Loan Advice

Just checking in how it’s been going for you 3 years later. I’m 37 and considering a career change and going to ATP, starting from zero.

Yeah, it’s crazy to think that I started planning for this career change 3 years ago and walked into my first day orientation at ATP 22 months ago. To sum it up, 2020 happened :joy: I have been very fortunate to still have employment and maintain future work prospects during this turbulent time. If all stayed the same as it did for me prior to February, I was on track to start class at my regional around June or July of this year, beating the ATP estimate of 2 years from 0 hours to regional FO by 2-3 months. But we can only work with what we have. Currently I continue to serve as a P. 141 check instructor at a school near my home, fly as often as opportunities avail themselves, and look forward to resumed hiring at the airlines. If all stays as is at my job, and airlines resume hiring, I should be eligible in about 6-7 months for my ATP. If things go back to previous workload levels, I should be there in about 3-4 months.

As for starting late, I thought I was a “late bloomer” but have since met many people my age and older (even in their 50’s) that are just starting flight training. If anything, your timing to start within the next 6 months may be better suited to hit the hiring swell that will follow when airlines respond to rebound in demand. So if the sky is calling, go for it!

And can I ask how you are managing your salary vs. loan payoff as an instructor?

Honestly, everyone’s situation is different so I am not the best example for a typical CFI.
I have been fortunate to be able to make ends meet through training and instructing. During busy months I didn’t increase my spending almost at all and tried to set funds aside. I did take a beating financially to be able to go to flight school (took all of my accumulated retirement savings for example, with a penalty to boot) and these past few months didn’t help matters. I also prepared for two years of low to no income by eliminating all but essential bills. So far so good…

Hello,

I am getting ready to start the loan applications to get started pursuing training at ATP. My question is I currently own a home that I use as a rental property. My plan is to sell the home to help with living expenses while in training, but I’m worried that any type of large financial change may hinder my ability to get a loan through Sally May or Wells Fargo. Does anybody have any experience with this question? I am 35, married and have kids, so I was hoping to finance my training, use funds from the sale of my home to live on for 9 months and then turn around and pay as much of the school loan back once I completed the program with the remaining funds left over. My wife may work a little, but I’m guessing that once I complete training in 9 months we will be potentially moving again, so not a lot of time for her to get an established job etc… before I’d be done.

Brad,

Kirk in the admissions department is who you want to speak to about things like this. He is the expert on loans and is always happy to help. Give him a call to discuss your situation.

Chris