Pilot School Debt

Now I know this question might be a repeat, but times have changed…
I’m 23 and I have a year left to complete my BS in Information Technology degree. However, my dream job was always to become a pilot. My family had always pushed me towards a STEM career due to the safety, but I’m looking for some excitement in my career (at least more than a tech job). I have very little debt from this school which I can pay off very soon.
However, after reading up on the cost of an ATP license, I was shocked. 100k seems like a big amount. The only way forward is to get a loan. But I do not want to be in debt for most of my life.
What kind of time frame am I looking at to pay off my flight school debt? Is 3-5 years a reasonable estimate, considering I live at my mom’s house and put a majority of my potential salary into paying off the debt?
I was also thinking of another potential option of working a little bit after getting my degree so that I would have a down payment.
I would be grateful to hear some of your stories and how being a pilot has fared for you financially.

Sahil,

I think you need to do your research. Regional airlines like Envoy are paying bonuses well over $100k to newhires. With that money you’d be paying off your within a few years and essentially getting your flight training for free.

Adam

Speaking of Envoy. This is a screenshot from APC. :astonished:

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Those bonuses are unreal… but it comes at a cost! There is a pretty big waitlist for class dates. Plus make sure you read the fine print! You’re going to trade time in service for the pay off.

Hannah

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Speaking of long waits for a class date, and ATP moves your instructing position to another student once you receive 1500hrs, what do most do to stay proficient, as well as pay back the huge loan you get from flight school?

Keaton,

Defer the loan and either rent or find another gig until you get the call.

Adam

Hopefully by the time I’m airline ready, things will be somewhat normal or I fall in place and have a quick class date. Do you know if you can start paying back the loan and then defer it again? I know 6 months post grad I will start paying it back, but after I reach 1500 and have months before class date, can you defer it again?

Keaton,

Pretty sure you can but you’d have to check with the lender. Really not something I’d worry about till there’s something to worry about.

Adam

Thank you, I’ll worry when the time comes, would be nice to have that 100Hr mei time if that was the case. But it’ll work out regardless.

Thanks to everyone who replied. This was constructive. I was not aware about a waitlist for flight school, but now I think I have a lot to think about. I will probably go into flight school with some money for down payment so I don’t struggle financially.

Sahil,

They are not talking about a waitlist for school, but to start new hire classes at regionals. Because there has been such an increase in pay at some of these regionals, those positions have become more desirable and thus there is a bit of a wait. There are regional airlines that pay less that do not have any kind of wait time now.

As for flight school, ATP generally recommends booking your class date at least ninety days in advance.

Chris

Keaton,

I used Sallie Mae for my loan servicer, I was able to take deferments during my gap and even while I was starting out instructing with minimal income. I did not contact Sallie Mae during my gap to see about deferment for my new hire class. If you used the Sallie Mae Smart Option, you may have a 6-month grace period on your loan, and I believe deferments were 2 or 3 months at a time. Times could change and things may be different now. I would contact your loan servicer for details.

Brady

Keaton,

So far (to my knowledge) the only regional experiencing long waitlists for class dates is Envoy. Their new 2 year pay package was unprecedented and stoked a ton of interest escalating class demands. But even if Envoy is where you’re looking to go, I’d imagine by the time you’re qualified they’ll be sufficiently caught up. I wouldn’t worry too much.

Regardless, check out this link for details on loan payment deferrals. If you need additional information, try either the finance department with ATP or go directly to the lender Sallie Mae.

Hannah

Thanks for the clarification Chris (and everyone else). I’ll keep that in mind. But for now, I don’t think it’s worth the risk to walk in to flight school with no money and no guarantee of a good airline bonus. I think it will be a good idea to save up about 10-20k and then decide after 6 or so months. Hopefully the demand for pilots won’t go away immediately.

Sahil,

Totally your call. Keep in mind this industry (like most things in life) has no guarantees. One of the biggest questions is whether you (or anyone) has the skills to be successful as a pilot (and frankly one I’m shocked few consider).

Since you don’t mention any flying experience (and no riding in the back of an Airbus going on vacation doesn’t count) I’ll assume you don’t have any. With that in mind I highly recommend while you’re waiting you schedule an Intro or Discovery flight. While flying may be your dream, I assure you sitting up front at the controls of a small training aircraft is a very unique experience. You may love it but you also might not. Better to find out first before you invest a whole lot of time and money.

Adam

Hi! I was in a similar situation as you. I’ve been wanting to become a pilot since an early age and also decided to get a STEM degree. I worked as an engineer for a few years post college. I started flight lessons when I was 25 (about 1.5yrs ago) while still working. I just recently left my job to do flight training full time. I had an amazing engineering career journey and grew a lot personally and professionally. I was able to save up enough for training and plan to have no debt. It definitely depends on your specific situation and goals but I am glad that this is the route I took. One other thought, since I have experience in another field, I do feel a sense of security knowing that if something happened to my health I can go back to engineering. Best of luck!