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View Full Version : Loans to fly ... help!



pilotgirlbuf
08-28-2012, 12:24 PM
I am a student pilot flying out of 9G3 (akron, ny), and I have fallen into the financial trap that is so easy to do ... I've run out of cash to fly! I am looking to get into school, I've applied at Utah Valley University looking to attend in January, I have had a hard time getting into the fall semester. I've also read into Everglades University in Florida, they have a really great curriculum, but they do not have any flight training.
Couple of questions:
1. Can I attend Evergades and get loans to fly on the side even though they do not support the flight training portion?
2. Can I get loans through Sallie Mae or any other lender BEFORE I actually attend college?

Any tips or help would be great!!!

Sarah :P

FlyingRon
08-28-2012, 02:57 PM
Nobody in their right mind would loan you money to fly other than through an accredited career program.
Even those are highly suspect with some very high profile abuses in the for-profit education markets. Not just ponzi-schemers like Silver State, but for-profit schools have a very high percentage of people not finishing the curriculum and an abysmal record of people actually graduating into jobs. All it does is rack up student loan debts to further burden the student and greedily suck corporate profits out of the tax payer's back.

RV8505
08-28-2012, 06:19 PM
Never mind him darlin! Keep looking, asking and above all trying. The truth is it has never been easy to get a pilots certificate. If you want something bad enough you can get pretty creative.

Jim Heffelfinger
08-28-2012, 11:18 PM
Every year there are $300,000 in available scholarships. Most years a small fraction of that is awarded.
http://www.youngeagles.org/programs/scholarships/


If it burns in the belly - you will fly.

(http://www.youngeagles.org/programs/scholarships/)

redbarron55
08-29-2012, 07:05 AM
The best way is to really work and go Air Force. But even that route is problematic.
With the current economic conditions flight training to get thet high paid flying job is not viable.
Get a good education, earn enough money to be able to afford to fly and then get training.
You can always work towards a license a little at a time, but borrowing money for it is a poor bet.
Back in the day when I ran an FBO if a hard working reliable young person showed up to help I would hire them to work and cut grass etc and help out with the cost.
I ran into one of those guys earlier in the year and he is now a King Air pilot.

jedi
08-29-2012, 07:29 AM
Get a good education, earn enough money to be able to afford to fly and then get training.<BR>You can always work towards a license a little at a time, but borrowing money for it is a poor bet.

I agree. Get any job. look around for inexpensive ways to fly and stay in school. If you borrow money now you will never be able to afford the low income starter job that is necessary to gain experiance.

The best advice is to be ready when the opertunity presents itself. Start studying. Learning is best accomplished outside the aircraft and book learning is inexpensive.

From an engineer with 30 years airline experiance because I was at the right place at the right time with the right friends. A big Thank You all who helped along the way. Hanging out at the local airport also helps.

Bill Greenwood
08-29-2012, 09:55 AM
Sarah, one thing I have learned from the Suzy Ormond show is that student loan debt is forever until paid off, even bankruptcy can't clear it, so be very careful.
And I have read of some very predatory lending schemes to students by private firms where the rates were very high and the terms unfavorable. Some of these may even be touted by a school that gets a kick back.
So try to avoid a loan, but if you do make sure it is the lowest rate and hopefully by a govt program.

Perhaps you can get a job at your local airport FBO so as to even get some of your pay in flight lessons or at least receive an employee discount on them.

Good luck.

Jim Heffelfinger
08-29-2012, 10:48 AM
As I posted - spend time on scholarships. it's money not needing to be paid back......
http://www.youngeagles.org/programs/scholarships/scholarships.asp#P48_13665

Many can be applied for year after year and some are auto renewing until you get your goal.

(http://www.youngeagles.org/programs/scholarships/scholarships.asp#P48_13665)

Kaye
08-30-2012, 08:43 PM
Sarah, look up Girls in Flight website and you may get some help with your decisions re your flying. I met Mary Latimer at Oshkosh this July and she is dedicated to helping females reach their aviation goals. Her email is Mary@latimerservices.com or call her at 817-946-7512. Good luck! Kaye Tucker, N1724K. Kbtuc@aol.com if you have any questions.

Brian Richard Allen
08-31-2012, 07:11 AM
Any tips or help would be great!!!

Sarah :P[/QUOTE]

Hey, Sarah

Check out: Colorado Northwestern Community College

Address:
500 Kennedy Drive
Rangely, Colorado 81625
United States

Phone+1 (970) 675-3272
Fax+1 (970) 675-3330
Web www.cncc.edu (http://www.cncc.edu/)

In my (35,000+Hrs career aviator) experience of it CNCC is a great little school and Rangely a great spot in which to spend a couple of so years at school. Check out the website and go for it:. B)

pilotgirlbuf
09-08-2012, 09:40 AM
Thanks everyone for the helpful hints and tips!! Currently I have paid for most of my private rating in cash, but i don't have a job or jobs for the sufficient income right now. I'm in the process of interviews and such for better paying jobs. In the meantime I am looking into different colleges and universities because I do want a bachelor's degree. I also wanted to take out additional loans so that i can at least finish my flying up. Like i said i really like Everglades and their curriculum, it definitely sparked my interest, however can i take additional loans from places like sallie mae to finish flying? Everglades does not support the flying portion of it. I'm new to school, i finished high school almost 15 years ago, so I'll be honest in saying i dont have any clue how this works. Add the fact that it's all in aviation, and you can't exactly sign up for aviation anywhere, it seems more confusing. i just want to fly haha! but i do not want to relocate from BUF right now. so anything online is helpful.
I have also written a few essays and received some letters of recommendation for scholarships thru WAI. (Money i dont have to pay back is always worth a shot at getting). :cool:

jedi
09-08-2012, 10:54 AM
Sarah,

I expect you are primarily interested in mainstream aviation, however, check out the thread "Learning to Fly Ultralights". It is a good thing to broaden your aviation experiance and the costs can be much much less.

jedi
09-25-2012, 05:19 AM
Sarah,
.... and the costs can be much much less.

For example I just worked with a student that purchased an older Ultralight in good condition but needing some work. He has about $3,000 invested and an UL he can fly for about $20 per hour. He will learn the basics better than the average private pilot then resell the aircraft and move on.
I will be first to say that this approach is not for everyone but it should be considered. Cessna 120/140s can be had for about $20,000 and are an excellent training plane. Resale value in 3 years will likely be 10% higher if well maintained. Per hour flight costs are under $50 per hour. Add in hangar and fly as much as you can to lower fixed costs per hour. In the end you will be a well qualified pilot but you must sell when your time is right and move up to more modern equipment if you do not wish to stay an antique pilot.

turbo
09-27-2012, 07:02 AM
sarah, this may sound crazy but i heard of a person who worked up a website, promoted himself and received $$ to get his helicopter rating. now that is fantastic. i think i heard about it on some podcast. may be a different route but it worked for someone. wish i had more info for you but keep on trying and you will get there.

nparmley
09-27-2012, 12:38 PM
I am a student pilot flying out of 9G3 (akron, ny), and I have fallen into the financial trap that is so easy to do ... I've run out of cash to fly! I am looking to get into school, I've applied at Utah Valley University looking to attend in January, I have had a hard time getting into the fall semester. I've also read into Everglades University in Florida, they have a really great curriculum, but they do not have any flight training.
Couple of questions:
1. Can I attend Evergades and get loans to fly on the side even though they do not support the flight training portion?
2. Can I get loans through Sallie Mae or any other lender BEFORE I actually attend college?

Any tips or help would be great!!!

Sarah :P

Do you have a skill that you could use to trade for flight time? Say like you used to install roofs, and your instructor needs a new roof! Just an idea.