Real Answers from Real Pilots

Interests on the loan


(Nate) #1

Hello there,

So been approved on the loan with WF, not planning on starting till next year.

But curious for those who used the loan, is the interest deductible? I asked because ATP is not listed as accredited institution under Department of Education.

I know it’s more of a personal tax question but curious if anyone was able to deduct the interest on their income.

Thanks!


#2

Nate,

My understanding is that the interest is deductible, subject to certain IRS conditions. But as always, check with your tax advisor.

Chris


(Nate) #3

Thanks Chris.

I’m thinking of doing my private at this non profit flight club. They are teaching ground course for very cheap and reasonable price as a member for renting and the only standard pricing is the instructor you have to pay for flight training. Besides that, could probably do all that and have 80 flight hours before ATP for 10 grands +/- a little difference.

What do you think? Only because I have a wedding mid next year and can do part time training at that flight club while working full time for more money. Can’t really do atp til mid year.


#4

Nate,

Since you seem to have time on your hands, your plan does make sense. I would caution you though against having high expectations of training at a non profit flight club. I am sure they have part time instructors with limited availability. Also, unless they have a very large fleet, which I bet they don’t, you will probably run into aircraft availability or reliability issues. In short, non profit flying clubs are exactly that, so don’t expect the same level of training and expertise that you would from a professional flight school.

Now this in no way means that you won’t be able to get your PPL from them, just have realistic expectations.

Chris


(Donald Kozak) #5

Suggest you do a very careful review of any flight school you choose. Interview instructors, mechanics, and current (if possible, former) students. A big red flag, how long are they are taking to complete their training and have they had to change instructors due to staff changes.
If you get the right instructor and the equipment is in good shape, this could be an excellent way to save some money on part or all your instruction. On the other hand, if you need an accelerated program or you need to only train during high demand seasons/weekends, you might come out better with a bigger school even if it’s costs are greater.


(Nate) #6

Thanks both for the advice.

Talked to them a bit before, ground school starts Jan. and they suggest flight training 3-4 weeks later, beginning of Feb. Giving me Feb to end of May to get private pilot certification and 78 TT pre-req hours for ATP.

My other question is how does ATP evaluate your private pilot certification and the TT hours or as long as we have both pre-req it is all good?

Thanks.


#7

Nate,

If you have the license and the hours, then you are good to go. The FAA is the evaluator, not ATP.

Chris