Great interview. A few things for the COO. 1. I’m going the same route in paying for school with credit cards. I applied through Stratus but was told I need a co-borrower. My wife doesn’t work, I’m 52 years old and self-employed, and my parents are deceased. I’d love to talk to you about a loan if possible. 2. The owner of the Part 61 where I’m doing my training claims that he sent an email to Stratus about being a partner school but never got a response. 3. For those who say don’t take out loans for flight school right now, I say that the best time to start flight training was last year. Hiring may have slowed compared to where it was before 2023, but it’s going to take some time to get through training, especially if you want a 121 job and have to hit ATP minimums. You don’t know what the economy and industry will look like in 2-3 years, so it’s better to be prepared to take advantage of opportunities.
Thanks for the question. I will forward the first 2 to Brandon. I like your 3rd comment. It is never prudent to drop out of college or flight school because of a down turn in the economy. It is best to continue your education and training because it affects your future.
So I have a question about being in the Air Force but still having dreams of being a pilot when I get out, I’m not flying in the Air Force, but I’m on a 4 yr contract until 2028/2029, I have my PPL but would like continue my lessons and become a pilot when I am out of active duty. I’m in a position where my flight training will be covered but I wonder if I’m screwed in terms of the projection of this pilot shortage by the turn of the decade?
There hasn’t been a real shortage. It’s pilots not getting paid enough for there experience. Getting screwed…You have more of an issue of being screwed by the flight school than getting into the airlines.
Hiring in this industry is seasonal. There have been many shortages of qualified pilots in the past and there will be more in the future. The most important thing is to have the qualifications and flight time to get hired when you are ready to fly for the airlines. We discuss the industry outlook on a monthly basis during our coaching mastermind group and you are more than welcome to join us free for a month. Visit valeri-aviation.thinkific.com/courses/group-career-coaching and use the coupon code CoachItForward. Most importantly do something every day to move forward with your career and your career plan. The industry outlook is very positive over the next 30 years.
Just FYI, a lot of the information he gave was inaccurate. I was in the process of starting a loan application and their lowest interest rate is at 14.999% APR. Then they also no longer offer Deferment, which is the whole appeal of a Pilot School loan. I received my PPL and am trying to find finance options for the rest of my training. I was really excited when I heard about this company but they don't sound steady or keep any of their beneficial programs. Their customer service was close to useless when you ask them any questions about the loan. In regards to how the money is dispersed, or if you're paying interest on the full amount or the dispersed amount if you wont even have access to the total amount of the loan. they had 3 different 15/yr loans and one 10/yr. 2 of the 3 15/yr loans are variable interest so it can change whenever they say its changed. The other is a fixed rate at 21.24%.
I could really use some help. My credit is not the best right now but I am desperately trying to get into ATP flight school.. I didn’t have any luck with Sallie Mae.. any pointers
There are many options for financing but some have high interest rates if your credit score is not great. A few steps you can take right now are looking into scholarships while exploring creative options to fund your flight training. Broadening your search, such as some colleges and universities that offer finance for flight training may be an option. If you would like to talk more offline visit our coaching page at: www.aviationcareerspodcast.com/coaching/ At the very least I would start by looking through the scholarship guide. You can get one for free using the coupon code "stratus" and visiting www.aviationcareerspodcast.com/free/ Hope this helps.
In general there are avenues for obtaining loans if you do not reside in the United States. I will ask Brandon if there are any loan options available through Stratus.
Sorry but this company is terrible. They delay the application process. Then when you finally get the loan application to sign they slap you with a nearly 15% interest rate and a 19,500 dollar origination fee that they do not warn you about so make sure you read the application before signing. Well after waiting months to get through the application process I had to sign cause I needed to get back to flying. I thought maybe it would be ok after that… nope! The customer service is absolutely terrible and the entire company is extremely unorganized. I am constantly being assigned new loan officers cause they can’t keep employees. They also don’t consider their loans to be student loans so that’s how they avoid having to give you loan deferment. The whole thing is a joke so please if you are reading this and don’t want your hair to start falling out of your head avoid this company at all cost.
whew that intrest rate is nuts! no wonder he could afford that second home in Florida!
Great interview. A few things for the COO.
1. I’m going the same route in paying for school with credit cards. I applied through Stratus but was told I need a co-borrower. My wife doesn’t work, I’m 52 years old and self-employed, and my parents are deceased. I’d love to talk to you about a loan if possible.
2. The owner of the Part 61 where I’m doing my training claims that he sent an email to Stratus about being a partner school but never got a response.
3. For those who say don’t take out loans for flight school right now, I say that the best time to start flight training was last year. Hiring may have slowed compared to where it was before 2023, but it’s going to take some time to get through training, especially if you want a 121 job and have to hit ATP minimums. You don’t know what the economy and industry will look like in 2-3 years, so it’s better to be prepared to take advantage of opportunities.
Thanks for the question. I will forward the first 2 to Brandon.
I like your 3rd comment. It is never prudent to drop out of college or flight school because of a down turn in the economy. It is best to continue your education and training because it affects your future.
So I have a question about being in the Air Force but still having dreams of being a pilot when I get out, I’m not flying in the Air Force, but I’m on a 4 yr contract until 2028/2029, I have my PPL but would like continue my lessons and become a pilot when I am out of active duty. I’m in a position where my flight training will be covered but I wonder if I’m screwed in terms of the projection of this pilot shortage by the turn of the decade?
There hasn’t been a real shortage. It’s pilots not getting paid enough for there experience. Getting screwed…You have more of an issue of being screwed by the flight school than getting into the airlines.
Hiring in this industry is seasonal. There have been many shortages of qualified pilots in the past and there will be more in the future. The most important thing is to have the qualifications and flight time to get hired when you are ready to fly for the airlines. We discuss the industry outlook on a monthly basis during our coaching mastermind group and you are more than welcome to join us free for a month. Visit valeri-aviation.thinkific.com/courses/group-career-coaching and use the coupon code CoachItForward.
Most importantly do something every day to move forward with your career and your career plan. The industry outlook is very positive over the next 30 years.
Excellent interview Gents…
Thank you.
Just FYI, a lot of the information he gave was inaccurate. I was in the process of starting a loan application and their lowest interest rate is at 14.999% APR. Then they also no longer offer Deferment, which is the whole appeal of a Pilot School loan. I received my PPL and am trying to find finance options for the rest of my training. I was really excited when I heard about this company but they don't sound steady or keep any of their beneficial programs. Their customer service was close to useless when you ask them any questions about the loan. In regards to how the money is dispersed, or if you're paying interest on the full amount or the dispersed amount if you wont even have access to the total amount of the loan. they had 3 different 15/yr loans and one 10/yr. 2 of the 3 15/yr loans are variable interest so it can change whenever they say its changed. The other is a fixed rate at 21.24%.
I could really use some help. My credit is not the best right now but I am desperately trying to get into ATP flight school.. I didn’t have any luck with Sallie Mae.. any pointers
There are many options for financing but some have high interest rates if your credit score is not great. A few steps you can take right now are looking into scholarships while exploring creative options to fund your flight training. Broadening your search, such as some colleges and universities that offer finance for flight training may be an option. If you would like to talk more offline visit our coaching page at: www.aviationcareerspodcast.com/coaching/
At the very least I would start by looking through the scholarship guide. You can get one for free using the coupon code "stratus" and visiting www.aviationcareerspodcast.com/free/
Hope this helps.
I'm from Papua New Guinea,can I get a loan?
In general there are avenues for obtaining loans if you do not reside in the United States. I will ask Brandon if there are any loan options available through Stratus.
It is possible through Stratus, but it will depend on if you have a US citizen co-borrower or not.
Sorry but this company is terrible. They delay the application process. Then when you finally get the loan application to sign they slap you with a nearly 15% interest rate and a 19,500 dollar origination fee that they do not warn you about so make sure you read the application before signing. Well after waiting months to get through the application process I had to sign cause I needed to get back to flying. I thought maybe it would be ok after that… nope! The customer service is absolutely terrible and the entire company is extremely unorganized. I am constantly being assigned new loan officers cause they can’t keep employees. They also don’t consider their loans to be student loans so that’s how they avoid having to give you loan deferment. The whole thing is a joke so please if you are reading this and don’t want your hair to start falling out of your head avoid this company at all cost.