I’m worried about how long it is going to take to pay back $80,000 in loans. This is part of a house to buy. How long does it usually take to pay back this much money? It takes 6 years to pay back $17,000 with a 15.6% APR.
It varies from person to person. There are a lot of assumptions that have to be made to estimate when the loan will be paid off. If you can figure out how much money you need to live, then you should be able to figure out how much money you can contribute to your loan payments. The interest rates are around 9% unless you borrow the money from a relative and they agree to charge you something less.
Then, you can factor in estimated salaries based on the current average career progression, which is 1.5-2 years as a CFI, 1.5-2 years as a first officer at a regional, 1-2 years as a captain at a regional, a first officer at a major…and this is where I plan to have my loan paid off. For reference, I have been a first officer for a regional for 11 months now.
Again, everyone’s career path will be different. Everyone’s background is different. This is just an example.
Do I need to have my private first?
Yes, and more. Read through the articles in the FAQ section. Start with this one: https://airlinepilot.life/t/how-do-i-become-an-airline-pilot/10891