Paying back loans?

pscraig

Well-Known Member
I'm just about ready to send in my application to FSI, but the issue of financing still leaves me with questions. I know there are many FSI grads and and students here, so I'd like to ask: Are you able to make your loan payments, as an FSI instructor? I'm going to have to borrow 60K to go, and have some concern about the next couple of years while I build time as an instructor. I don't have any other debt or a family to support, and don't plan to live in extravagance. But I would like to know if my pay as an instructor can pay my loan payment, a rented room in an apartment, and food. How much does the average instructor make a month? How is everyone else doing this?
 

pavelump

Well-Known Member
As far as I understood, you wouldn't be required to start paying back the loan until you left FSI which would include the time as instructor. Is that right?

Dave
 

Acadia

Well-Known Member
Im not an instructor but all of the instructors I have had through my stay have been making loan payments. I am pretty sure that you have six months from the time you finish as a student until the time the first payment is made. (Key Loan) If nobody else chimes in before then I will get you a definate answer tomorrow.
 

kdwilkes

New Member
Of course it all depends on your loan company, but since I have Key I can answer for that loan. I am required to make payments six months after I leave FSI as a student. That is the Key Alternative Loan which I think is still the best deal.
 

pavelump

Well-Known Member
I guess that my question would be whether you would still be considered a student once you became an instructor... You are after all getting your CFII and MEI during that time, plus if you are in the ASA group there's that too...

Dave
 

pscraig

Well-Known Member
I called Key with this exact question today. Once you graduate, the six months begins, unless you are in the ASA program, in which case it begins six months after its completion. Key does not know specifics about FSI programs; their criteria is six months after the end of the training course. If I instruct for FSI, the six months begins when I graduate.

Deferring the loan for six months only increases the payment though. But really, it's not that six months I am concerned about-it's the year or so afterward, when I am still a CFI, trying to make payments. Anyone have an idea what a FSI CFI makes a month?
 
Top