Student line of credit

rotorspeed · Post by **rotorspeed** » Sat Sep 26, 2015 3:16 pm

Does anyone know if I can still get a line of credit if I have an unpaid,late credit card, balance of $1000. Want to finish my PPL so I dont need a whole lot.

upintheair_ · Post by **upintheair_** » Sat Sep 26, 2015 3:25 pm

I got a student line of credit of $45,000 when I already had a line of credit with a bit of outstanding balance. However, it was no overdue. Maybe %5 of the total credit available. I also had a very good credit history with multiple cards, a car and was pre-approved for a mortgage.

My suggestion, don't get a line of credit unless you're getting it to finish everything. PPL, CPL etc. If you get a line of credit to do your PPL, ok so now you have a PPL. And debt, with no way of paying it off.

I personally had mine through RBC. They were very accommodating. If you have poor or low credit history you may need a co-signer in which case your outstanding balance wouldn't matter. They want to may roll your outstanding card it into the line of credit, and make you get rid of the card.

digits_ · Post by **digits_** » Sat Sep 26, 2015 3:27 pm

And then what ? Honestly, in your situation why would you even want to take on more debt ? You'll have to pay it back at some point... Save up first, then fly.

rotorspeed · Post by **rotorspeed** » Sat Sep 26, 2015 3:29 pm

I need to finish this ppl, I started it in the 90's. $2500 could get me finished. You need a ppl to go to a college commercial plan dont you?

digits_ · Post by **digits_** » Sat Sep 26, 2015 3:42 pm

rotorspeed wrote:I need to finish this ppl, I started it in the 90's. $2500 could get me finished. You need a ppl to go to a college commercial plan dont you?

And then wat ? Borrow more money to finish the commercial plan ? You'll dig a big hole of debt to work in a job that will not allow to pay it back in a decent amount of time. If you do manage to pay it back, you'll be making banks rich by paying interest, not yourself.

Save up the money first, then do the flight training.

rotorspeed · Post by **rotorspeed** » Sat Sep 26, 2015 3:50 pm

just really want this ppl done

DrSpaceman · Post by **DrSpaceman** » Sat Sep 26, 2015 4:14 pm

I'm not sure if this is serious...
What will having a ppl do to make your finances easier? Like others said, if you're not borrowing to finish all your training what's the point?

rotorspeed · Post by **rotorspeed** » Sat Sep 26, 2015 4:35 pm

well you have to have your ppl to get in to an accredited study program which gives you assoc or bachelor's degree, at least here in BC

upintheair_ · Post by **upintheair_** » Sat Sep 26, 2015 4:57 pm

rotorspeed wrote:I need to finish this ppl, I started it in the 90's. $2500 could get me finished. You need a ppl to go to a college commercial plan dont you?

Oh, only $2500? Just save it up.

upintheair_ · Post by **upintheair_** » Sat Sep 26, 2015 4:58 pm

rotorspeed wrote:well you have to have your ppl to get in to an accredited study program which gives you assoc or bachelor's degree, at least here in BC

What are you even talking about? What programs? There's BCIT which takes you from nothing through to MIFR CPL. Selkirk is gone...
What other mysterious program in BC are you talking about?

DrSpaceman · Post by **DrSpaceman** » Sat Sep 26, 2015 5:38 pm

Quick answer: no you don't need a ppl for college programs.

Now, with that said, those programs aren't cheap either. I'm really not sure what your plan is. Do you even know? If you started your ppl more than 20 years ago I'm assuming you're in your maybe late 40s? So basically your best case scenario is you finish your ppl, then go further in debt by most likely 30-40k to get a cpl and all the ratings and then what? With the way 703 and even up to 705 salaries trends these past few years I doubt you'll get out of that debt hole by the time you're finishing your career.

rotorspeed · Post by **rotorspeed** » Sat Sep 26, 2015 6:36 pm

Id be happy to finish ppl right now. All flight schools tell me you have to have ppl done because you cant get loan for that, such as at coastal pacific, I thought it was same with bcit,(dont want to go there). I appreciate responses. Guess Ill have to save it up

JBI · Post by **JBI** » Sun Sep 27, 2015 7:42 am

Hi Rotorspeed,

While taking a line of credit may be necessary, I'd get a plan going as to what your next steps will be before just rushing to finish your PPL.

What are your career goals? - do you want airlines, or are you looking for something different?
Where do you think you'll be working for your first job? - are you looking to instruct? Or, will you try and work in more remote areas?
Do you need a degree/diploma? Do you have any post-secondary education already?
Do you want to finish ASAP? Or, is completing your licences for the least expense more important?

Going to a college/University program may make sense. They are eligible for student loans and both BCIT and Coastal have good programs. That being said, college programs are not for everyone.

You may have thought of all of these, but I am surprised to hear that you're wanting to take out a line of credit for your PPL - there's not much upside to taking a line of credit for a PPL unless you know you're going to be coming into some money in the next few years.

Best of Luck with your training!

rotorspeed · Post by **rotorspeed** » Sun Sep 27, 2015 3:37 pm

thanks JBI

Tylerjohnston · Post by **Tylerjohnston** » Mon Sep 28, 2015 3:21 pm

Hey Rotospeed,

I'd check into it, but I am not even sure if you would be able to get a "Student" Line of Credit for just your Private Pilots License. Please don't quote me on this, but they may be picky since it is very low interest rates. I took a $56,000 Student loan from the Bank of Montreal and ended up getting 2 year interest only payments, then it goes 1% up every year starting at 1%.

I know everyone says avoid the student loans, but in all seriousness... I and many other people probably would never ever be able to complete flight training. People take on loads of debt outside of aviation and make peanuts. Yeah, you may be working entirely to pay for your student loan and rent at your first flying job if thats what you are wishing to pursue go for it, times can be shitty.

Just my two cents, check into it. Wouldn't hurt to make an appointment with a bank representative to see what you can figure out!

Good luck with your training and career

Blue skies, Tyler

upintheair_ · Post by **upintheair_** » Mon Sep 28, 2015 4:28 pm

You must have a letter of enrollment for CPL level courses. At least for RBC.

I wouldn't have been able to do flight training without it though. And I finished in a year vs. saving for years and then doing it. At the rate I'm going I should be at a mainline regional within 12 months.

cgartly · Post by **cgartly** » Fri Oct 02, 2015 11:32 pm

rotorspeed wrote:Does anyone know if I can still get a line of credit if I have an unpaid,late credit card, balance of $1000. Want to finish my PPL so I dont need a whole lot.

If your credit card balance is more than 30 days late and has reported on your credit bureau I think you will have a hard time obtaining any type of line of credit no matter the purpose..

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