I agree with you Chris that the dollar amounts and interest rates are
prohibitively high when looked at all by themselves. I further agree
that should one be able to quailfy for the Sallie Mae and other
educational loans this would be preferable.

However, for someone who has borderline credit who might like to
position themselves for a better paying career, one should, IMO, not
discount taking out these high-interest, short term loans when they
offer no significant prepayment penalties (as does Pilot Finance)

I envision a person working at Burger King who is 35 years old and
obtains one of these loans, completes training and doubles his salary,
pays off the loan early, and lives happilly ever after. (OK, so I tend
toward optimism sometimes...:-))

Antonio

Chris Dunn wrote:
>
> Gary
>
> In my opinion, forget groups like Pilot Finance unless you want to pay a lot
> more than is necessary. Check with your FBO and see what options are
> available for a Sallie Mae or other type of career or professional education
> loan. The FBO where I plan on finishing my Commercial and Instructor ratings
> does qualify for these types of programs. I have a bachelor's degree already
> and am not seeking another. Loan rates drop to the 10-12 percent range
> rather than the 18 percent. The trick is to find a school/FBO that works
> with finance groups like Sallie Mae/Nellie Mae career and professional
> education loans.
>
> Think of it in these terms, since we all understand dollar signs.
>
> Amount Financed: $25,000
> Term: Let's just use 10 years as a round number.
>
> 18.0%
> Monthly ammortized payment over 10 years: $450.46
> Total Interest Paid on 25K: $29,055.56
>
> 12.0%
> Monthly ammortized payment over 10 years: $358.68
> Total Interest Paid on 25K: $18,041.28
>
> Interest is even more when you go to 15 years. Bottom line is that it pays
> to do a little extra searching and find an FBO that can help you get set up
> with a Sallie Mae or other career loan. Otherwise, you need to find an FBO
> that will give a discount to the tune of about $11,000!
> "Gary C. New" <ANTISPAM_garycnew_ANTISPAM@yahoo.com> wrote in message
> news:8t0j78$9hc$1@nnrp1.deja.com...
> > What is the most common way civil flight students finance their way
> > through flight school? Does the government have special loans
> > available for student pilots trying to obtain their various
> > certificates? Or are their other third party institutions willing to
> > give substantial aid?
> >
> > What's the best way?
> >
> > Thanks, in advance.
> >
> > --
> > Gary C. New

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