How to Finance Pilot Training - Tips from an Airline Pilot
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- Опубликовано: 11 июн 2024
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0:00 - Intro
1:06 - Strategy 1
3:25 - Strategy 2
6:19 - Strategy 3
8:19 - Strategy 4
10:53 - Strategy 5
12:00 - Cost Saving Tips
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About this video:
In this video Yaro from Aviator Inspirations talks about How to Finance Pilot Training. To finance pilot training is not easy, and in this video you will learn how to finance flight school. I'll cover loans for flight training, how to pay for pilot training and answers, and how to finance flight training. How to pay for pilot school is a common question, so hopefully this video answers your questions about paying for flight school!
Let us know where you found the best financing for your pilot training!
Thanks for another informative video Yaro. I managed to pay for my private as well as close to half of my commercial debt free. Currently have 140 hours total time. Since I’m trying to finish asap I’m thinking of taking a loan or using a line of credit to do so. Gotta get to my first dream job flying the 206 and then the king air for Canwest. I know it will happen someday. Hard work and perseverance pays off. Happy flying everyone! Make your dreams come true.
I worked for Nor-Alta before they bought Canwest, great company! (Chief pilot was one of my groomsmen haha). Anyway, yah an unsecured line of credit or low interest bank loan would be your best bet. Canwest is a great gig as they give you ramp/flying duties so you can get online faster and upgrade. Once on the king air, get your ATPL, go left seat and you should be able to pay off all your debt before you are ready to move on 🙂. Let me know if you are interested in any other topics I can cover in a video!
@@AviatorInspirations Thanks for replying Yaro. In your previous livestream you mentioned there were some small carriers to stay away from that still tried to take advantage of new pilots. Any chance you can elaborate on that. Also what is a typical shift like at a smaller carrier? I check out flight radar 24 every time I hear a plane flying overhead and notice a lot of flying is done at night.
Every company has its pros and cons, and everyone will have a different opinion. Personally companies like Perimeter that pay $29k/yr I would stay away from, and their safety record is not very good. Ultimately get your first job wherever you can, and once the training bond is up move on.
Ohohoho, didn't recognize you with facial hair 😊 Great content as usual 👌 👏
Haha thank you 😁! It’s the post Covid look 😛
its Inane down here in the states... a lot of schools only take loans from private lenders like Sallie Mae ( up to 17% interest!!!) I was hoping to begin next month but the financials are proving to be a huge obstacle.
🤯🤯🤯 that’s insane! Everyone is trying to capitalize on the pilot shortage, and pilots will be the ones stuck with the huge depth burden for a decade into their career.
Found it.
Thanks Yaro! Very helpful. You confirmed all of my research. Just waiting on my Cat 1 initial medical results in AB! Thankfully I will be able to train full-time. Based on that and flying 4-5 times a week, do you think I can get my Instructor rating within 18-24 months? That's my goal...
Congratulations on starting your journey 🙂
Training full time yes I think you can realistically do it in 24months. Which school/program are you taking?
@@AviatorInspirations Awesome!! I'll be at Kanata Aviation in High River. I live in Calgary and Springbank is my closest but it's so busy with students. Waiting to taxi is a thing! High River is much quieter so the aim is to maximize my time in the sky :). I am consolidating all of my training - PPL, CPL, MIFR and Instructor back to back. The school specializes in that which works for me because this is a career change for me
That’s a great decision! I mention that in my Finding a Flight School video, sometimes going out of your way is more advantageous 👌🏻. Keep us updated on your progress, and if you have any other questions I can cover in future videos.
@@AviatorInspirations Thanks for your encouragement, Yaro! Will do for sure. I'm glad RUclips suggested your channel :)
Thanks for the video but I hate the background music direction it would be better without any background sound
Thanks for the feedback. It’s a little quiet and boring without music, but maybe I’ll reduce the sound for the future. Does it make it hard to understand or is it too loud?
@@AviatorInspirations Thanks for your reply and receptiveness I think you’re presence and beautiful voice is enough but it’s up to you. Yes it’s loud which makes it harder to focus on you and your informations.
I am currently finishing up an integrated program in Canada. And I will be very honest. I went to numerous banks, and they do not honour flight schools in Canada for a student line of credit, all they can offer is a unsecured line of credit (with higher interest rates, yes with somewhat flexibile payment options); however there is nothing in place specifically for a student line of credit tailored to flight schools. The most the bank advisor was offering was, taking a secured line of credit with a cosigner, or someone who owns property which had equity. That's why I had to use strategy #1 and #2. A mix of having the full tuition saved up, along with the help of OSAP. All I said above can differ from someone elses experience using a bank, and perhaps I haven't explored all banking options. But overall my experience with Canadian banks was nothing but negative.
Thanks for the feedback! You are definitely correct, banks are the hardest to deal with, and it’s always a battle. Their advantage is easier and faster access to capital with flexible terms, but the high % is the con. Some people can’t get student loans, like international students, so that’s their only option if they need capital. Which program/school are you finishing with?
Can you use OSAP for flight training? I thought it was only for standard public post secondary institutions like Colleges and Universities. Thanks in advance
Accredited flight schools should qualify, so if you go OSAP website and search for schools, you will be able to find them there
@@AviatorInspirations That is amazing, I had never known this thank you. Unfortunately right now when searching "flight" as a general search I only see one flight school in New Brunswick lol, but hopefully that list starts expanding!
Don’t forget these programs don’t cover your PPL, so you can always save money now, and complete that license before looking at serious financing for the rest. Or you can always move provinces to complete training, but then of course you have living costs to consider.
Good advice Yaro. I saved an entire 90K and focused on a full-time iATPL program for the last 2 years. 2 days ago, I had my CPL license with frozen ATPL.
By the way, John Wick would be proud.
Wow, that’s amazing, well done 👏🏻👏🏻👏🏻
Haha yes I’ve gotten the John Wick look a couple of times now 🤣
@@AviatorInspirations Yeah, I noticed. It's just my first comment since Johnathan kicked in! By the way, do they accept "a very early follower of Yaro's channel" as a reference for low timers like myself? 🤣🥲
Haha well the chief pilot of Canwest was one of my groomsmen, so I’m sure you would get a preferential interview 😛
@@AviatorInspirations wilco captain! Won't disappoint you! 92% average for all written and FT, which is a top advantage of saving upfront then focusing on training like you mentioned!
Better exam results than me haha way to go 💪🏻. Good luck with the job search, let us know where you land your first job!
I would have to make $5000 a month to afford flight training.
Only if you pay for it in cash. Most pilots do have to take out a loan for a portion of the training.
Is it possible to get a part time job during pilot training? I am from India
Usually no without a work permit, but Canada does allow some work under a student visa. You can read more here: www.cic.gc.ca/english/helpcentre/answer.asp?qnum=495&top=15#
Also check out my International Pilot Training video
Hiye i am outside canada actually in africa ethiopia is there any option of scholarship or loan options?
Unfortunately no. I have an international pilot training video that will provide you more details on the process.
Okay thank you so much
Any tips for international students?
Which school are u planning to go?
I have a different video for international students. In terms of financial aid, there aren’t too many options unfortunately. Some banks do help international students with loans, like RBC. Sometimes schools work with preferred lenders as well, so you can start there.
Let me know if you guys are interested in a flight schools video. Any specific schools you want me to review?
@@AviatorInspirations Yes sir, we need your recommendations for flight school so we can complete it at a lesser cost and also convenient for international students.
@@LordBagdanoff not yet bro