Accelerated 141 with loan or part 61 out of pocket.

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KCPilot17@reddit

I would run away as fast as I can from a 13% loan.

What are you going to do when you can't find a job, like MANY people cannot do right now? That's almost a mortgage payment type plan, depending on how exactly it's set up. Do NOT do it.

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G_Platypus@reddit

Almost? That's twice as much as my mortgage lol

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KCPilot17@reddit

The rate is, but not the payment - unless you own a $100k house.

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G_Platypus@reddit

I punched the 130 into a mortgage calculator at 30yrs and it's $1590 a month lol that's actually more than my mortgage 💀

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BowlerSimple9273@reddit

Look at going to college route be better to get something that’s federally backed instead of private. But if you can pay out-of-pocket pay out-of-pocket.

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Consider that 9 out of 10 people who start never finish private - you want to be on the hook for a loan if you're part of the 90%, or would you rather have paid out of pocket and considered it a lesson learned?

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hawker1172@reddit

141 mills aren’t going to last much longer in the current market. Run. Choose a sustainable training path.

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Direct_Cabinet_4564@reddit

Don’t borrow money if you don’t have to

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RaiseTheDed@reddit

Find my other posts:

ATP Flight School

College Aviation Programs

USING UNSECURED LOANS FOR FLIGHT TRAINING

You can find an up to date version of this comment here.

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.

This is an example of a 125k loan from Sallie Mae.

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.

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EnvironmentalSun7336@reddit

This

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EnvironmentalSun7336@reddit

Where you located out of OP 🤔

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jgremlin_@reddit

Part 61. But not just any part 61.

In order to fast track your certs, you're going to need a part 61 that has a bunch of planes and a bunch of full time instructors available. A mom and pop shop with two airplanes and three instructors isn't going to be ideal for what you're trying to do. You want a school with 10 airplanes and a bunch of instructors.

Actually what you really want is a school with 10 planes and a bunch of instructors that's located right next door to a member owned non-profit flying club with 3 or 4 planes. If you're really going to fast track and you're going to commit to studying night and day in between lessons, you could very well end up with a private cert and wet ink on an instrument rating and not much more than 100 hours total in your logbook.

About another 15 or 20 hours with a CFI will get you adequately prepped for the commercial ride, but you're going to need to put about 120 more hours in your book somehow before you can take the ride. Joining a non-profit club is generally one of the cheapest ways to make that happen.

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scofnerf@reddit

This is really good advice. You just start out talking to a cfi at a school like this person suggests and they’ll help you get set up for your private. After you pass your PPL you’ll know a few people in aviation that you can depend on. You can talk to them about the best route moving forward. That way you don’t have to depend on advice from Reddit.

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ltcterry@reddit

There is a massive backlog of people in front of you. There is no reason to borrow money to rush into unemployment.

You can do zero to zero at a local school in two years flying twice a week. You’ll probably get better instruction and better experience.

Better means you’ll be better prepared for your first job.

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FarNefariousness4371@reddit

Never take any loan for anything that doesn’t outpace the S&P!

At a minimum do your private out of pocket and instrument if you can. See you you still have the interest and the ability to fly planes before take thing a massive high interest loan

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Abject_Natural@reddit

pay as you go. another post showed how the truth in lending disclosure with the interest incurred over the entire loan period - it was insane

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Professional_Read413@reddit

You lost me at 13% loan.

Do not do an accelerated school. Just pay as you go part 61. Rushing through training at this point isn't going to get you hired faster because apparently no one is hiring.

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Sk1900d@reddit

March of 2020 is the most recent and a very telling example of how quickly things can go from “we don’t have enough pilots and hangar space to fly all these planes” to “what else can we do just to keep the lights on” in a matter of weeks. If you can pay for everything out of pocket there is absolutely no need to take out a loan just to get it done quicker. Most 61 schools are very flexible and will let you fly as much or as little as you want.

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Pilot-MB@reddit

13 percent interest for a loan that’s probably over 100k, no. If you could do it through a college or something and get a loaner with lower interest rates and not have to take it all out in one loan while also studying something else on the side, that could work, that’s what I’m doing through the NJHESSA, I have 5-6 percent interest. 13 percent for an 100k loan is predatory.

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Few_Party294@reddit

Avoid loans like the plague in this market. Low-time pilots are finding it extremely difficult to land a job right now.

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Snacckabllezz@reddit

Dude 13% without a confirmed job market is crazy.

It’s going to take 2 -5 years for this market to get better (my opinion don’t come at me Reddit)

Take the 61, be consistent and enjoy the ride of learning to fly if you can get a good job full time do that and fly after work / weekendxs

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EsquireRed@reddit

Do Part 61 100%. I paid as I went for things and don't regret it for a second. There are plenty of posts on here filled with regret and soul-crushing debt from "zero to hero" 141 programs combined with loans.

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CollegeDropout0220@reddit

Run away from the 141. I just finished my commercial at a 61 after my old 141 promised quick timelines they never met, cheaper training that was not true if you just read anything, and had many flaws in their training. Its a pilot mill, the majority of them are. Go part 61, those instructors need you to be good and successful to be employed, 141 just needs bodies for the grinder.

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B_O_A_H@reddit

Personal loans in small bites at a part 61.

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findquasar@reddit

Don’t take loans if you can avoid it. There’s a glut of CFIs looking for jobs right now.

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JustAnotherDude1990@reddit

That ATP program you want to do for $130k at 13% is going to end up being over $300k when you are done. Someone recently posted about it here, actually.

Part 61.

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Jacqves@reddit

Part 61 pay as you go.

Accelerated 141 doesn’t make sense at the moment I think. Hiring has slowed down. No one can predict when things will “pick back up”.

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rFlyingTower@reddit

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

Hi guys,

I don’t know what to do. I want to work for the airlines, I have no prior experience. I have the option of going to one of those accelerated “zero to hero” programs. My savings don’t cover the whole program and I would have to take a loan with 13% interest. My other option is a cheaper part 61 school that I can pay out of pocket with my savings. I would like to go through the ratings within a year, year and a half tops. I don’t know if that’s possible on a part 61. I would study full time. What would you do?

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