How to finance flight school?

cereal83 · Post by **cereal83** » Sun Jun 03, 2007 7:09 pm

Hey all,

I have been going crazy to come up with about $40000 to attend a flight school. I have talked to TD bank and they only want to give me $8000 which is far off from $40k. How did you guys do it? I talked to my banker and he said, they will not give this kind of money to a student so again, how do you guys do it?

CIBC will give me $15k, RBC, $10k Scotia is $10k also(but not all at once). I am lost

Any help would be great as I am going crazy

Thanks

200hr Wonder · Post by **200hr Wonder** » Sun Jun 03, 2007 7:49 pm

Took out a mortgage on my parents house which I now pay.

flyinphil · Post by **flyinphil** » Sun Jun 03, 2007 7:54 pm

Waited tables and bought the hours one at a time.

Jeppesen · Post by **Jeppesen** » Sun Jun 03, 2007 10:22 pm

OSAP, but it will only work if you're actually going to a recognized post secondary school. So, something like Seneca, Sault, Conf College, etc etc. The OSAP cannot be used to pay a private aviation school, so nothing like Spectrum Airways, Toronto Airways, etc.

cereal83 · Post by **cereal83** » Mon Jun 04, 2007 4:45 am

I was thinking of going to Toronto airways, I would like to go to a college but I already have a college diploma. I am by no means rich enough to afford all this so I am asking here. Can you really take out a mortage to pay for this school?

Any other suggestions or ideas?

Thanks

cereal83 · Post by **cereal83** » Mon Jun 04, 2007 6:29 am

It seems not even the schools have a proper solution or answer for this.

Makes me wonder what type of people are going to these flight schools and how they even make money.

So if anybody has some good ideas, I would love to hear them.

Thanks all

Luscombe · Post by **Luscombe** » Mon Jun 04, 2007 6:31 am

There's the good ol' fashioned method of "pay as you play". I know it takes longer to get all your licences in hand, but paying one hour at a time is good for a couple of reasons.

First of all, I would really be loathe to hand over $40K to any flight school up front. We've all heard many stories of students being left on the hook after a school closes with no warning.

Secondly, it sure is nice to not have those student loan(s) hanging over your head when starting out on a precarious career path such as ours. I don't really know the stats, but it's probably about 50% of cpl holders have never worked in the profession due to never getting that first job. This is just my guess-timate.

I did the pay-as-you-play method and it worked for me.

cereal83 · Post by **cereal83** » Mon Jun 04, 2007 10:18 am

Hey there,

That is an option but one I want to stay away from if I can. I want to stop life, do this course, get my license and start working. After I got my license, yes I can work and fly on weekends.

As per handing over $40k. It's not really like that, it's pay as you go. If your going to do your PPL, then you pay the $7000 or the cost of the course, then when you do your CPL, then you pay again and not for the whole thing at once. You pay as you rent the plane and instructors.

It doesn't seem like I will be able to do this as a career but I will keep on looking.

Thanks

Grey_Wolf · Post by **Grey_Wolf** » Mon Jun 04, 2007 10:47 am

I applied for a personal line of credit (PLOC) instead of a student loan with RBC (applied as mature student / career development). Essentially sat down with a few of the bank folks and talked it over. They simply asked to see a cost breakdown to the last penny. Lots of meetings later, and alot of frank discussion, they were ready to hand out as much as I needed (due to great credit rating from my behalf and parents). Signed for $50K. Gave a year to find work, before payments were due. Rate is is prime+1% to be paid back over a 7 year period. Worked FT as security officer at CYKF (night shift) and trained in afternoon over a period of 2 years. Stashed cash away for when payments would start. Now instructing, attempting to save cash and paying loan back at roughly 700-800 per month. Getting help from nest egg that i saved while i worked and when im short mom & dad help me out

skimeister · Post by **skimeister** » Mon Jun 04, 2007 11:14 am

cereal83, I'm pretty much starting out on the same path as you and after long deliberations decided to get my Private license first with Pay-As-You-Go route while working full-time.

I got accepted to a full-time Flight college and the idea of getting all licenses done in 10 months really appealed to me, but I decided to get my PPL first and go from there.

Perhaps you should do the same? Look, PPL is the first stepping stone, right? From what I read, it doesn't seem to matter weather we get our PPL part-time or full-time. It's not a huge up-front investment and could be done in 6 months while you work. Best of all you'll have your PPL debt-free and may even have savings, plus you will have a much better idea on how to tackle Commercial.

After getting your PPL part-time you'll still have the option to "stop life" and jump into commercial training full-time.

Well at least that's how I intend to do it..... but I will monitor this post for other suggestions from people in the "know".

Best of luck!

LostinRotation · Post by **LostinRotation** » Mon Jun 04, 2007 3:38 pm

TD will give you 8k per semester I believe. I got a stuudent line of credit and thats what I arranged. 8% intrest rate and needed a co-signer. All in all I used 24k from them and worked as much as I could to pay for the rest. Also you can apply for a student credit card, gets a lower rate and another 3-5k toward the licences.

Best of Luck:
-=0=LiR=0=-

cruisecontrol · Post by **cruisecontrol** » Mon Jun 04, 2007 3:56 pm

My only advice is don't start until you can afford to complete the license. Theres nothing worse than getting halfway through running out of money and then waiting for a few months until you can afford to fly again.

Like was said with the 45 hr minimum it typically will take you less time if you can regularly.

cereal83 · Post by **cereal83** » Mon Jun 04, 2007 8:27 pm

Grey_Wolf wrote:I applied for a personal line of credit (PLOC) instead of a student loan with RBC (applied as mature student / career development). Essentially sat down with a few of the bank folks and talked it over. They simply asked to see a cost breakdown to the last penny. Lots of meetings later, and alot of frank discussion, they were ready to hand out as much as I needed (due to great credit rating from my behalf and parents). Signed for $50K. Gave a year to find work, before payments were due. Rate is is prime+1% to be paid back over a 7 year period. Worked FT as security officer at CYKF (night shift) and trained in afternoon over a period of 2 years. Stashed cash away for when payments would start. Now instructing, attempting to save cash and paying loan back at roughly 700-800 per month. Getting help from nest egg that i saved while i worked and when im short mom & dad help me out

Hey and thanks for your reply. This way would seem to be the best for me. If they could give me enough money to cover everything, I would pay them back after I started working but in talking with people, it doesn't seem like it would work. I am going to take a print out of everything and how much it costs and take it to the bank when I go. Maybe this will help me out. So I am gonna try again with the banks and see.

LostinRotation wrote:TD will give you 8k per semester I believe. I got a stuudent line of credit and thats what I arranged. 8% intrest rate and needed a co-signer. All in all I used 24k from them and worked as much as I could to pay for the rest. Also you can apply for a student credit card, gets a lower rate and another 3-5k toward the licences.

Best of Luck:
-=0=LiR=0=-

$8000 a semester still isn't enough considering it's a 10 month program with a flight school and not a college.

Well I am still working hard trying to find a way to make it work. I emailed 80% of the flight schools in Canada asking them several questions. Alberta helps you out after you get your PPL so that would be great. I am still waiting to hear from alot of them.

Thanks all

SuperchargedRS · Post by **SuperchargedRS** » Mon Jun 04, 2007 8:38 pm

40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

fingersmac · Post by **fingersmac** » Mon Jun 04, 2007 8:55 pm

Cereal83: I too was in your dilemma a couple years ago.

Even though I already had a college diploma, I opted to attend Confederation College. Their Aviation Flight Management program is heavily subsidized by the government. You're only responsible for the college tuition which amounts to a little more than $8,000. The flight training, which includes PPL, CPL, and float rating, is paid for by the government. You can also secure financial aid from OSAP. This was the only way I could afford to earn my licenses.

Another option would be attending Sault College. There program is a year longer but includes MIFR instead of the float rating. The cost is in the neighborhood of $12,000, with the flight training paid for by the government.

SuperchargedRS: What school are you referring to?

rm_pic · Post by **rm_pic** » Mon Jun 04, 2007 9:12 pm

SuperchargedRS wrote:40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

Heaven forbid your first job will be instructing at a "fake" flight school.

SuperchargedRS · Post by **SuperchargedRS** » Mon Jun 04, 2007 10:11 pm

rm_pic wrote:
SuperchargedRS wrote:40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

Heaven forbid your first job will be instructing at a "fake" flight school.

I wouldn’t mind being the fuker of the poor sap that is willing to part with 40large; what do I care what he pays as long as I get my hours, but I wont be the fukee that parted with it lol!

All jokes aside that allot to pay some puppy mill school, SHOP AROUND, there are better deals out there (both in quality and price)

cereal83 · Post by **cereal83** » Tue Jun 05, 2007 4:32 am

SuperchargedRS wrote:40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

Most full programs at dedicated flight schools are $30-40k. Colleges range from $50-100k. Check out University college of fraiser valley in BC. $75k for a 2 year diploma program.

fingersmac wrote:Cereal83: I too was in your dilemma a couple years ago.

Even though I already had a college diploma, I opted to attend Confederation College. Their Aviation Flight Management program is heavily subsidized by the government. You're only responsible for the college tuition which amounts to a little more than $8,000. The flight training, which includes PPL, CPL, and float rating, is paid for by the government. You can also secure financial aid from OSAP. This was the only way I could afford to earn my licenses.

Another option would be attending Sault College. There program is a year longer but includes MIFR instead of the float rating. The cost is in the neighborhood of $12,000, with the flight training paid for by the government.

SuperchargedRS: What school are you referring to?

I will check out info on the Confederation College. If it is possible for me to join, I will look at it seriously because there seems to be very very few options to me. I have checked out Sault college and for 2007, they are full so they told me to try again for fall 2008.

rm_pic wrote:
SuperchargedRS wrote:40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

Heaven forbid your first job will be instructing at a "fake" flight school.

I plan to finish school, go back to my current career as a network administrator making $50k a year and every weekend rent planes until I get my 1000 hours, then start applying for pilot jobs.

SuperchargedRS wrote:
rm_pic wrote:
SuperchargedRS wrote:40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

Heaven forbid your first job will be instructing at a "fake" flight school.

I wouldn’t mind being the fuker of the poor sap that is willing to part with 40large; what do I care what he pays as long as I get my hours, but I wont be the fukee that parted with it lol!

All jokes aside that allot to pay some puppy mill school, SHOP AROUND, there are better deals out there (both in quality and price)

Where are the there better deals? The cheapest dedicated flight school I have found it $27000 for the whole program. Show me the light my friend.

SuperchargedRS · Post by **SuperchargedRS** » Tue Jun 05, 2007 4:59 pm

they (the better colleges) have been LISTED in THIS topic.

However it is a little late in the year to get in now. perhaps it would be prudent to continue taming the cat5 cables of the world for another year, save up some $$$ and apply to one of the schools,

I think that you will also get more for allot less going somewhere like salute or confed (ON not BC though, if that matters to you).

fingersmac · Post by **fingersmac** » Tue Jun 05, 2007 7:42 pm

For Sault and Confederation it's best to apply before the deadline on Feb 1st.

However, there have been students that have gotten in long after the deadline. One guy I graduated with only found out about the program late in the summer and still managed to get in last minute. There are sometimes a few last minute spots that open up right before the semester starts.

Foo Fighter · Post by **Foo Fighter** » Wed Jun 06, 2007 12:45 pm

If I had my time back I would have went to the oilpatch in Alberta,
worked my ass off, and saved a bunch of money for flight school.

That way I wouldn't have to worry about paying back $40000 in student loans and bank loans. Would have made life alot easier financially.

Until you go Cpt, you're probably not going to make enough to put a dent in the $40000 worth of loans you have....not with rent and other bills to pay for.

FF

I_Drive_Planes · Post by **I_Drive_Planes** » Wed Jun 06, 2007 7:01 pm

Running bitches.

Golden Flyer · Post by **Golden Flyer** » Wed Jun 06, 2007 8:40 pm

Foo Fighter wrote:If I had my time back I would have went to the oilpatch in Alberta,
worked my ass off, and saved a bunch of money for flight school.

FF

How much do those entry level guys make in the fields, anyway?

cereal83 · Post by **cereal83** » Thu Jun 07, 2007 3:43 am

Thanks all for your input!

LostinRotation · Post by **LostinRotation** » Thu Jun 07, 2007 11:59 am

SuperchargedRS wrote:
rm_pic wrote:
SuperchargedRS wrote:40k for what???

The school I am going to is going to be just over 14k (with dorms), and that's a ppl, cpl, float, ifr..... I would look into the real flight schools where you pay tuition and the flight time is included!

Heaven forbid your first job will be instructing at a "fake" flight school.

I wouldn’t mind being the fuker of the poor sap that is willing to part with 40large; what do I care what he pays as long as I get my hours, but I wont be the fukee that parted with it lol!

All jokes aside that allot to pay some puppy mill school, SHOP AROUND, there are better deals out there (both in quality and price)

Ahhhh...fake school huh ? I guess I did my training and taught at a fake school ? Too bad my flight training wasn't subsidized by other peoples taxes so it could be a "real school" in your eyes. You should fit right in at your "real scool"

Sorry for my spelling...wasn' taught at a reel school because I had to work and train at the same time ....

-=0=LiR=0=-