I wanted to jump into the conversation here and give you some suggestions as to how this should likely play out for you from a financial standpoint.
You have certainly done your homework on the scholarships that are available to pilots trying to get their licenses and get started in a career. With the scholarships that you listed above, you might have somewhere between 10k and 20k coming your way, which certainly will reduce the overall expenditure of the licenses, but will not likely change your ability to finance the rest of the costs of the training program, or help you make a decision on buying a house now or not.
The pilots who have responded to you so far are correct in that you should reduce your outside debt and responsibilities in order to maintain geographic and financial flexibility while you are getting started in your career and determining where you will be based and what a feasible monthly budget will look like.
Your largest hurdle right now is going to be getting someone on board to cosign on a loan with you in order to do flight training with us. 90% of students need someone to cosign with them on their loan, due to the fact that flight training does not carry any collateral like a car or a house does. I understand that this is a very difficult conversation to have with someone, so we want to give you the best possible resources for getting someone on board to help you with this.
The following link is a page on our website with valuable information for potential co-signers.
It outlines the benefits of doing flight training here at ATP and what the specific requirements and responsibilities are for someone who co-signs with you.
The beneficial part of the prospectus is the cosigner release, which details the criteria that allow your cosigner to be released from the application.
To make it easier for you to find, I have included links to both Sallie Mae and Wells Fargo’s cosigner release pages so you can highlight this information for someone who might have reservations about helping you with this:
As always please give us a call back if any further questions arise. My direct number in the finance department here at ATP is 904-595-7946.