Corpsmaide
Cleared for Takeoff
What are your views? I'd much rather continue to save to finish training, but its tempting. It has been at almost every school I am looking at. I anyone fall to temptation? In reference to Pilot Financing!
Would you borrow money to buy cigarettes ?
in that case, aviation debt may be right up your alley. A assume this is the end game, no aspirations for wild ideas like a having a family or owning a house ?Don't smoke....but if I did, I may
What are you going to do when you get the ticket? Is the ticket a means to an end or an end in itself?.
a long road which terminates in either unemployment or a poverty-level job. Best to start out that poverty with no debt.Just need to finish private, so I can enroll in 141 VA approved school to use GI Bill to cover additional ratings
Just need to finish private, so I can enroll in 141 VA approved school to use GI Bill to cover additional ratings
What are your views? I'd much rather continue to save to finish training, but its tempting. It has been at almost every school I am looking at. I anyone fall to temptation? In reference to Pilot Financing!
On one hand they say never borrow for something you dont need. However if I had financed my PPL back in 1975 it would have cost me under $950. If I waited to pay chase I would be 20 years older and it would cost $5000.
In this case, maybe finance is not so stupid.
However, just because you are financing doesn't mean you should prepay or do anything overly expensive.
What are the prices they are quoting you?
Under the Post 09/11 GI Bill, private is covered.
Vocational Flight Schools
The actual net costs not to exceed $10,330.00 per academic year.
The private is only covered if you are enrolled in a professional track that covers private to commercial. Otherwise the private by itself will not be covered as it does not lead to a vocation. I am enrolling in my IR through a 141 school and talked with a VA case manager to get the facts as I heard a lot of different info. With that they will cover the IR, comm., and anything else above the private. So unless he has the 48 month’s worth of post 9/11 entitlement he will be better severed saving to finish his private and then go post 9/11. 4 years of entitlement x $10,300 yearly cap = $41,200. I think even a professional track will cost more than that starting from scratch, could be wrong though.
Yup, gotta finish my private on my own. Then I will continue 141 for addons. Does your school require you to pay upfront, then reimburse you when the VA cuts the check?
I'm not exactly sure what your timeline is, but if I were you, I would just patiently save. Most people don't consider going into debt bad because if the payment is small, it's manageable. Find out what the actual cost of borrowing will be and ask yourself if that's an amount you're willing to burn. Also find out what the actual cost of, say, the remaining required hours of dual instruction will be and calculate how long it would take to save that amount. Then, if you really want this, decide to give up EVERYTHING ELSE until you save that amount. No eating out, no movies, insist every gift from family is money to help you reach your goal. Everything goes in the flight school fund. Income from a second job, overtime, bonuses, everything. While you're saving, immerse yourself in any and all free or cost effective Private pilot ground school resources. Library books, Exam4pilots.com, buy used study materials on Ebay, come here and dig for answers and even ask dumb questions. Learning while you're saving and paying cash is going to be more fulfilling than dragging that unnecessary debt behind you. Just my opinion.
I'm not exactly sure what your timeline is, but if I were you, I would just patiently save. Most people don't consider going into debt bad because if the payment is small, it's manageable. Find out what the actual cost of borrowing will be and ask yourself if that's an amount you're willing to burn. Also find out what the actual cost of, say, the remaining required hours of dual instruction will be and calculate how long it would take to save that amount. Then, if you really want this, decide to give up EVERYTHING ELSE until you save that amount. No eating out, no movies, insist every gift from family is money to help you reach your goal. Everything goes in the flight school fund. Income from a second job, overtime, bonuses, everything. While you're saving, immerse yourself in any and all free or cost effective Private pilot ground school resources. Library books, Exam4pilots.com, buy used study materials on Ebay, come here and dig for answers and even ask dumb questions. Learning while you're saving and paying cash is going to be more fulfilling than dragging that unnecessary debt behind you. Just my opinion.
I have to pay half up front and then get reimbursed after I complete. Although I'm not sure how they are going to set that up, whether the school will reimburse me which I don't like unless it is in writing, or the VA will reimburse me. I'll find out more next week. I just got all my VA stuff finished( I switched my MGIB which I used all up over to the post 9/11) so now I have to go back to the school and get that stuff going next week. I hope to be starting the first week of Feb!
I hope you do get to start soon!! Please PM me in the future with further details in reference to the process and handling of the VA...I hope it goes smooth for you
Wise words.a long road which terminates in either unemployment or a poverty-level job. Best to start out that poverty with no debt.
I was think of borrowing from my 401k. I only need like 3 thousand to get started than I can save from their and pay my self back at 4.25 APR. I know it's my future but it wont take me long to pay it back. Any thought's. Good or bad.
DaveRamsey.com said:In a 401(k) loan, you borrow money from your own 401(k) account, then pay it back with interest. Most plans allow you to borrow up to 50% of your account's value, up to $50,000. It's easier to qualify for a 401(k) loan, and there are no IRS restrictions on how you spend the money.
A 401(k) loan is another bad choice, however.
While you can continue to contribute to your 401(k) while you pay back your loan, most people don't because they don't have the money to make the loan payments and contributions.
If you're laid off or quit your job, the entire balance is due, usually in 60 days. You don't need big debt to show up as soon as you've lost your job.
If you can't pay the balance, the IRS considers the loan a distribution. Now you're facing income taxes and the 10% early withdrawal penalty.
I was think of borrowing from my 401k. I only need like 3 thousand to get started than I can save from their and pay my self back at 4.25 APR. I know it's my future but it wont take me long to pay it back. Any thought's. Good or bad.
Don't ! PF uses "Rule of 78th an average 18 % interest rate once you sign the dotted line you cannot out of it even if you decide to pay upfront they charge interest up front and than the principle in 5 years it is double the amount even if you choose to pay it off in less than two years ! in some states this sort of financing is banned !What are your views? I'd much rather continue to save to finish training, but its tempting. It has been at almost every school I am looking at. I anyone fall to temptation? In reference to Pilot Financing!
Don't ! PF uses "Rule of 78th an average 18 % interest rate once you sign the dotted line you cannot out of it even if you decide to pay upfront they charge interest up front and than the principle in 5 years it is double the amount even if you choose to pay it off in less than two years ! in some states this sort of financing is banned !