Student Loans

[action jackson]

hi evreyone! Does anyone out there know of any banks that might offer larger loans specificially for things like heli training? Actually any info on good loan programs would be helpfull. That being said i went for my first helicopter ride the other day and it was all I ever hoped it would be! So now i have more determination to get my liscence, that sinking feeling in a dive can't be beat!

Thanks!!!

[Rosco]

AJ

 

Not sure where you're located but most schools will have that info for you and they can even process the app.

 

One of the biggies in Ontario is Laurentian Bank and I'm not sure how far across the country their services go.

 

Make sure you check the last couple of Vertical magazines as they have lots of info on flight training with some great do's & dont's along with 12 questions every student pilot should ask.

 

Check with 412 Driver as he's in the know.

 

Also check out the Rotary Flight Training topic from this site....lots of great info along with the guys who post here.

 

Cheers

 

R

[Ryan]

I know the Toronto Dominion Bank does or did have a partial student loan program for pilots. Wasn't a whole lot of cash...I think it topped out at $10,000. But hey, that's $10k closer to your dream.

So have you decided on a flight school/college?

[tDawe]

AJ,

 

I think youll be hard pressed to find a bank that will give you 50K worth of loan to spend in 8 months. I dont know if its entirely impossible, but I wouldnt count on the bank alone for your money.

 

One thing to consider would be putting the dreams on hold for a year (or two if you have to) and go get a job and save up money, the more you have coming into it the less you have to pay back when your living in the back seat of your car roadtripping and picking quarters up off the highway for gas money. The job market for pilots isnt at a point yet where you should be in any sort of rush to get it done as quickly as possible, so dont be affraid to put things ina slow gear for a little while, itll give you time to research the industry, maybe visit companies or at least try and get to know people before you even start, as well as giving you time to line up the other expenses that always seem to pop up, like helmets and TC exam fees.

 

Besides, taking a year off and saving every dime you can will give you lots of practice on how your going to have to live for the first few years out of school anyway, especially if your paying off a 50K plus loan at 5-6% per annum... not a rosey prospect, and one that has driven many a 100 hour ticket holder out of this buisness forever.

 

its not impossible, but dont look only to the banks.. unless you plan on robbing them, in which case... do you need a wheel man? i have a pretty sporty camry

 

tDawe

[broken]

Getting that loan is almost impossible if you have no money or co signers. I'm currently getting my commercial license (sowly while holding a job) but in the fixed wing category. I then hope to build some time flying floatplanes up north to get some real bush experience and the converting my license to rotary wing after saving enough money to do so and having gained some vuluable pilot decision skills and all around experience . Hope this helps. Anyone else in the know can add to this.

[Ryan]

tDawe had a good point about waiting a year or two before starting training. Whether you like it or not you may not even have a choice. Many heli schools have a year or two waiting list to get in due to tons of applicants and only a few open spots available. This is more true for the seasonal training facilities vs the year-round ones.

For me it's taken 4 years of saving cash and waiting to get in to the school I wanted, but it's well worth it.

One thing you'll get used to hearing as a soon-to-be helicopter pilot is "All good things to those who wait."

Good luck and don't give up! :up:

[action jackson]

Thanks for the tips evreyone!!!

As for the school i would like (airbourne) IN Kelowna, they havn't gotten back to me yet, im pretty sure i would like to stay in BC though

[100ft]

AJ,

 

Check pm's.

[412driver]

action jackson,

 

you may want to enquire whether or not the schools you are interested in are "Accredited" with PPSEC (Private Post Secondary Education Commission) and not just "Registered". all schools need to be registered but only 3 in BC are actually accredited. This will help with the student loan process.

 

the points brought up are all valid ones. it is important to visit the different schools and ask alot of questions. the schools should be open to answering them all. i.e. class size, instructor / student ratio's, a/c types, Accredited with PPSEC, instructor experience ect......

 

it's a great career choice, good luck

 

412driver

[Ryan]

I would also ask the school you want if they do full auto-rotations right to the ground. Though this is a must have skill, there are the odd schools out there that don't teach them all the way, and just do power recoveries. Doubt this is something to worry about with Airborne as they have a great reputation, but should you have to opt for a smaller school be sure to ask them.