How to Finance Pilot Training - Tips from an Airline Pilot

Рет қаралды 8,865

Күн бұрын

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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!

Пікірлер: 58

@AviatorInspirations Жыл бұрын

Let us know where you found the best financing for your pilot training!

@paulc7559 Жыл бұрын

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.

@AviatorInspirations Жыл бұрын

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!

@paulc7559 Жыл бұрын

@@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.

@AviatorInspirations Жыл бұрын

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.

@revampmobilesolutions8851 Жыл бұрын

Ohohoho, didn't recognize you with facial hair 😊 Great content as usual 👌 👏

@AviatorInspirations Жыл бұрын

Haha thank you 😁! It’s the post Covid look 😛

@MRod79 7 ай бұрын

Found it.

@joeangiello9784 10 ай бұрын

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.

@AviatorInspirations 10 ай бұрын

🤯🤯🤯 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.

@jamesminefee6066 Ай бұрын

If you dont mind me asking, what did you end up doing?

@topofthegreen Жыл бұрын

I would have to make $5000 a month to afford flight training.

@AviatorInspirations Жыл бұрын

Only if you pay for it in cash. Most pilots do have to take out a loan for a portion of the training.

@eliaskount9610 Жыл бұрын

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.

@AviatorInspirations Жыл бұрын

Wow, that’s amazing, well done 👏🏻👏🏻👏🏻 Haha yes I’ve gotten the John Wick look a couple of times now 🤣

@eliaskount9610 Жыл бұрын

@@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? 🤣🥲

@AviatorInspirations Жыл бұрын

Haha well the chief pilot of Canwest was one of my groomsmen, so I’m sure you would get a preferential interview 😛

@eliaskount9610 Жыл бұрын

@@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!

@AviatorInspirations Жыл бұрын

Better exam results than me haha way to go 💪🏻. Good luck with the job search, let us know where you land your first job!

@khanaviation7202 Жыл бұрын

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.

@AviatorInspirations Жыл бұрын

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?

@AELEL122 Жыл бұрын

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

@AviatorInspirations Жыл бұрын

Accredited flight schools should qualify, so if you go OSAP website and search for schools, you will be able to find them there

@AELEL122 Жыл бұрын

@@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!

@AviatorInspirations Жыл бұрын

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.

@sohalvr Жыл бұрын

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...

@AviatorInspirations Жыл бұрын

Congratulations on starting your journey 🙂 Training full time yes I think you can realistically do it in 24months. Which school/program are you taking?

@sohalvr Жыл бұрын

@@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

@AviatorInspirations Жыл бұрын

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.

@sohalvr Жыл бұрын

@@AviatorInspirations Thanks for your encouragement, Yaro! Will do for sure. I'm glad KZfaq suggested your channel :)

@kararmay3813 Жыл бұрын

Thanks for the video but I hate the background music direction it would be better without any background sound

@AviatorInspirations Жыл бұрын

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?

@kararmay3813 Жыл бұрын

@@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.

@bennithomas8414 Жыл бұрын

Is it possible to get a part time job during pilot training? I am from India

@AviatorInspirations Жыл бұрын

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

@user-dl1bq7cy8z Жыл бұрын

Hiye i am outside canada actually in africa ethiopia is there any option of scholarship or loan options?

@AviatorInspirations Жыл бұрын

Unfortunately no. I have an international pilot training video that will provide you more details on the process.

@user-dl1bq7cy8z Жыл бұрын

Okay thank you so much

@vn8348 Жыл бұрын

Any tips for international students?

@LordBagdanoff Жыл бұрын

Which school are u planning to go?

@AviatorInspirations Жыл бұрын

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.

@AviatorInspirations Жыл бұрын

Let me know if you guys are interested in a flight schools video. Any specific schools you want me to review?

@vn8348 Жыл бұрын

@@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.

@vn8348 Жыл бұрын

@@LordBagdanoff not yet bro