What do you guys think about this loan package!?
Hello guys, I am pretty new here. So please welcome me.
I am a 22 year old philosophy graduate, and currently working. I intend to become a commercial pilot one day but I dont have the resources to send me into one. But then, there is this loan package called "study now, pay later" from a major airline in my country. They offer pilot training that would lead to a commercial pilot license with an instrument rating, and 217 flight hours under my belt.
Here is the details:
I had summarized the loan details. Its a rough estimate for now, but this is generally what its going to be. I had indicated which part I am not sure about or only a rough estimate;
a.) The loan is immediately payable after 2 years. (so there is a two year leeway)
b.) The loan is 15 years to pay.
c.) The original $40,000 will become $60,000 in the 15th year. If we follow the monthly paying rate for 15 years, so the end interest is $20,000.
d.) Three missed payment, they will take the collateral. (Not sure if it has to be consecutive or not)
e.) Parents income must be above $3,000 a month.
f.) The loan needs a collateral. And only 75% appraisal value of a collateral will be credited for the loan.
I have the necessary requirements and we have a collateral, and my parents earns pretty much that $3,000 a month requirement.
My question is if it is wise for me to pursue an airline business during such economic crisis? Although the airline that would provide my training does prioritize their students for an opening in their ranks.
Do this 217 flight experience will get me anywhere landing a 2nd officer job? Thanks!