Hello all, I’m currently a senior in college in my final year and I am very so much interested in the career of being a pilot. Paying for flight training seems like a slight challenge. So I’m thinking of just borrowing extra fafsa loans for flight training. I plan on doing a masters degree as well, so I can also use some of that loan money. I’m looking at a total of almost 200k debt when it’s all said and done. I want to avoid private loans as the interest rates are very high. Any advice would be appreciated.
Yes, my advise is that you not defraud the govt and use my tax dollars for something they weren’t meant for.
Of course haha ! So Adam what are your thoughts on the 200k debt? Is a airline pilot career worth this much debt?
No one can tell anyone else what’s worth what to someone else. But, starting pay is now $90k, they’re offering hiring bonuses of over $100k and senior Capts earn $500k a year. Your call?
Extra fafsa money is meant for rims and sound systems for your car, motorcycles, party money, etc, the kinda stuff you can get for a couple extra grand a semester and regret still paying for every month 30 years later. Not gonna be able to ask for extra 12-15k a semester on top of tuition
Divine, as someone on the “other side” of college who was in your shoes only a few years ago, 200k is a lot of debt. I have a mere 8k as I worked and was in ROTC and that is very digestible, however 25x that? That would be a throttle on life financial goals. My advice is having a clear cut path making sure you are making more than spending before you take on such a major financial responsibility.
Sooooo you’re saying no one should go to college or invest in other training for their future until they can afford it the debt load? Respectfully we’d have shortages in every aspect of society. While I appreciate your take (albeit very conservative), everyone should do what’s best for themselves. There’s a reason it’s called “investing in your future”.
I sounded more risk adverse than intended. There are just many various unknowns (competency, medical, career enjoyment) and taking on further debt without a clear cut path of repayment is my caution. Maybe not the best advice coming from a military track.
The one I will agree with you on is the competency. It blows my mind how many people with zero flight experience are willing to quit their jobs and take $100k loan out because they heard its easy to get to Delta and make $500k.
The fact is while the pilot shortage has made the process infinitely easier, you still need the skills to make the dream a reality which frankly not everyone has despite being told from birth they “can do anything they want”. Maybe you can but maybe your can’t?
I’m not sure where you got $200k debt from, unless you’re factoring in some college debt and the flight training? Depending on the route you go for college, FAFSA can be used for ACCREDITED COLLEGEs. If you are unsure of what to major in, I recommend completing your general education credits at a convenient location. Any financial questions should be directed to a professional finance advisor or financial team.