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/biz/ - Business & Finance

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53972357 No.53972357 [Reply] [Original]

I'm thinking of taking out an $80k student loan with an 18% annual interest rate to pay for flight school. Is this a bad idea?

>> No.53972380

>>53972357
yes

>> No.53972384

>>53972357
>18% interest
fucking kek

>> No.53972413

>>53972384
The interest rates are a lot higher for flight schools for some reason. But they also give you a 2 year grace period to start paying it back while you're living in poverty building flight hours to get a job at an airline. I figure one I get that job I'll be able to pay it all back pretty quickly though.

>> No.53972942

>>53972357
just use your credit card kek, maybe you'll get 2% cash back on your flight lessons

>> No.53972965

Yes.

>> No.53972980

I always assumed all airline pilots are former military pilots.
Do they actually hire people with civilian flight training?

>> No.53972981

>>53972357
Have fun with the cancer faggot

>> No.53973289

>>53972980
Only like 20% of airline pilots are ex-military.

>> No.53973306

>>53972357
what if im scared to fly

>> No.53973471

>>53972357
Not all pilots are captains. You won't be a captain until you have like 15 years of experience

>> No.53973691

>>53973471
>15 years of experience
yeah fuck that.

>> No.53973747
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53973747

>>53972357
Oh nononononono

>> No.53973805
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53973805

>>53972357
>major airline captain salaries
Lmao. You’re going to be working as a CFI for 2 years/1500 flight hours, then if you’re lucky you get hired as a first officer at a regional. Maybe 5 or 6 years from then, if you’re lucky, you’ll make it as a first officer at a major airline. You’ll be 15 years into your career before you even think about becoming a captain at a major airline.
Not that pilot is a bad career. You don’t get paid shit until you get to a major airline, but it’s pretty nice once you make it.

Short answer, yes it’s a bad idea. Most pilots who took debt regret it. Work through flight school slowly and pay as you go. On the other hand, there are a few people who took loans and didn’t regret it.
Military is one way to get free flight training.

>> No.53973827

>>53973805
Also, cargo > passenger

>> No.53975084

>>53973805
So in 15 years I’ll be making $250k a year. Most regional airlines are paying 6 figures starting to first officers now because of the pilot shortage so even in 2 years I’ll be making good money and enough to easily pay off the loan. I don’t see any downside to my plan.