Loans for Flight Training?
#1
Loans for Flight Training?
So, long story short, I got my Private several years ago but haven't flown a whole lot since. Right now I'm finishing up my junior year in college majoring in a non-aviation major( business). Business is alright but I really only chose it because I was following the advice to not major in aviation. With only a year left before I graduate I'm starting to freak out a bit because I know that I have always wanted a career as a pilot, but right now I'm not in any position of being even close to acquiring a paid flying job. I have found that AOPA offers a flight training loan of $25,000. I haven't researched the specifics of the loan too much( and most definitely will if I decided to take out the loan) but from what I understand it covers flight training at both 141 and 61 schools. If I did take out this loan, I would use it during my senior year of college for flight training at a part 61 school and my goal would be to acquire enough ratings in order to be a CFI.
I know some people say to avoid loans for flight training but is $25,000 that unreasonable? I should graduate with little to no debt from college. Part of me thinks I should just try to get a job in the business world for a year or two and use that to pay for flight training, but while that seems like a good plan on paper, I dont know how reasonable that really is and I could almost see myself giving up on flight training if I am working a business job that may very well require 50-60+ hours a week of my time. Any input is appreciated!
I know some people say to avoid loans for flight training but is $25,000 that unreasonable? I should graduate with little to no debt from college. Part of me thinks I should just try to get a job in the business world for a year or two and use that to pay for flight training, but while that seems like a good plan on paper, I dont know how reasonable that really is and I could almost see myself giving up on flight training if I am working a business job that may very well require 50-60+ hours a week of my time. Any input is appreciated!
#2
Try to be reasonable about your desires. You WILL get a flying job...eventually. To me, it would not be worth taking on that debt with the lack of jobs that there is going to be for a long time.
Take it from me. You will enjoy your first paid flying job MUCH more if you don't have any debt to worry about.
Take it from me. You will enjoy your first paid flying job MUCH more if you don't have any debt to worry about.
#3
Work in the business world first. Fly on the side. If you ever need your backup plan, something sides B.S. in whatever on your resume is helpful. (i.e. work experience).
I feel somewhat bad for these 141 pilot factory graduates. There is SOOOOO much fun to be had in aviation when just doing it on the side and primarily for fun. Aviation to me is a hobby foremost. If I can make a living doing it, even better. But so many folks go into it and their entire exposure to it is "commercial" in nature. (Get ratings quickly, maximum debt, minimum fun, spoon fed everything, etc).
Have fun with it, make money with your degree. When you get your ratings, give it a go. My bet is that you'll go back to business anyway after you've seen what a steaming flop it is.
I feel somewhat bad for these 141 pilot factory graduates. There is SOOOOO much fun to be had in aviation when just doing it on the side and primarily for fun. Aviation to me is a hobby foremost. If I can make a living doing it, even better. But so many folks go into it and their entire exposure to it is "commercial" in nature. (Get ratings quickly, maximum debt, minimum fun, spoon fed everything, etc).
Have fun with it, make money with your degree. When you get your ratings, give it a go. My bet is that you'll go back to business anyway after you've seen what a steaming flop it is.
#4
On Reserve
Joined APC: Jan 2008
Posts: 17
I was in your situation about 4 years ago. I have a business degree from a top 20 school in America, but have never had any real desire to get a business type job (accounting, finance, marketing, sales). I decided to move to South Korea, get a job teaching English, and couldn't be happier. In addition to saving up enough money for flight training, I've been able to travel all over Europe, Hong Kong, Japan, Singapore, Thailand and a number of other countries.
I'll be moving to the States this year to start flight training. I've been really lucky because, even if my aviation career is not successful, I've found a job here that I love and could always come back and do.
I'll be moving to the States this year to start flight training. I've been really lucky because, even if my aviation career is not successful, I've found a job here that I love and could always come back and do.
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