mexipilot84

So here I am like many of the guys posting here asking the guys that have finished their training. I am half way done with my SEL Com 141 program, but I am getting to a point where its hard for me to afford flying. Flying the complex now is costing me $60 more an hour and its cash that just drains away fast. I have my VA reimbursements however they do not pay back fast enough as you spend the money.

Does anyone here know of any "forgiving" finance company that you have had success with? Sallie mae is just too elite for my shoddy credit and co-signer's good credit, not to mention the ridiculous interest rates. I am not looking into financing anything big, maybe just a portion to offset the costs and wait for reimbursment. Been almost a year since I have been working on my Comm. and it just feels like you never finish. If anyone has a list of banks or lenders able to help student pilots please share the wealth.


Thanks much,

atpwannabe

You've got a number of organizations out there who offer scholarships and grants toward flight training. Check out Organization of Black Airline Pilots (OBAP); Women in Aviation (WIA)....yeah yeah I know, but check it out anyway; I'm not sure about AOPA. They may offer some assistance.



atp

kersplatt

Financing flight training is tough everywhere. You may have to slow your training down and pay as you go. It stinks but may be your only option.

Or go to a community college or university, they are still getting the loans because they are government subsidized. The problem is they are all 141 and are very strict about transferring any time over to their program.

Be very careful about getting yourself in debt. If you are lucky enough to get a job instructing, and eventually on to the regionals, your pay will be really low for many years and the student loan payments will be really high. The stories about pilots living out of their car and on ramen noodles are all true and mainly due to the big fat student loan payments.

mexipilot84

Well at least I can say that right now I am debt free of student loans, all my flight ratings have been paid cash. paying as you go is not very efficient to keep consistency when you fly. Crazy how the economy wont even let your own local bank approve you for a loan. I am in a 141 program right now in atlanta, but in the end it's all about the upfront cash. Not to mention its hard to find grants. I have applied for a few but never seem to hear anything.

Gajre539

Try www.pilotfinance.com. I have 2 students currently being financed through them.