Flight Loans

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Dreampilot

Well-Known Member
I have decided that I want to go to flight school immediately. I do not work in a field that is going to allow me to save and pay as I go. It is way too expensive and is costing too much since I have to keep stopping and going. The problem is flight loans. I have applied twice to sallie mae and both times they are asking for a co-signer. I have a very high credit score and have never defaulted on any loan. How are people attending flight school today?
 
Paying as I go....slowly. Passed my IR and have not flown since, been just over a year. I'd much rather go at it slowly, not accumulate a ton of debt and be able to enjoy the ride vs. taking out a loan for a career that may not even generate enough income to pay the payment on the loan the first few years.

Take the request for a co-signer as a blessing. If you want it badly enough, you can make it happen. Get a second job, work at the airport part time, use that money to pay for flying.
 
Dreampilot said:
I have decided that I want to go to flight school immediately. I do not work in a field that is going to allow me to save and pay as I go. It is way too expensive and is costing too much since I have to keep stopping and going. The problem is flight loans. I have applied twice to sallie mae and both times they are asking for a co-signer. I have a very high credit score and have never defaulted on any loan. How are people attending flight school today?
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Sallie Mae will make you their slave, a walking zombie to paying them back. Dont do it. You may end up with all the ratings but working a non-flying job in order to pay them back; what's the point in that?
 
It was 10 years between my first solo and finishing my CFI Airplane. You can save a lot of money over 10 years.

Not being in a hurry also meant I got a better deal - never had to hour build. Time building in a glider at $15/hour is pretty hard to beat.
 
drunkenbeagle said:
It was 10 years between my first solo and finishing my CFI Airplane. You can save a lot of money over 10 years.

Not being in a hurry also meant I got a better deal - never had to hour build. Time building in a glider at $15/hour is pretty hard to beat.
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I tell everyone to start in gliders. Saves money and makes you a better pilot
 
I have a Sallie Mae loan and will have it for a long time, but it was only a third of what I eventually needed. Alot of my flight time came right out of pocket. If I could go back I would have worked another year and stayed out of debt, and would have done all of my time building in the Civil Air Patrol. Being a CAP member has gotten me a bunch of free hours and the paid time comes out to about $55 an hour with no instructor fees, plus I get a chance to fly with some great pilots.
 
Unless you are currently debt free and have a nice source of income, it's going to be difficult to pay as you go. Impatience will wear on you quickly, too. I dove and took a loan, but I worked it out where I can stay at my current job and be able to pay interest on it as I learn. This way, I can lessen the blow when it's all said and done.

Granted, I've been thinking about getting a second job, anyway. If I were to become a CFI full time or land a job at a low-paying flying job, I would definitely work a second job on the side.

Edit: I realize it's not the smartest idea and many on here may shun me for it, but it's what I wanted to do. Weigh your options and choose wisely.
 
HerrGruyere said:
Unless you are currently debt free and have a nice source of income, it's going to be difficult to pay as you go. Impatience will wear on you quickly, too. I dove and took a loan, but I worked it out where I can stay at my current job and be able to pay interest on it as I learn. This way, I can lessen the blow when it's all said and done.

Granted, I've been thinking about getting a second job, anyway. If I were to become a CFI full time or land a job at a low-paying flying job, I would definitely work a second job on the side.

Edit: I realize it's not the smartest idea and many on here may shun me for it, but it's what I wanted to do. Weigh your options and choose wisely.
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I don't think people will shun you. most people who push not getting a loan do so because most people who are asking the question have not weighed their options. If you weigh your options, explore each one and determine a loan is your best option, then there is really nothing anyone can say. Everyone's situation is different. Sure the end goal is the same, getting all your ratings. But everyone has different priorities and obligations that should not be glossed over or ignored at the expense of getting those ratings.
 
drunkenbeagle said:
It was 10 years between my first solo and finishing my CFI Airplane. You can save a lot of money over 10 years.

Not being in a hurry also meant I got a better deal - never had to hour build. Time building in a glider at $15/hour is pretty hard to beat.
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I don't understand this, does time in a glider count towards your total flight time?
 
Matt13C said:
I don't think people will shun you. most people who push not getting a loan do so because most people who are asking the question have not weighed their options. If you weigh your options, explore each one and determine a loan is your best option, then there is really nothing anyone can say. Everyone's situation is different. Sure the end goal is the same, getting all your ratings. But everyone has different priorities and obligations that should not be glossed over or ignored at the expense of getting those ratings.
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Ah that makes sense. A lot of people don't think before they act which leads to a lot of misery, so to speak. The key is really just to make sure you've explored all possible options.
 
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