My name is Logan Baughman, I’m 26 years old and live in Kansas City. I am going to start pursuing my private license and am currently working full-time. I’d love to get some input from the mentors on what I should do going forward.
I work full-time as a draftsman but do not enjoy any part of my job. I got my masters degree in a completely unrelated field (sport psychology) and worked for the military for a year, but aviation is what I’ve always wanted to do. I guess I always thought it was too good to be true as a possible career. However, I’m going for it now.
I really want go to Wells Fargo, Sallie Mae, or some other lender and look at financing, quit my job and jump in to training. Many people have suggested I stay with my current job and work while pursuing my private. The timeline for that is longer and I won’t last in my current job for another year. The program here (ATD Systems) seems great and I don’t have a problem going into debt for something I know I’ll love. I do have a wife and she works full-time, so we would still have money coming in. I want to know if I should drag out the training and pay out of pocket or go ahead and go for it full-time with financing. Thank you in advance!
In my opinion this isn’t even a question. EVERYTHING at the airlines is based on seniority. Upgrade, schedules, pay, boarding priority when pass traveling, EVERYTHING. The sooner you start the sooner you start building seniority. The difference of one single number can literally make a difference in your entire career. While financial debt is never fun or a good thing, this is not going on the hook for a Ferrari, it’s an investment in YOUR future. Airline pilots have a very finite amount of years they can fly. Senior Capts currently earn over $300k a year and every year you delay is one year less you’ll have the opportunity to make that money (and that’s simple math, factor in all the years at lower pay, 401K contributions etc and you’re talking ALOT of lost potential).
That all said it’s your call and your decision. That’s my opinion and my only regret is that I didn’t start sooner.
I would finance your training and do it full time, starting as soon as possible. I cannot speak to the flight school you mention as I have never heard of them, but take a look in the FAQ section as there is a post there that will help you know what to look for.
Before you go quitting your job, I would recommend taking one or more flight lessons to see if you actually enjoy flying an airplane. It is one thing to think that you will, it is another to actually do so.
Thank you Adam, Chris, and Tory for your answers. Tory, what’s holding me back is finding a loan that would be stretched out long enough to manage the payments or has a deferment option. I’ve called around to multiple banks and lenders and I’d be staring down a $1600-$2000 payment while trying to fly full-time. So either I need to find a good paying job that is flexible or is mostly remote so I can pay as I go or find somewhere willing to provide the loan options I need. The other factor holding me back is that I’m married and my wife just got a job she’s been after for quite a while in the Kansas City area. So if were to go to ATP or another flight school that has financing tied in, I’d either have to ask her to quit and move with me or we’d have to tough out long-distance. I can’t ask her to put her dreams on hold for what I want to do. I’m willing to do distance for this and she is on board as well, but I am exhausting all my options here so I don’t have to be away from my wife (and pups) if I don’t have to be.
The information you just provided makes it harder to answer your original question about should you do training out of pocket or at an accelerated school with a loan. Your original question is easy to answer. As Chris and Adam have already suggested, full-time training is the way to go, but now I understand your dilemma. Sounds like something you and your wife are going to have to work out together.
There’s really no such thing as “regular” loan payments. There are many variables not the least of which is how much money you borrow. The payments are due once you finish training but can be deferred until you actually get hired by a Regional (and possibly longer). What’s important to know is you will continue to accrue interest so starting to make payments (which most people find doable with Tuition Reimbursement) is preferable if possible.
This is all great advice. I just want to chime in with my current plan. I am in a very similar situation as you… 26 years old, finishing up PPL, and have a current career. I applied and was accepted into the American Airlines Cadet Program and will be starting the remainder of my training with them in the Fall. I would encourage you to explore that option as well. Like most options it has pros and cons. Just another option for the vast undertaking of becoming a commercial pilot. If you have any questions please don’t hesitate to reach out.