently, I am on 7-8 month plan to pay off all my other debt except the house(Wife says "no way" on selling that) and college student loans(Which I refinanced and have a very low payment on).

I am curious to hear how others financed ATP, and if they swallowed the loan, how they feel about it now that they are sitting at a regional in the shiny jet?. Was it really worth it? Are you surviving financially? Did your wife leave you?

pkrgod · August 28th, 2006, 14:55

better not cancel cell phone, i think ATP requires you have one.

LoadMasterC141 · August 28th, 2006, 15:04

For now, the cellphones (Wife AND mine) are cancelled. I have no use for them. When (and if at this point) I go to ATP, I will reinstate both and cancel home phone.

dieselman1220 · August 28th, 2006, 16:03

Well I really cant help you on the financial stuff my parents set up a college fund when i was born and thats how i paid for it all. As far as the rest of your question if you are really serious about a career as a pilot ATP is probably the best choice you can make in my opinion. I went to the Arlington location from December to April, got a job at a flight school in College Station and next month i start at Express Jet. (In case you are wondering i got hired with about 700/175), and as far as sitting in the shiney jet i will have to let you know. But like i tell everyone if you are serious about it and can swing it i think ATP is among the better ones out there

SIUav8er · August 28th, 2006, 16:21

Quote:

Originally Posted by LoadMasterC141

For now, the cellphones (Wife AND mine) are cancelled. I have no use for them. When (and if at this point) I go to ATP, I will reinstate both and cancel home phone.

man, i left my cellphone home one time, and i felt completely naked without it! i dont know how you can live without it. lol i dont even have a house phone.

LoadMasterC141 · August 28th, 2006, 16:44

It is pretty easy actually—I do not like being that available. I think it comes from always having a work cell phone.
I had a cell phone AND a pager in the AF because I was a crew scheduler for my position. Got called night and day and weekends.
I had a cell phone when I was a trucking company dispatcher. Got called night and day and weekends.
I had a cell phone as trucking company manager. Got called night and day and weekends.
Finally, I don’t HAVE to have one and am enjoying it. Life is so much more peaceful this way.

I am not against them and know it is a necessity as a pilot, but I just do not need one right now.
I travel for business a lot though. I use a prepaid phone ONLY when on business and charge it back to the company. Any personal calls are usually to my wife and its’ like that collect call commercial – “IAMATTHEHOTELCALLMEBYE”.[/font]

eastbayk · August 28th, 2006, 16:47

I own a home in the San Francisco area. Thanks to the housing market there, I developed a lot of equity quickly. We used a home equity line of credit because it gave us a better rate than SM. Deferment isn't an option though, we've been making payments since February. We cashed in part of a 401k to cover the cost of payments until we had income comeing in. And since we can mostly live on my salary (which isn't much, but we don't have a lot of debt), all of that instructor salary will go towards the payments at an accelerate rate.

I'm a sugar momma and a creative thinker determined to find a way to make this work.

K

Fly_Unity · August 28th, 2006, 20:17

How did I pay for ATP?

I was home schooled by my parents, started working in construction full time since I was 12 years old, at 18 I started getting paid for it, at 19 I became part owner of the construction company, now at 21 I finally saved enough to go to ATP and college... and if the pilot industry falls, back to the real work I go..

PS, Please don't tell me how stupid it is to leave a good job like this, to become a (low paid) pilot... I hear it like every day. I had enough of construction

LoadMasterC141 · August 28th, 2006, 23:23

Well you did it the best way Unity. No worries ont he job tossing. I am throwing a $70k/yr job away at the age of 31 because I do not want to live the real life of Dilbert anymore.

Tram · August 30th, 2006, 00:04

Quote:

Originally Posted by LoadMasterC141

Well you did it the best way Unity. No worries ont he job tossing. I am throwing a $70k/yr job away at the age of 31 because I do not want to live the real life of Dilbert anymore.

Wanna trade?

I can hook you right up with a $19K a year job flying right seat in the JBall..

SkyHawg · August 31st, 2006, 01:36

I got approved for $51k easily through NextStudent. Was going to be more but I decided to pay for the PPL out of my pocket. Rate is about 9.75%. I have about $20k in the bank and will be doing some computer work on the side.

Captain_Bob · August 31st, 2006, 01:58

Don't hate me... Cash. Straight from the money market account. That one hurt... years of saving going toward a dream that may or may not have worked out. Looking back... I wouldn't change a thing!

Bob

LoadMasterC141 · August 31st, 2006, 08:42

I don't hate ya at all Bob. Cash is what I am leaning towards. There is no way I am paying the whole thing in a loan. I might surrender to a little bit of one, but I cannot fathom paying that kind of interest back.

Tram · August 31st, 2006, 11:32

Cash.. wow big spender..

LoadMasterC141 · August 31st, 2006, 22:23

I just don't wanna be here 6 months from now with a signature that says,

"The SLM got me"

Tram · September 1st, 2006, 03:17

Oooh, well.. then you bettttter keep your eyes peeled..

Gizmo · September 3rd, 2006, 15:47

I'm with Bob. I'll be paying cash. I'll be broke but not broke and in debt.

Airdale · September 4th, 2006, 23:14

I have a loan through Key Bank for $56k. Interest is through the roof now over 8%. I instruct at ATP and I keep talking to airline pilots and making a jump back to my previous job to pay this loan off is sounding better and better everyday.

Tram · September 5th, 2006, 00:38

I danced for a lil' while at the Fantasy Ranch in Dallas, while going through training at GKY to pay some of my payments..

allison · September 11th, 2006, 19:19

...school loans. Man, I'll be paying for the rest of my life, but it's worth it. My parents have 5 kids, they don't have money to pay for college and definitely no money for flying! If you want something bad enough, you'll do anything to get it--sacraficing my entire social life (no money to go out) for the next 10 years was my price

meyers9163 · September 11th, 2006, 19:54

Only 10 years? Must have gotten it done when it was cheaper then? for real though i mean if you want it that bad and you want to be in debt do what you have to do. Otherwise you can wait and find alternative routes to it. just my 2 cents!

allison · September 12th, 2006, 01:41

by 10 years, I mean I'll hopefully have a decent enough job...

ETAV8R · September 12th, 2006, 05:38

Quote:

Originally Posted by SkyHawg

I got approved for $51k easily through NextStudent. Was going to be more but I decided to pay for the PPL out of my pocket. Rate is about 9.75%. I have about $20k in the bank and will be doing some computer work on the side.

Never heard of this, how hard is it to qualify? I was turned down twice by key/sallie with a cosigner.

casey · September 12th, 2006, 12:08

Quote:

Originally Posted by Tram

I danced for a lil' while at the Fantasy Ranch in Dallas, while going through training at GKY to pay some of my payments..

i watched one of the guys spend his checkride money there (night before) and get another couple hundered out of the ATM and spend that too.

Longnok1305 · September 14th, 2006, 14:05

Cold hard cash! I figured if I was career changing, I didn't want to handcuff myself with a loan. I'm glad I did it that way, because right after I finished up the ACP and instructed for about a year, 9/11 happened and we all know what the industry did for the next year or so. Timing is everything and since I wasn't strapped with a loan, I had the freedom to walk away--which, I did. Although I "threw" away around $35k (what the program cost when I went through), what I learned from the experience to apply to life was invaluable. I don't look at work as seriously as I did before, I get to tuck my kid in bed every night, walk him to school every morning, eat dinners at home every night, and have my weekends. Looking back on career changing for me, I really think I was just running away from a very bad job.

August 28th, 2006, 14:00	#1
LoadMasterC141 Old Skool Join Date: May 2006 Location: Live in Temple, TX - From Ithaca, NY - Wish I was on an island in Fiji Posts: 1,912	How did you pay for ATP? I am trying to find the BEST balance of "Time to Regional airline job" and "debt incurred". It really is tough. Here I am paying off everyone and everything I owe money too; selling anything that is not fastened down, turning cell phones and cablee/internet off......so I can go to ATP. Still though, I would have to take a loan out. GOD THAT SALLIE MAE LOAN SCARES KITTY! I mean for $45k, you are going to pay back 3 times that amount, especially if you defer for 18 months. I have no other ways of getting the money, not all of it anyway. I am definitely going to try and save as much as I can toward it, but I'll still end up with some kind of loan. The problem is, I am 31....tick tick tick......so time to save $45k is even more important than if I were, say, 21. Currently, I am on 7-8 month plan to pay off all my other debt except the house(Wife says "no way" on selling that) and college student loans(Which I refinanced and have a very low payment on). I am curious to hear how others financed ATP, and if they swallowed the loan, how they feel about it now that they are sitting at a regional in the shiny jet?. Was it really worth it? Are you surviving financially? Did your wife leave you?

August 28th, 2006, 14:55	#2
pkrgod Junior Member Join Date: Nov 2005 Posts: 83	Re: How did you pay for ATP? better not cancel cell phone, i think ATP requires you have one.

August 28th, 2006, 15:04	#3
LoadMasterC141 Old Skool Join Date: May 2006 Location: Live in Temple, TX - From Ithaca, NY - Wish I was on an island in Fiji Posts: 1,912	Re: How did you pay for ATP? For now, the cellphones (Wife AND mine) are cancelled. I have no use for them. When (and if at this point) I go to ATP, I will reinstate both and cancel home phone.

August 28th, 2006, 16:03	#4
dieselman1220 Junior Member Join Date: Apr 2006 Posts: 56	Re: How did you pay for ATP? Well I really cant help you on the financial stuff my parents set up a college fund when i was born and thats how i paid for it all. As far as the rest of your question if you are really serious about a career as a pilot ATP is probably the best choice you can make in my opinion. I went to the Arlington location from December to April, got a job at a flight school in College Station and next month i start at Express Jet. (In case you are wondering i got hired with about 700/175), and as far as sitting in the shiney jet i will have to let you know. But like i tell everyone if you are serious about it and can swing it i think ATP is among the better ones out there

August 28th, 2006, 16:44	#6
LoadMasterC141 Old Skool Join Date: May 2006 Location: Live in Temple, TX - From Ithaca, NY - Wish I was on an island in Fiji Posts: 1,912	Re: How did you pay for ATP? It is pretty easy actually—I do not like being that available. I think it comes from always having a work cell phone. I had a cell phone AND a pager in the AF because I was a crew scheduler for my position. Got called night and day and weekends. I had a cell phone when I was a trucking company dispatcher. Got called night and day and weekends. I had a cell phone as trucking company manager. Got called night and day and weekends. Finally, I don’t HAVE to have one and am enjoying it. Life is so much more peaceful this way. I am not against them and know it is a necessity as a pilot, but I just do not need one right now. I travel for business a lot though. I use a prepaid phone ONLY when on business and charge it back to the company. Any personal calls are usually to my wife and its’ like that collect call commercial – “IAMATTHEHOTELCALLMEBYE”.[/font]

August 28th, 2006, 16:47	#7
eastbayk Junior Member Join Date: Aug 2006 Location: Jacksonville, FL Posts: 160	Re: How did you pay for ATP? I own a home in the San Francisco area. Thanks to the housing market there, I developed a lot of equity quickly. We used a home equity line of credit because it gave us a better rate than SM. Deferment isn't an option though, we've been making payments since February. We cashed in part of a 401k to cover the cost of payments until we had income comeing in. And since we can mostly live on my salary (which isn't much, but we don't have a lot of debt), all of that instructor salary will go towards the payments at an accelerate rate. I'm a sugar momma and a creative thinker determined to find a way to make this work. K

August 28th, 2006, 20:17	#8
Fly_Unity Junior Member Join Date: Jul 2006 Posts: 296	Re: How did you pay for ATP? How did I pay for ATP? I was home schooled by my parents, started working in construction full time since I was 12 years old, at 18 I started getting paid for it, at 19 I became part owner of the construction company, now at 21 I finally saved enough to go to ATP and college... and if the pilot industry falls, back to the real work I go.. PS, Please don't tell me how stupid it is to leave a good job like this, to become a (low paid) pilot... I hear it like every day. I had enough of construction

August 28th, 2006, 23:23	#9
LoadMasterC141 Old Skool Join Date: May 2006 Location: Live in Temple, TX - From Ithaca, NY - Wish I was on an island in Fiji Posts: 1,912	Re: How did you pay for ATP? Well you did it the best way Unity. No worries ont he job tossing. I am throwing a $70k/yr job away at the age of 31 because I do not want to live the real life of Dilbert anymore.

August 31st, 2006, 01:36	#11
SkyHawg Senior Member Join Date: Jun 2006 Posts: 564	Re: How did you pay for ATP? I got approved for $51k easily through NextStudent. Was going to be more but I decided to pay for the PPL out of my pocket. Rate is about 9.75%. I have about $20k in the bank and will be doing some computer work on the side. __________________ I don't mind coming to work, but that eight hour wait to go home is a bitch. CFI.CFII.MEI. 760TT 380ME. 62 Checkrides Signed Off. 97% Pass Rate.

August 31st, 2006, 01:58	#12
Captain_Bob Old Skool Join Date: Apr 2003 Location: DFW, based in ONT, wishing I was in Maine Posts: 3,869	Re: How did you pay for ATP? Don't hate me... Cash. Straight from the money market account. That one hurt... years of saving going toward a dream that may or may not have worked out. Looking back... I wouldn't change a thing! Bob __________________ My head is in the clouds and my heart is still in Maine... but my devotion and love belong to my wife and children. Pics!

August 31st, 2006, 08:42	#13
LoadMasterC141 Old Skool Join Date: May 2006 Location: Live in Temple, TX - From Ithaca, NY - Wish I was on an island in Fiji Posts: 1,912	Re: How did you pay for ATP? I don't hate ya at all Bob. Cash is what I am leaning towards. There is no way I am paying the whole thing in a loan. I might surrender to a little bit of one, but I cannot fathom paying that kind of interest back.

August 31st, 2006, 11:32	#14
Tram Old Skool Join Date: Dec 2003 Location: KMSL Posts: 1,842	Re: How did you pay for ATP? Cash.. wow big spender.. __________________ I flew the 757-200 sim at NATCO DANGIT...ON ONE ENGINE OUT OF EAGLE COLORADO AND THEN CIRCUMNAVIGATED A THUNDERSTORM!!! And what do these PAX do?! Glare at me..

August 31st, 2006, 22:23	#15
LoadMasterC141 Old Skool Join Date: May 2006 Location: Live in Temple, TX - From Ithaca, NY - Wish I was on an island in Fiji Posts: 1,912	Re: How did you pay for ATP? I just don't wanna be here 6 months from now with a signature that says, "The SLM got me"

September 1st, 2006, 03:17	#16
Tram Old Skool Join Date: Dec 2003 Location: KMSL Posts: 1,842	Re: How did you pay for ATP? Oooh, well.. then you bettttter keep your eyes peeled.. __________________ I flew the 757-200 sim at NATCO DANGIT...ON ONE ENGINE OUT OF EAGLE COLORADO AND THEN CIRCUMNAVIGATED A THUNDERSTORM!!! And what do these PAX do?! Glare at me..

September 3rd, 2006, 15:47	#17
Gizmo Junior Member Join Date: Sep 2002 Posts: 112	Re: How did you pay for ATP? I'm with Bob. I'll be paying cash. I'll be broke but not broke and in debt.

September 4th, 2006, 23:14	#18
Airdale Old Skool Join Date: May 2005 Location: Dirty Jerzey Posts: 2,087	Re: How did you pay for ATP? I have a loan through Key Bank for $56k. Interest is through the roof now over 8%. I instruct at ATP and I keep talking to airline pilots and making a jump back to my previous job to pay this loan off is sounding better and better everyday.

September 5th, 2006, 00:38	#19
Tram Old Skool Join Date: Dec 2003 Location: KMSL Posts: 1,842	Re: How did you pay for ATP? I danced for a lil' while at the Fantasy Ranch in Dallas, while going through training at GKY to pay some of my payments.. __________________ I flew the 757-200 sim at NATCO DANGIT...ON ONE ENGINE OUT OF EAGLE COLORADO AND THEN CIRCUMNAVIGATED A THUNDERSTORM!!! And what do these PAX do?! Glare at me..

September 11th, 2006, 19:19	#20
allison Newbie Join Date: Sep 2006 Location: Nowhere in particular Posts: 22	Re: How did you pay for ATP? ...school loans. Man, I'll be paying for the rest of my life, but it's worth it. My parents have 5 kids, they don't have money to pay for college and definitely no money for flying! If you want something bad enough, you'll do anything to get it--sacraficing my entire social life (no money to go out) for the next 10 years was my price

September 11th, 2006, 19:54	#21
meyers9163 Old Skool Join Date: Jun 2005 Location: Indiana Posts: 2,102	Re: How did you pay for ATP? Only 10 years? Must have gotten it done when it was cheaper then? for real though i mean if you want it that bad and you want to be in debt do what you have to do. Otherwise you can wait and find alternative routes to it. just my 2 cents!

September 12th, 2006, 01:41	#22
allison Newbie Join Date: Sep 2006 Location: Nowhere in particular Posts: 22	Re: How did you pay for ATP? by 10 years, I mean I'll hopefully have a decent enough job...

September 14th, 2006, 14:05	#25
Longnok1305 Newbie Join Date: Mar 2006 Posts: 2	Re: How did you pay for ATP? Cold hard cash! I figured if I was career changing, I didn't want to handcuff myself with a loan. I'm glad I did it that way, because right after I finished up the ACP and instructed for about a year, 9/11 happened and we all know what the industry did for the next year or so. Timing is everything and since I wasn't strapped with a loan, I had the freedom to walk away--which, I did. Although I "threw" away around $35k (what the program cost when I went through), what I learned from the experience to apply to life was invaluable. I don't look at work as seriously as I did before, I get to tuck my kid in bed every night, walk him to school every morning, eat dinners at home every night, and have my weekends. Looking back on career changing for me, I really think I was just running away from a very bad job.

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