Hey all, I am looking forward to what advice you guys have- I am currently 89000 in the whole from my institution for an AVM degree and now I want to purse training at a 141 which is another 90000. I have always wanted to be a pilot and will get there one day. However, what is your experience with pulling out a large loan that will likely be a 18-2400 repayment? I know pilots CAN make great money. However, I’m interested im what your feelings and emotions towards this are.
Gianmarco,
I always find statements like the above curious? If you “always wanted to be a pilot”, why would you invest $89k in an AVM degree? Anyway, I digress.
Your loan payment can and will vary considerably depending on the final amount, interest rate (based on your credit), term, etc. The fact is flight training is expensive and unless you’re wealthy, pursuing this career is going to require you to either take on some serious debt or wait years until you save up enough money. This is a problem most prospective pilots face. Those with the drive (and the dream) push through the fear and accept the burden. In many cases taking a leap of faith. Scary stuff.
The good news is things have gotten so much better the last few years, your anxiety should be lessened. Newhire salaries are the highest they’ve ever been and many of the Regionals are offering 6 figure hiring bonuses that could literally pay off your debt the first year. While things can change, if the shortage continues (which it’s forecasted to), provided you do well in training and have no issues on your record, you will get hired. This is unheard-of. Back in the day just getting an interview was a major accomplishment. Now you need to meet the mins and have a pulse. While there are no guarantees, the odds of success are the best they’ve ever done in history.
My bigger question is why would you want to do your training at a 141 school vs ATP who have been training pilots for the airlines for almost 40yrs, have had over 1,100 grads hired by airlines in the last 12mos, and literally created the airline partnerships including their Direct Entry program that would allow you to bypass the Regionals and go straight to the rear seat of an Airbus or Boeing?
Adam
Well, specifically it is skyborne airline academy. Very similar to ATP and a wonderful flight school to attend as well. But I appreciate everything, you said it perfectly “leap of faith” which it is, but in order to make this passion of mine reality, it needs to be backed by work and faith. Thank you Adam, be safe.
Gianmarco,
I’m not here to pick apart your decision. Obviously you can train where you think is best, BUT, you can’t really compare Skyborne to ATP(other than they’re both flight schools).
First off I’ve been doing this for almost 20 years and have never heard of them so I visited their website. So apparently they’re a UK flight school who decided to jump on the pilot shortage bandwagon and come here. Thats fine but they’ve only been here for a year, have ZERO airline placements in this country (despite their “partnerships”), don’t include your CFII or MEI, and only have one location so employment is questionable (and it’ll be tough finding it elsewhere without at least your II).
Again, it’s got decision to train where you think of best buy $89k is alot to gamble with. If it were me (and it was) I’d be looking at schools with a PROVEN track record. But that’s me.
Oh and for the record you’re on ATP’s forum looking for advice not Skyborne’s. Oh yea, they don’t have one 
Adam
Gianmarco,
I have to say, this is like a movie script title, “The Loan,” I did chuckle seeing the title on the dashboard.
Flight training is not cheap, no matter where you go most students end up taking out a portion if not all of the costs, on loan. I did, and I do not regret one decision on that. As an instructor, you can find yourself flying around 75 hours a month (maybe more) and depending on where you end up instructing and your own work ethic. If you decide to complete ATP’s program and instruct, there are always extra incentives for going above/beyond. PLUS, all the cadet programs that ATP has partnered through the airlines, which if I read correctly, you’d like to go.
What I would be thinking is, if my goal is to be an airline pilot, should I go to XYZ program or look at ATP Flight School who has put decades of students into the airline. I can’t say I’ve ever heard of Skyborne Airline Academy. I don’t mean to pick apart their website, but I do love how they explicitly put in big, bolded text, “THE WORLD’S PREMIER AIRLINE TRAINING ACADEMY” to try and steer your judgement from any other flight school.
What’s holding you back from attending ATP?
Brady
I’ve personally been considering it for the last two years because they formed a big partnership with Delta which is my dream airline. I’d do anything to get in there. Sadly however the interest rates for private loans are through the roof. Mine alone 16.03 with a co-signer with top credit.
Bryant,
Interest rates on this kind of loan will always be higher than most. When I started in 2019 it was 11%. However with the flexible repayment options, I hardly felt that pain. No payments through the program, then got set with tuition reimbursement straight from the regional airline to my loan which was more than double the monthly payment required. Then when I got to the regionals I was able to refinance first to 7% then a year later with the big raises, now 3.3%.
Hannah
Bryant,
As Hannah mentioned, interest rates are at an all-time high (and they have been), I suspect they may be decreasing shortly as I’ve seen yields increasing so banks aren’t relying heavily on consumers funds anymore. Having that said, I took at 12%+ interest rate in 2020 to attend when I started, since then having cut that interest rate in more than half.
Have you considered a program like ATP and using a partnered lender such as Sallie Mae or American Airlines Credit Union, with smart loan options to help the repayment?
Brady
I have heavily considered ATP but sadly they don’t offer any dorms like Skyborne. For around the same cost it would take me to go to an ATP school, I’d be able to get a dorm and the entire program over at Skyborne. Sallie Mae says that it typically costs $110K to attend S.B. and while you guys are similar in pricing, maybe even a little cheaper. Adding rent to my loan would immediately make you guys less affordable. I’m currently looking into different airline Credit Unions but I definitely would like some guidance on where to find loans and money for flight school.
Bryant,
ATP is offering a Housing Special right now, at select locations - have you considered that? I’m also confused, is it a specific location that you are looking for that does not have housing?
While the intimidation of adding a little more to the loan of rent is “timid,” I feel that is very MINOR in the decision-making. Overall, look at the facts and statistics of the two flight schools. What does Skyborne provide to you (the learner) that ATP wouldn’t, vice versa. You have the guidance on where to find the loans, we provided links above, most (if not all) flight schools on their websites provide direct links to partnered financial lenders.
Brady
Thank you I will do some research and come back here. I did however look into the American Airline Credit Union. They are pretty in the middle which is better than anything I’ve found yet. So thank you for that.
I could only find 3 loan options on your website not including AA Credit union which was brought up here but isn’t on the website. I found Sallie Mae, Wells Fargo, and Center Parc Credit Union. Is there a place that shows all the other options?
Bryant,
The American Airlines Credit Union one would be directly through the credit union itself, not anywhere listed on ATP’s page, it’s just an alternate that AACU recently announced about opening to flight training loans. What I’m getting at is you can use any credit lender you wish; however, some have their own benefits. Sallie Mae allows a payment plan that you can pay $25 a month to help keep interest fixed and slightly lower, then a 6-month grace period after instructing.
If you have lending questions, I strongly recommend reaching out to ATP’s Finance Department on alternates if you are unsure. Again, both Hannah and I had higher interest rates and then cut them fractionally with refinancing.
Brady
Bryant,
I HIGHLY recommend you call the admissions department about the special housing offer going on right now. If that is the only reason you’re going with Skyborne, check this out first because it might end up being a deal breaker. ATP also offers the best partnerships with borrowing intuitions to have options for minimal payments until you reach the regionals, as well as many cadet and pathway programs to regional airlines only offered to ATP grads.
Hannah