I’ve recently gotten my PPL and got approved today for my 85k loan request so I’d like to share some numbers with those who are considering getting a loan. Interest rates will vary but i chose the fixed interest rate with 6 month grace at $25 a month while in school. The interest rate was at 9.375% which is a bit scary and he loan will be about double after its all paid off in the suggested 15 years and $1,000 per month payments. I’m wanting to make the jump to the Oakland or Phoenix location, not sure which is better if at all. I do involuntarily hesitate since my other flight school is so so cheap at $4500 for my PPL. Did anybody have payments this high and if so did they have any trouble paying off the loan?
Feel free to shoot this down, but another hesitation is thinking i could build hours with another instrument student at the same level going on cross country flights, flying half and the other safety pilot to build hours and save costs, what do you think about this? any responses are appreciated thanks.