Student loans advice | TheaterFire

[-]

I'll back up what he said. Go to a smaller school with professional pilots, and not time building instructors. Take out a loan if you're going to do this flying thing professionally. The cost of that loan will be easily made up within a few months once you've "made it"

[-]

carlosr36@reddit (OP)

Do you have any method or system for shaking out promising schools?

[-]

aftcg@reddit

Go to the schools and interview them, see how they vibe, and see how you'll fit in with them. If they have pretty planes and used car salesmen working, might not vibe out well. If they have workhorse planes, that are busy, the employees like working there, and there are a bunch of old farts working there that have retired from another industry or flying, I would venture to guess they're there to teach, not just build time. You enthusiasm is paramount regardless.

[-]

carlosr36@reddit (OP)

The one school i found has an old dog as the head of the school. Mom and pop shop.

[-]

aftcg@reddit

That sounds promising!

[-]

carlosr36@reddit (OP)

Could i privaye message you with the name and outline of the school?

[-]

aftcg@reddit

Sure!

[-]

ltcterry@reddit

I don't believe I've ever heard anything good.

[-]

Sailass@reddit

L3 gets ripped on almost as much as ATP, and its nearly always legit rips. Avoid the puppy mills, you will become a better pilot and save money in the process.

[-]

kato-clap420@reddit

Lots and lots, Do a quick search through this sub

[-]

Fit_Homework532@reddit

Don't do L3 and don't do a 100k loan at 18% interest. Just don't. If you have to take out a loan, do Part 61 and supplement as much as you can with your income and fly 3-4 times a week. Also, consider getting your A&P if you are a mechanic.

[-]

carlosr36@reddit (OP)

Airframe and powerplant you think that would be a good idea? I ultimately want to be a pilot. I found a part 61 school that does ppl to commercial for 54-60k range.

[-]

osxi_@reddit

that CLAIMS to do ppl to commercial for 60k, i wouldn't rely on that

[-]

shwampchump@reddit

I believe it, Im finishing instrument at $25k. That leaves me with 180hrs at instructional rates to finish the $60k

[-]

WhiteoutDota@reddit

It's a believable range tbh. It's what I estimate for my own students. But it's different for everyone.

[-]

Western-Sky88@reddit

My man, it cost me 75k to do that 10 years ago, and I got my CPL at exactly 250 hours.

[-]

cofonseca@reddit

Do not take out a 100k loan. You’ll be paying for it for like 20 years.

[-]

21MPH21@reddit

If you make minimum payments, sure.

If you make substantial payments, say $1,500 a month you'll be out in less than a decade.

Yes that's a lot of money and time but it's to get a job paying 6 figures year one.

[-]

ltcterry@reddit

$1,500/month? That's not substantial. That's probably not even the minimum payment at current terms. Getting ahead at current rates requires in the vicinity of $2000/month.

$100k does not leave very much after withholdings and the cost of life to make a big payment. This is serious debt.

[-]

Grand-Amphibian-3887@reddit

Or not, thanks to the Democrats who don't believe in having to take responsibility for anything you agreed to.

[-]

ltcterry@reddit

Pick a different school.

Here's my blunt approach - save up $15-18k to pay for Private Pilot locally. Why? 1) There's an 80% drop out rate, so don't go borrow money for something you are not likely to finish. And 2) places that loan money charge more - L3Harris probably charges on the order of $30k for the same Private ticket you can do at home for $18k. (No, that's not w/ the interest. That's the amount you'd be borrowing. Finally 3) If you can't come up w/ the cost of doing Private locally you really have little/no business spending $80k or more on learning to fly.

Get your life in order. Save some money. If you still want to do it, then the odds are somewhat less stacked against you.

Good luck!

[-]

Fi3sty1nstruct0r0110@reddit

I can’t speak for L3Harris anymore as I instructed there years ago when the culture was a tad different, but I can speak for the loans.

$100k is a lot and any amount of interest is a lot, however current rates are abysmal. I was lucky to be able to refinance down to 4% so my payments (~$700/mo) and manageable. At 10+ you’ll never claw your way out. I’m at a major and along with life’s other expenses, the money we earn doesn’t go as far as you may think on year 1 or 2 pay.

Proceed cautiously.

[-]

carlosr36@reddit (OP)

Thank you for your advice man. I just got a feeling to speed into it since for the past 4 years ive gotten nowwhere due to just waiting for the right moment.

[-]

Fi3sty1nstruct0r0110@reddit

I mean, I sped into it not officially knowing where it would take me, but the industry was different. Even then so, that speed took me straight into a Covid furlough.

Getting into flying, I had years of aviation experience from the customer service angle and I knew I’d love it. It was something I talked about for years prior, thus I knew I’d enjoy it. Those that start because it ‘may’ be cool or it’ll ‘maybe’ pay lots of money, wash out.

But if you want it bad enough, and you’re down to send it, then send it confidently and logically, but don’t complain when it’s gets tough because you chose to do it. Just pay attention to the industry and the economy, follow the politics, and maybe you’ll be able to adjust to the changes a bit easier and even make some clutch decisions, but you’ll never out smart the industry.

[-]

RaiseTheDed@reddit

I commented this and it's evolved into this that I paste into every post I see mentioning loans:

Everyone here says the same thing: avoid debt at all costs. Now, let's see why. Say that school wants a 100k for the program. What are current interest rates right now for an unsecured loan? Around 13-17%. I can't remember the term lengths of these loans, but you'll be paying around 2k a month to repay them, and you'll probably accrue 150k of interest alone. And since these loans aren't federally subsidized, you're going to start paying them immediately (smaller at first, as they are usually send the money in chunks).

Now, say you get the loan, get your CFI, and get hired to instruct (keep in mind, some people can't get hired as one, even if your school "guarantees" hiring you). You have a $2,000 a month loan payment to make, along with paying to live. A CFI makes 40-50k a year if you're lucky and work your ass off. 50k is just above 4k a month, before taxes. You'll probably be left with around 3k after taxes, which leaves you with $1,000 to live off of. Now, that's if you're lucky and live in a place with good weather. I don't think I made more than 1k some months in the winter where I live. Unless you're living with your parents, 1k a month will probably not be enough to live off of. You'll have to compare your current finances to decide.

Now let's look at some other variables. What happens if you have a medical issue and can't fly? Still gotta pay the loans. Can't find a job? Still gotta pay the loans. Have a job but airplanes went into maintenance/weather prevents you from working? Still gotta pay the loans.

And you're going to be paying 250k at minimum by the term ends.

You're essentially buying a mortgage (with a really shitty APR). Just because you can get a loan, doesn't mean you should. You must plan for all variables that you can think of, so that you can 1: survive, and 2: pay the loan.

Also see this post from the FAQ

This post gives an example on a smaller loan for just private and instrument, you'd still be paying 100k at the end of the term.

This post is an example of a 70k loan.

This is an example of a 122k loan.

I just wanted to give you some perspective, and not trying to be a debbie downer. It works for some, but it can be absolutely devastating if anything happens. And what if we end up in a recession? Jobs are going to go away. You'll be stuck with a loan payment.

Also, I've seen posts here of people who can't get a loan, even with a cosigner.

[-]

Phaas777A@reddit

This is the best advice you are going to find online regarding taking out a loan for flight training... please take it seriously.

[-]

theoriginalturk@reddit

You probably won’t even get approved for a 100k loan at L3 without a much bigger co-signer

If you can afford to pay $1,200 dollars a month for the next 10 years with no guarantee of a job then sure take out a loan

[-]

Grand-Amphibian-3887@reddit

The Obama, Biden, Kameltoe administrations will have your neighbors, friends, coworkers, brothers, sisters pay them back for you. Go ahead borrow away. There is a reason it's called a promissory note!

[-]

aftcg@reddit

Super helpful, I'm sure. And, that's not how it works. Do you know that Tramp wasn't shot? He fell into the the SS Agent that actually served his country - so private bone spurs can tell you lies that you now spread.

[-]

Grand-Amphibian-3887@reddit

With the administration in place now, that's exactly how they want it to work!

[-]

MassRaplstSerlalKilr@reddit

Stupid boomer. No that's not how it works.

-someone who is paying back their loan

[-]

Grand-Amphibian-3887@reddit

But that's how the current administration wants it to be. Sign a promissory note for a loan, and then when you don't like the payment, let the taxpayers cover your debt. Do you have any idea how many people used the borrowed money for other than their education? I was in school with a guy who used student loans to buy houses and flip them. Then, he walked away from paying the loans.

[-]

aftcg@reddit

Oh no way! I like their style. Now, what do you think for the OP's dilemma, loans or never get enough saved to go to pylot school?

[-]

Grand-Amphibian-3887@reddit

Work for it, it used to be the American way. Like paying back loans and credit card dept. You borrow you pay.

[-]

EntertainmentLess403@reddit

Have a plan! Pre, durning and post school for repayment, living expenses. Have supporters! Study like your life depends on it! Ask a shit ton of questions (again like your life depends on it) Interview the school/ instructors and students (current and alumni)

I did it and so can you 130k flight school loans 6years ppl to CFI Paid off in 2 years post graduation

[-]

carlosr36@reddit (OP)

6 years from ppl to cfi? Where you working partime what particulars in your case do you think helped you accomplish your goal? What would you have done differently?

[-]

Rwm90@reddit

Maybe it’s not for you, but you could get a normal degree at a normal school with Air Force ROTC and try your hand at becoming an Air Force pilot. Training is about $46k.

That they pay you. They’ll pay you a salary to learn to fly.

[-]

Correct-History3320@reddit

The borrower is slave to the lender…

[-]

toborgps@reddit

Pulling out student loans is probably not a terrible idea (in terms of interest). However it’s always a risk in this industry. I’m finishing up at a 141 school. I haven’t paid anything over what was already given to me. With a good job after you can repay it in no time.

[-]

WeatherIcy6509@reddit

I'd whore myself out to a thousand fat chicks at $100 bucks a pop, before I'd take out another student loan,...but you do what you gotta do, lol.

[-]

nom-nom-babies@reddit

For an expense that big is recommend doing the math. Find out what your APR will be and see if you can swing a min payment while keeping up with your housing cost, car payment, retirement, etc. you could also look at aviation college programs and see if you would be able to get financial assistance.

[-]

rFlyingTower@reddit

This is a copy of the original post body for posterity:

Good day, recently joined this subreddit. Been interested in flying and getting my licenses for the past 4 years. I only earn about 35k a year at my current job as a mechanic. I hope to know if pulling student loans out is a deathsentence or can you maje it work. Id like to attend l3 harris in florida. Which is a 100k + school. Any and all advice is welcome

I am a bot, and this action was performed automatically. If you have any questions, please contact the mods of this subreddit.