Helicopter pilot schooling may be in the somewhat near future

[SV_Dude]

So... I'm considering getting out of the military and moving back to the pacific north west. If so I will go to school and learn to fly helicopters and hopefully get a commercial and instrument endorsement. Since the cost of the school can be between 50-70k, I would hope to be able to pay cash for half and get student loans for the other half. One of my concerns is getting student loans to pay for it. Since some of the schools aren't actual colleges, can I get a student loan to pay for it?

I'm just scratching the surface of doing my research but any info is appreciated.

Any other pilots here that can give recommendations for schools and what to look for in certain schools?

In the end I would like to be able to fly for just about anything, sheriffs office, news crew, logging, utility companies, etc. I would like to be as universal as possible.

 

[unlimitedFJ4]

dude this awesome I say you should go for it, credit unions are a great place for student loans, try Golden 1 or possibly see if you can get a government loan through the military one of my buddies his dad owns a company called aerometals in El Dorado Hills, and they manufacture md500 parts, tails booms, body panels, landing gear, etc and they have two md500s and going for a ride with a skilled pilot is one of the most amazing experiences ever! I say go for it. I know one helicopter Pilot and that is rex the other co owner of Aerometals and he is a baller on the sticks, after my friends grandparents died in a airplane crash in el dorado hills a few years ago, not a single member of the family steps foot in a helicopter or aircraft.

https://www.aerometals.aero/SitePages/default.aspx

 

[BrianSD_42]

I would definitely be careful with the student loans, cautious at least, student loans are the 1 type of loan that you cannot get out of even if you claim bankruptcy.

Hopefully some pilots chime in here. Have you looked at other forums? Like a helicopter pilot forum? Not trying to push you away, its just that some people don't venture outside of T4R very much.

Good luck with the journey though!

 

[hearno]

My thought would be to look to the school for financing options. Usually they'll have a few avenues to explore. Obviously compare rates etc but if you make money, FAFSA probably won't be much help. I know they wouldn't give me a dime. If I had a few kids and no job tho - they'd load me up. That's for another thread tho.

 

[bofa]

That sounds like a blast. How does the job market look for pilots these days?

 

[SV_Dude]

That sounds like a blast. How does the job market look for pilots these days?

There's tons of job availability for rotary wing pilots. Construction crews, utility companies, logging, news, law enforcement, tourist companies, etc. they all use helicopters for transportation. The pay is decent but it would be a fun job outside of the military world. I have a good background already with the mechanics of helicopters since I have been a mechanic on them for several years. It's time for me to move towards a better career and explore the civilian market as a rotary wing pilot.

 

[rinkman07]

A good buddy of mine got out of the marine corps about a year ago and is using his GI Bill somewhere in northern Cali to do the same thing you are talking about. Sounds like you aren't using the GI Bill, but getting out of the military? What's going on there?

BOFA - Your avatar makes me angry ahah!

 

[SV_Dude]

My wife used a chunk of my GI Bill but there's still some left. I will get some separation pay from the military so paying for half the school without a loan shouldn't be too difficult. The other 35k will need to come from thin air but should be easy to pay off once out of school. The way I see it, I'll have a car loan to pay off and will be very worth it!

 

[rinkman07]

Got ya, on the GI Bill thing.

Also, you will need A LOT of flight hours to be considered for any flight gig. Most people get these by becoming instructors for awhile after they have complete their flight school/training.

 

[SV_Dude]

A good buddy of mine got out of the marine corps about a year ago and is using his GI Bill somewhere in northern Cali to do the same thing you are talking about. Sounds like you aren't using the GI Bill, but getting out of the military? What's going on there?

BOFA - Your avatar makes me angry ahah!

The army isn't what it used to be and I'm ready for something new. I will use what is left of my GI bill. The army is down sizing and I may be able to get a pretty decent size check to get out. Plus, me giving up a measly army retirement could be easily regained in a more profitable field.

 

[bofa]

My wife used a chunk of my GI Bill but there's still some left. I will get some separation pay from the military so paying for half the school without a loan shouldn't be too difficult. The other 35k will need to come from thin air but should be easy to pay off once out of school. The way I see it, I'll have a car loan to pay off and will be very worth it!

Are you a member of NFCU? I would almost think a personal loan would be the way to go if you can find one at a decent rate, esp if student loans won't cover it.

Also make sure you look into any grants that you may qualify for.

I did a quick search and it looks like there are career training loans too. Check this out. https://www.salliemae.com/student-loans/career-training-smart-option-student-loan/

 

[MyHigh]

What part of PNW you moving back too?

Look into Hillsboro aviation, if I'm not mistaken they even provide assistance into financial aid applications, if that helps.

 

[theliman]

Also, you will need A LOT of flight hours to be considered for any flight gig. Most people get these by becoming instructors for awhile after they have complete their flight school/training.

Definitely true. Really looked hard into this career (still would like to at least get private license in future) and this was the main hold-up. To be able to be insured to learn on a turbine heli, you have to have a ton of hours with a piston engine - which most people can only afford through teaching.

 

[BrianSD_42]

Just an FYI ... Navy Federal will not do student loans (normally 4-7%) and their personal loans are much higher rates AND require payments begin within 30 days.

Student loans are always an option. I don't know why they wouldn't cover pilots lessons.

 

[Desert Fox]

I got out of the Marines in 1977 because it had become very political. If you didnt kiss butt you did not get anywhere. I got fed up with it and became a civilian.

I have regretted that decision for a long time now.

I see a lot of people in their 40's living a good life because they retired from the military and have a nice civilian job.

I should have left the Marines and changed to the Airforce. It may still have been political but it would have been much easier to put up with.

Too bad you could not continue in the military (what ever branch) and get the military to pay for your schooling. Being a military helicopter pilot would give you plenty of hours. Then you would have a nice retirement check each month, medicale for whn you retire and the experience to get the job you want at a better pay rate.

Remember the Coast Guard is an option and they use helicopters.

Also, check out USAA. They have a lot to offer besides insurance.

Good luck to you

 

[bofa]

Just an FYI ... Navy Federal will not do student loans (normally 4-7%) and their personal loans are much higher rates AND require payments begin within 30 days.

Student loans are always an option. I don't know why they wouldn't cover pilots lessons.

It depends... if the pilot training does not qualify for Direct or Plus loans (don't know if it does or doesn't), he could be looking at private loans or loans through the flight school. Those rates can easily creep up into the high teens. NFCU personal loans start just below 10%, depending on the term, and are very military-friendly.

 

[BrianSD_42]

It depends... if the pilot training does not qualify for Direct or Plus loans (don't know if it does or doesn't), he could be looking at private loans or loans through the flight school. Those rates can easily creep up into the high teens. NFCU personal loans start just below 10%, depending on the term, and are very military-friendly.

I understand and its good to mention.

The biggest difference between student loans (private or pure federal) and private loans is the fact that with private personal loans YOU must nearly always start the 1st payments within 30-45 days. That is very different from student loans where a person often doesn't make their first payment until 4.5 years or 1,642 days later - once they have graduated and started their career.

 

[BrianSD_42]

There are soooooo many factors.

You don't have to tell us but here are the factors that would influence my advice to a friend in your situation. .....

* Do you already have a college degree? What major?
I only mention this because some college won't admit people for 2nd bachelors.
* Do you have a family?
* If so, kids, how many?
* Does your SO / wife work?
* If yes, full time?
* And are her earning enough to pay the bills why you are in school full time for 2+ years?


How bad would it really be to do your 20 and get out at 38-40?

Switching to the Air Force and taking a rank cut sounds like the best plan IMO. At least then you can keep all your benefits and retire at 40.

When I was in school 06-10 I met at least 1 Chief who was studying engineering and going for his full BS degree. His plan was to do the first few years right as he retired, then finish 1-2 years of school and work his way up the management track.

Someone like him (EE major on a management path) would probably start around $60k and be up to $100k within 4 years.

His plan ..... From then on he would work 20 years and finally be sooooooooooooooooo much better prepared to retire than a lot of tech workers at age 60 these days.

 

[bofa]

I understand and its good to mention.

The biggest difference between student loans (private or pure federal) and private loans is the fact that with private personal loans YOU must nearly always start the 1st payments within 30-45 days. That is very different from student loans where a person often doesn't make their first payment until 4.5 years or 1,642 days later - once they have graduated and started their career.

Eh, not sure if that's a good thing or a bad thing. Sure you can defer payment, but you are just letting the interest pile up. One of the biggest difference in my eyes is the ability to deduct the interest on your taxes. And as was eluded to earlier, Federal loans are not a dischargeable debt, whereas private student loans and personal loans are. I wouldn't make the decision on that alone, but it's something to consider.

ETA: SVdude, if you aren't already a member of NFCU, I would still recommend joining. They have some great products and are known for massive credit lines. If you are just discharged, you are no longer eligible... have to be active or retired, but once a member, always a member.

 

[SV_Dude]

I am still active duty and my contract doesn't end till November next year. However, the military is down sizing and offering a decent check to get out. For me being an E6 with 11 years in I may be able to get a 45k check. My wife can work while I go to school full time. From what I'm seeing I can get my private license, commercial rating and CFI (cert. flight instructor) within 8-10 months. It won't take me much to sell off some toys/tools and cook up another 10-15k. I may even be able to pay cash for the whole school.

I have also been thinking of getting my private license out of the way before I get out. I make a lot more than my wife can so I can easily pay cash for my private cert which will run about 12k.

The GI Bill won't pay for the private cert but I can use it for the commercial cert. the good thing about using the GI Bill once I'm out is that it will not only pay for my school but it will also give me an additional ~$1500 per month to help pay for housing.

Once I'm done with school I will definitely need to get my hours up so I can get experience and be able to fly bigger aircraft and make more mulah. It seems like that's the harder part because not a lot of companies hire rookie pilots due to insurance reasons. There are companies out there that will pay 20-30 bucks an hour for a rookie pilot though for small jobs. That's not a bad way to log hours. I can also use some of my time as a flight instructor to log hours and it will help reduce the cost of me getting flight time.