Need Advice on how to pay for Training

junebuguf · March 21st, 2003, 10:11

I am currently working full time, but at the rate I'm going it'll take me a decade to save up enough to pay for flight training. So I have two options:

1) take out a $40k loan, attend ATP, complete their program in 90 days and hunt for a CFI job, BUT be in massive debt.

2) go in the family business, fly weekends at ATP, not have to take out a loan, BUT complete their program in 8-9 months.

which is the better option? I know that in the current market, even CFI jobs are scarce, but ATP seems to be hiring their graduates and as long as I get a CFI job with them (or anywhere, really) I dont mind being in debt since I will have cut 5-6 months from my training timeline.

would appreciate opinions.

bumflip · March 21st, 2003, 10:28

farwellbooth · March 21st, 2003, 12:00

I would consider getting involved with the family business. If you ever get on with a regional etc. or even down the road the business may be a great way to supplement and/or produce the majority of your income. And if you end up hating flying the line, losing your medical, land on the wrong runway etc. you will have a back up.

ready2fly · March 21st, 2003, 12:51

Junebug: Why not get a Sallie Mae loan and fly three to four times at your local FBO and still work full time?

That's what I'm doing right now and it's working out great!

Good luck!

R2F

sbav8r · March 21st, 2003, 14:47

You might want to consider taking student loans if you are in school. Before I finished I took out a loan for close to 10k, all of which is under 5% interest. If you allready graduated then you may be able to still take a loan for the last two years of your education. Here's the page that will get you started, you might want to talk to your financial aid office as well.

FAFSA

Good Luck!

junebuguf · March 22nd, 2003, 08:33

Thanks for the posts guys. I graduated in 2001, and still have a couple thousand in loans from that, so I dont want to take out another loan, but then again, I'm 23, not married, no kids or mortgages or car payment or any other financial or other obligation tying me down, so I feel like I could very well take out another loan and get away with it but only if theres a reasonably good chance that I'll have a CFI position after I'm done. If thats really not the case, then I'd rather pay my way through by working full time. What I really dont want is to complete my training, be 40k in debt and not have a job...

Farewell--I've avoided the family business like the plague since I was a wee lad. Guess I'll have to suck it up and dig in....the things you do to fly...

CMARTIN, have you received any assurances (for however little/much theyre worth) from anyone at Ari Ben that you will have a CFI gig waiting for you when you're done?

R2F, which FBO are you training at in Tampa? I'm in Ft. Myers, there is only one FBO here and they are quoting me $8k for a private. All the FBO's up and down the southwest coast fro Naples to Sarasota have not quoted less than $5, and thats for 50-60 hours in really old 152's. I'm thinking of commuting to JAX for ATP's weekend career program.

TommyD · March 25th, 2003, 09:28

Here is my 2-cents. I am awaiting approval through sallie mae for my loan. I interviewed all of the local FBO's in my area (Memphis, TN) and the one I will be attending only hires CFI's that train with them. Kinda like guaranteed employment when Im finished training. Just a thought, Oh by the way I am 24, a newlywed, and no kids.

davetheflyer · March 26th, 2003, 15:24

I'm with R2F. Work at the family business (as long as it's not the Corleone family or something) and get your private locally . Then you can consider going to an academy for the advanced ratings.

BTW don't forget about the college degree.

SJFLYER · April 1st, 2003, 06:14

I might not be what want to hear but this is a no brainer. Work at your family business and learn to fly part time. When you get close to completing a rating take a week off and finish it. Don't rush to be in high debt and unemployed. The aviation job market sucks, so you have plenty of time to do your ratings and stay above the poverty line.

Doug Taylor · April 1st, 2003, 10:30

Ditto what everyone said.

Just my two cents, if you can avoid taking out a loan, by all means, avoid doing so like the plague.

Most entry level jobs, if you can even find one in this market, are very low paid. Meanwhile, the loan is accruing interest.

As you work your way up, some of your minimum income requirements changes (marriage, kids, house, etc) and the debt from the loan is continuing to accumulate.

Athena · August 19th, 2003, 00:49

You could also do what i am going to do. I am attending Ohio State University's aviation program this winter. Their lab fees to complete the aircraft systems (pilot track program) are around $32,000 not counting your educational fees. It is steep but i will have all the certificates to flight instruct and enough hours when i graduate for my ATP. They also have internships that you can take for up to 1.5 years. Depending what your need is the financial aid dept. can get you loans to cover it. I asked them about how to pay and they said I just need to fill out a form stating that I have a greater financial need. I will also still have additional money allotted to me for purchasing text books. Also did you file your fafsa?

Mustang17c · August 20th, 2003, 21:12

Hey Athena,

Are You already at Ohio State? I am going into my third year there and am training at a part 61 at Don Scott.

Bert · August 21st, 2003, 12:01

Junbug,

I'm almost in the same position...so here's what I'm doing/did. I'm back in the family biz (which I sweared a long time ago I would never go back to) earning my living, and I stayed in my home city to get my PPL, IR and build a few hours. During that time, everything I'm doing (with my money, my house, etc.) is geared around getting ready to go to one of the academies for the rest of my ratings.

Sometimes it's not fun not going out for weeks at a time to save moolah...but it's what's gotta be done. When the time comes and you decide if you want to keep going with your training, you'll be ready.

Good luck...

March 21st, 2003, 10:11	#1
junebuguf Newbie Join Date: Feb 2003 Location: Fort Myers, FL Posts: 14	Need Advice on how to pay for Training I am currently working full time, but at the rate I'm going it'll take me a decade to save up enough to pay for flight training. So I have two options: 1) take out a $40k loan, attend ATP, complete their program in 90 days and hunt for a CFI job, BUT be in massive debt. 2) go in the family business, fly weekends at ATP, not have to take out a loan, BUT complete their program in 8-9 months. which is the better option? I know that in the current market, even CFI jobs are scarce, but ATP seems to be hiring their graduates and as long as I get a CFI job with them (or anywhere, really) I dont mind being in debt since I will have cut 5-6 months from my training timeline. would appreciate opinions.

March 21st, 2003, 10:28	#2
bumflip Senior Member Join Date: Oct 2002 Location: Frisco, TX Posts: 314	Post deleted by Doug Taylor

March 21st, 2003, 12:00	#3
farwellbooth Senior Member Join Date: Jul 2001 Location: Portland, OR Posts: 316	Re: Need Advice on how to pay for Training I would consider getting involved with the family business. If you ever get on with a regional etc. or even down the road the business may be a great way to supplement and/or produce the majority of your income. And if you end up hating flying the line, losing your medical, land on the wrong runway etc. you will have a back up.

March 21st, 2003, 12:51	#4
ready2fly Old Skool Join Date: Nov 2001 Location: DFW Posts: 7,143	Re: Need Advice on how to pay for Training Junebug: Why not get a Sallie Mae loan and fly three to four times at your local FBO and still work full time? That's what I'm doing right now and it's working out great! Good luck! R2F

March 21st, 2003, 14:47	#5
sbav8r Junior Member Join Date: Feb 2003 Location: Santa Barbara, CA Posts: 195	Re: Need Advice on how to pay for Training You might want to consider taking student loans if you are in school. Before I finished I took out a loan for close to 10k, all of which is under 5% interest. If you allready graduated then you may be able to still take a loan for the last two years of your education. Here's the page that will get you started, you might want to talk to your financial aid office as well. FAFSA Good Luck!

March 22nd, 2003, 08:33	#6
junebuguf Newbie Join Date: Feb 2003 Location: Fort Myers, FL Posts: 14	Re: Need Advice on how to pay for Training Thanks for the posts guys. I graduated in 2001, and still have a couple thousand in loans from that, so I dont want to take out another loan, but then again, I'm 23, not married, no kids or mortgages or car payment or any other financial or other obligation tying me down, so I feel like I could very well take out another loan and get away with it but only if theres a reasonably good chance that I'll have a CFI position after I'm done. If thats really not the case, then I'd rather pay my way through by working full time. What I really dont want is to complete my training, be 40k in debt and not have a job... Farewell--I've avoided the family business like the plague since I was a wee lad. Guess I'll have to suck it up and dig in....the things you do to fly... CMARTIN, have you received any assurances (for however little/much theyre worth) from anyone at Ari Ben that you will have a CFI gig waiting for you when you're done? R2F, which FBO are you training at in Tampa? I'm in Ft. Myers, there is only one FBO here and they are quoting me $8k for a private. All the FBO's up and down the southwest coast fro Naples to Sarasota have not quoted less than $5, and thats for 50-60 hours in really old 152's. I'm thinking of commuting to JAX for ATP's weekend career program.

March 25th, 2003, 09:28	#7
TommyD Newbie Join Date: Mar 2003 Location: Memphis, TN Posts: 4	Re: Need Advice on how to pay for Training Here is my 2-cents. I am awaiting approval through sallie mae for my loan. I interviewed all of the local FBO's in my area (Memphis, TN) and the one I will be attending only hires CFI's that train with them. Kinda like guaranteed employment when Im finished training. Just a thought, Oh by the way I am 24, a newlywed, and no kids.

March 26th, 2003, 15:24	#8
davetheflyer Senior Member Join Date: Dec 2001 Location: KATL, Georgia, Tennessee Posts: 1,016	Re: Need Advice on how to pay for Training I'm with R2F. Work at the family business (as long as it's not the Corleone family or something) and get your private locally . Then you can consider going to an academy for the advanced ratings. BTW don't forget about the college degree.

April 1st, 2003, 06:14	#9
SJFLYER Junior Member Join Date: Nov 2002 Location: Norfolk, Virginia Posts: 110	Re: Need Advice on how to pay for Training I might not be what want to hear but this is a no brainer. Work at your family business and learn to fly part time. When you get close to completing a rating take a week off and finish it. Don't rush to be in high debt and unemployed. The aviation job market sucks, so you have plenty of time to do your ratings and stay above the poverty line.

April 1st, 2003, 10:30	#10
Doug Taylor Agent Smith Join Date: Dec 1969 Location: KSDL Posts: 40,542 Blog Entries: 1	Re: Need Advice on how to pay for Training Ditto what everyone said. Just my two cents, if you can avoid taking out a loan, by all means, avoid doing so like the plague. Most entry level jobs, if you can even find one in this market, are very low paid. Meanwhile, the loan is accruing interest. As you work your way up, some of your minimum income requirements changes (marriage, kids, house, etc) and the debt from the loan is continuing to accumulate.

August 19th, 2003, 00:49	#11
Athena Senior Member Join Date: Aug 2003 Location: Northwest State of Mind, WA Posts: 477	Re: Need Advice on how to pay for Training You could also do what i am going to do. I am attending Ohio State University's aviation program this winter. Their lab fees to complete the aircraft systems (pilot track program) are around $32,000 not counting your educational fees. It is steep but i will have all the certificates to flight instruct and enough hours when i graduate for my ATP. They also have internships that you can take for up to 1.5 years. Depending what your need is the financial aid dept. can get you loans to cover it. I asked them about how to pay and they said I just need to fill out a form stating that I have a greater financial need. I will also still have additional money allotted to me for purchasing text books. Also did you file your fafsa?

August 20th, 2003, 21:12	#12
Mustang17c Junior Member Join Date: Jun 2003 Location: NYC Posts: 146	Re: Need Advice on how to pay for Training Hey Athena, Are You already at Ohio State? I am going into my third year there and am training at a part 61 at Don Scott.

August 21st, 2003, 12:01	#13
Bert Junior Member Join Date: Jan 2003 Location: Fleeing Hawaii Posts: 51	Re: Need Advice on how to pay for Training Junbug, I'm almost in the same position...so here's what I'm doing/did. I'm back in the family biz (which I sweared a long time ago I would never go back to) earning my living, and I stayed in my home city to get my PPL, IR and build a few hours. During that time, everything I'm doing (with my money, my house, etc.) is geared around getting ready to go to one of the academies for the rest of my ratings. Sometimes it's not fun not going out for weeks at a time to save moolah...but it's what's gotta be done. When the time comes and you decide if you want to keep going with your training, you'll be ready. Good luck...

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