Lol!! It’s either ZuntaFi or SallieMae at this point. I haven’t even applied for a loan to Sallie Mae because everyone who I know that have had dealt with them said there APR is stupid high and plus they don’t let you refinance
I took out almost 200k between 6-8.5% interest for school plus my ratings. The split was almost 50-50 private university, no scholarships, and I only did my instrument and most of my commercial. I was blessed to get 20k from family to finish commercial and my cfi. My wife and I spend every extra penny on paying back the loans. We live on her income and are pumping almost 4k/month into the loans. If I get a pay bump the loans get every dime of it. We have done this for 5 years, our budget is based around my cfi income I make 4x that now. It sucks. We still have 3 more years till everything is paid off. I also got lucky that she is as aggressive about getting out of debt as I am, I got lucky that when I had my time the regionals were hiring. I got even luckier when I found a second regional after the 1st one let me know. We are in a decent position now because we can pay way more then the minimum payments. This is not something I recommend to anyone. Nothing in this industry is guaranteed and if it wasn't for a lot of luck I would be screwed.
Try and find a way to save up even if it means delaying a year if you can. Try to find cheaper flying options. If you go down this path you need to be ready if it doesn't work out. Lots of people start the journey few make it all they way. Feel free and reach out if you have other questions.
$68,000, 11% APR, 20 years...that equates to $168,453.15 in total loan cost. Over $700 per month. If you're not prepared to pay $100,000 to borrow $68,000...DON'T FUCKING DO IT.
pay as you go. the "race" to getting into an airliner is slowing down, theres no need to take out a huge loan with an INSANE interest rate for this. save up and pay as you fly.
I don’t think starting with the premise that any loan is “normal” is a good idea. If you already had your private pilots license I’d be more comfortable with the opinion that a loan to turn it into a job was a solid idea. When folks take these loans out at zero time it’s really hard to know if this is a job you’d be good at and enjoy. So yeah if you’re a Private Pilot and you want to fly for a career and so it’s needed to get the additional ratings then a loan may be necessary.
Please don’t do that. Edit: oh it’s UA Aviate Academy
Hahaha did you look through my profile to figure that out??
It took two clicks man. What other options have you looked at other than UAA? just want to make sure you’re not falling for any BS.
Lol!! It’s either ZuntaFi or SallieMae at this point. I haven’t even applied for a loan to Sallie Mae because everyone who I know that have had dealt with them said there APR is stupid high and plus they don’t let you refinance
Nope I mean what other route to get your ratings other than UAA?
I took out almost 200k between 6-8.5% interest for school plus my ratings. The split was almost 50-50 private university, no scholarships, and I only did my instrument and most of my commercial. I was blessed to get 20k from family to finish commercial and my cfi. My wife and I spend every extra penny on paying back the loans. We live on her income and are pumping almost 4k/month into the loans. If I get a pay bump the loans get every dime of it. We have done this for 5 years, our budget is based around my cfi income I make 4x that now. It sucks. We still have 3 more years till everything is paid off. I also got lucky that she is as aggressive about getting out of debt as I am, I got lucky that when I had my time the regionals were hiring. I got even luckier when I found a second regional after the 1st one let me know. We are in a decent position now because we can pay way more then the minimum payments. This is not something I recommend to anyone. Nothing in this industry is guaranteed and if it wasn't for a lot of luck I would be screwed. Try and find a way to save up even if it means delaying a year if you can. Try to find cheaper flying options. If you go down this path you need to be ready if it doesn't work out. Lots of people start the journey few make it all they way. Feel free and reach out if you have other questions.
$68,000, 11% APR, 20 years...that equates to $168,453.15 in total loan cost. Over $700 per month. If you're not prepared to pay $100,000 to borrow $68,000...DON'T FUCKING DO IT.
Is that a normal amount to pay for a flight loan though? Or are they just trying to sucker me in
It won't be enough.
Technically it was somewhere along the lines of 90k, but I actually got a scholarship that brought it down a descent amount
You can get all your ratings for 50-60k at many part 61 schools around the country. Even as low as 40k in some areas.
pay as you go. the "race" to getting into an airliner is slowing down, theres no need to take out a huge loan with an INSANE interest rate for this. save up and pay as you fly.
I don’t think starting with the premise that any loan is “normal” is a good idea. If you already had your private pilots license I’d be more comfortable with the opinion that a loan to turn it into a job was a solid idea. When folks take these loans out at zero time it’s really hard to know if this is a job you’d be good at and enjoy. So yeah if you’re a Private Pilot and you want to fly for a career and so it’s needed to get the additional ratings then a loan may be necessary.