Paying off CPL debt

[the_rookie]

Hey guys, I've done multiple searches and read every thread relating to moving up north, but I can't seem to come across anything mentioning paying off the big debt I'm guessing most new CPL holders face. I'm able to pay as I go up to PPL, but after that the costs are too great to pay without a loan.
I can see myself heading north in the not so distant future being $40000 in debt. With the starting pay for new pilots, and having to pay for accomodation, food etc. how can anyone manage to repay this? Any information would be greatly appreciated

[RWD5]

It depends..For example I completed my CPL without a debt. I worked full-time for the duration of my training. It did mean that my CPL took longer to complete as I had breaks from flying when the savings dwindled.

[Checkboard]

Paying as you go up to PPL - then the rest sending you $40,000 in debt?

That's a lot. Really.

[the_rookie]

I'm trying to complete my training as quickly as possible. The longer I drag out the training, the more it will cost effectively. Doing at least 2 flights per week will consolidate what I have been learning a lot more then 2 a month.


Thats a great attitude to have evilducky. If you don't mind sharing, how long and how many hours has it taken you to get this far?

Cheers

[Homesick-Angel]

I swore I would never get into debt flying, but after funding the first 100 hours of a 200hr CPL over 4 years through working 2 jobs whilst flying, and heading towards my mid 30s, I made the decision to do short term gain for a longer term pain, and finished through a loan.

I don't regret it, and the trick was to move back with the family while I got through the minimum wages period. Fortunately I scored a job near enough to them to commute. Only took about 6 months before I was fortunate enough to move on and up, and as such servicing the loan hasn't been too much of an issue (about 400 a month) . The trick was to pay it off well within the time period and save myself a sh1tload of interest.

Let's face it..to fly, you have to be willing to take a few hits on the way. Most of the guys I know who went north, went as a group and lived like ants in the one house. Those who stuck it out all have jobs now, but it did take time.

Good luck.

[Homesick-Angel]

P.S.
I just noticed your age. Get a job and pay for it yaself! You are 20 and have TONS of time

[the_rookie]

Thanks homesick. Do have a job, and am paying for it. But will not be able to afford twin time etc on my pay. I was looking at paying $200 a week, which wouldn't take to long to pay off, and interest wouldn't be over the top. Not sure if I can afford that after ( and if ) I manage to crack my first G.A job

[Di_Vosh]

G'day Rookie,

regardless of how well you think you can service your loan, my opinion would be for you to take that extra time working to pay for your training without going into debt. Either that or go into debt, finish your training, then work longer hours at home to pay off your debt.

If at all possible, go 'up north' debt free.

DIVOSH!

[the_rookie]

Thanks divosh and ducky. Thought that I had it all figured out, guess its back to the drawing board.

[The Green Goblin]

You shouldn't be worrying about paying for 'twin' time.

Get your CPL, go fly the singles up norf (sic) for a couple of years and then get the CIR.

Hell if you can afford an initial multi get that, you'll fly twins VFR mostly anyway. When you go to do your CIR you'll actually know what you're doing, can do the whole thing in a 172 with a couple of flights at the end in a twin after being paid to fly a couple of hundred hours multi in the mean time.

[NIK320]

I paid for PPL then went with the bank for hour building, CPL and MECIR funds.
I finished and then spent a further 3 years working overtime at my full time job. Eventually I refinanced the loan to get a lower repayment I would be happy to take north with me.

In hindsight I wish I had saved up then used that to pay for my CPL and CIR.
Probably would have taken just as long and cost less in the long term.

[damo1089]

Just go to a training provide that offers vet fee help. You will never have to worry about paying it off because it happens automatically and will limit your expense to textbooks and ASL fees.

[the_rookie]

Thanks for all the feedback guys.
Damo, I haven't come across any flying schools that do fee help? And where I live I only have 2 realistic flight training options, an I've already completed some training at 1 of them and decided to change schools

[damo1089]

I know RVAC, TVSA and FTA offer it. Just rip a Google search.

[DanHadler]

I heard Bunbury might be offering an Advanced Diploma next year with access to VET-FEE HELP loans. CPL + IR + ME and 200 hrs. Just waiting on conformation of the course, they said to call back in October.

[Naki Boy]

I think that getting into debt for pilot training in this day and age is a big risk. It’s too easy getting into debt, getting out of is much harder. Just ask the thousands of students around NZ who have student loans and are now indebted to that loan like a noose around ones neck.

I have a home that’s worth something if I have to sell it to pay off my debt I can. It’s not like you can go and sell your ratings to anyone can you? And when those ratings are in the range of $80,000 plus???

Pay as you go all the way!!

[Clare Prop]

Do what us old farts did, go to uni, get a job, build a career you can go back to any time, work for ten years to save up some dough and then start flying training.

There are no short cuts and the sort of pressure to ":start now or it will be too late" is just a marketing strategy like the old chestnut "there's going to be a pilot shortage!!"