Hi Adam,
Thanks for your response. I certainly don’t mean to disrespect your opinion. In fact, we students are counting on your expert advice. But since you’re the only pilot actively commenting on this thread, I cannot help feel like you’re not being totally up front with the pains a pilot starts their career from. Sure, 300K sounds fantastic (where can I sign up!). But…
When you say: “That’s 2 years at the airlines you’ll NEVER get back which means a potential $600k+ you’ll never see in your career to save a few dollars now.” I cant help but interpret that statement as dismissive of students financial concerns. It really sounds like- don’t worry about the money now, you’ll make it up later, assuming you get there. While opportunity costs are real, so is debt. I work in finance so this is something I can comment on.
Correct me if I’m wrong, but ATP training ranges from 60k-70k. If Sharon for example, plans to train full time, she’ll need to add another $40k (estimate) to the loan to be able to train full time to cover her day to day expenses (ie, rent, car, food, insurance, phone, etc) during training- for a year. Of course this depends on standard of living and if she decides not to work- which Chris stated would be very hard to do for a full time trainee.
After she gets the certification, she’s in debt roughly 100K. She’ll be making $25-$30/hr as a CFI- for two years at full time? This is where I see people get in trouble all the time- not with flight school- but in all types of higher learning costs. Simply put, $25 an hour is not enough to cover the loan payments on top of her regular living expenses discussed earlier. It takes a long time to get to 1500 hours and when you get hired as a regional, they start at a paltry wage as well. Albeit it’s increased compared to as a decade a go, but you’ll still start at 40K a year. Since you know about high costs of living, you would know that 40K a year is not enough to live in LA with all those expenses, at that CFI wage. She’ll most likely still have to have another job to help cover costs, which cut her available hours to instruct and build hours. My friend, the Hawaiian airline pilot I mentioned in my previous response, slept in a studio with two other pilots- for two years- to afford life after training.
Those sacrifices are real, and most importantly, not rare to hear or read about. I just think it’s important to state that there will be difficulties and that you’re not going to make 300K until you’ve flown 10-15 years plus. The struggle at the beginning can be and is overwhelming. Quite frankly, it can be nearly impossible to handle in a lot of individuals current financial standing. Now, in no way am I telling anybody who reads this thread that flight training is a waste. I’m just stating the obvious that it is expensive and you MUST have a plan on how to live during the few years it takes to become a six figure commercial pilot.
Sharon- my final piece of advice is to make a financial plan for your goals- year by year. Understand the loans/rates you’re going to need to fulfill this dream, understand the opportunity costs you’ll be losing/gaining short and long term, understand the payments you’ll be required to pay after training (combined with estimated COL), and determine how you’re going to do it all. That’s advice coming from an aspiring pilot that is sick of the finance industry.
Erick