Serious answers where will I get funds from?

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KoryLGriffin
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Re: Serious answers where will I get funds from?

Post by KoryLGriffin »

Any inside scopes from the BC area?

Thanks in advance.

Cheers.
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samder
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Re: Serious answers where will I get funds from?

Post by samder »

L1011 wrote:
AUGER9 wrote:Outside Canada I'm not sure, but outside Ontario was not an issue.
Unfortunately, it is now. Out of province you have to pay the full price, however much that is.

I know people who have had school paid for, and others who have had ratings paid for through EI...
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mattyb878
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Re: Serious answers where will I get funds from?

Post by mattyb878 »

I was lucky enough to get very good well paying jobs throughout the summer. I got a line of credit the last year of my studies from my local credit union. It was PRIME rate and I only paid interest on what I used. I didn't have to start paying the principal back until 12 months after graduation, giving me plenty of time to pay it off in large chunks.

Check your local credit union and see what they can do for you. If you have enough collateral - car, savings, investments, etc, then you will not require a co-signer.
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cptn2016
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Re: Serious answers where will I get funds from?

Post by cptn2016 »

Great advice here guys!

For those of you that got a loan/line of credit:

-Does age come into the equation? Will I be able to get a student line of credit being in my late 20's? I assume student line of credits have a lower rate?

-Using a $10,000 loan as an example: do they just hand you a cheque for $10,000 or do they give you a visa or mastercard with that limit? Or is a line of credit a type of account with that set amount in it, and you can withdraw/use any amount you need up to the limit they give you?

-Is there a period of time before you have to start repaying the loan? Or do your payments start as soon as you use the first bit of it?

-Assuming I want to take out a loan to cover the cost of all my training including PPL, CPL, CFI & ratings, do I need to go in and ask for a grand total amount or should I get a line of credit for my PPL, then my CPL 5 or 6 months later, and so on?

I will of course be making an effort to research this all on my own in the next few months but any insight is much appreciated!
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MultiSister
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Re: Serious answers where will I get funds from?

Post by MultiSister »

SkyWolfe wrote:I think we need a sticky about funding.
Any who, RBC has a good line of credit program if you need it. I got 35k from them.
Hey! thats not fair! They only gave me $10 000. I could only pay for my night rating and a few hours towards my commercial with that! :lol:

Where I got some of my money from was from friends/family/scholarships(big contributor)/ REPS..../government loans
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Indanao
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Re: Serious answers where will I get funds from?

Post by Indanao »

:idea:
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Last edited by Indanao on Fri Feb 03, 2012 9:43 pm, edited 1 time in total.
tkdowell
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Re: Serious answers where will I get funds from?

Post by tkdowell »

Indanao wrote:Well, get a job, all the loans available, then go flying, and bankrupt. Can't take the licenses back, and with no bills you could afford to work the ramp in Yellowknife.
http://www.student-loan-bankruptcy.ca/

Be careful. I am pretty sure if you have a goverment-issued student loan, bankruptcy will not remove this particular type of debt (unless you wait seven years after graduating to file).
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Sky Pilot
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Re: Serious answers where will I get funds from?

Post by Sky Pilot »

Move to Alberta. Get a job in the patch. One of the outfits here just hired a mechanics helper for $28 hr. No experience.
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kerosene
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Re: Serious answers where will I get funds from?

Post by kerosene »

Step 1 - get a 1 year diploma with good salary (insurance, trades, ???)

Step 2 work full time with a job with overtime, dump all of that into an RRSP 20,000$ / 2 years

Step 3 Withdraw RRSP 10,000 (no penalty if reimbursed as part of continuing education plan)
Year 1 = Private and night rating

Step 4 Withdraw RRSP 10,000 + 5k tax return from RRSP,s and tuition +10k line of credit
Year 2 = Multi IFR + Commercial

Step 5 Year 3 Tax return = Reimburse 5k$ line of credit,

...... Finished MIFR with 5k debt
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Re: Serious answers where will I get funds from?

Post by Sky Pilot »

LousyFisherman wrote:
100LL81 wrote:Umm work your ass off and earn the money you need.
+1
+2 (Go to Alberta, hard to work your ass off in Manitoba or BC, etc
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JVader
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Re: Serious answers where will I get funds from?

Post by JVader »

^Thats exactly what im doing...through previous experience I got a job doing MWD on an oil rig. Last month I worked 29 days straight but was able to walk away with 16k..Lots of companies are hiring and will accept people with general labour background. Now instead of renting im looking at buying a plane to do my commercial on and will end up having a plane instead of renting!
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wotai139
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Re: Serious answers where will I get funds from?

Post by wotai139 »

Got mine from RBC, not for entire payment though. gl
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Dash-Ate
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Re: Serious answers where will I get funds from?

Post by Dash-Ate »

kerosene wrote:Step 1 - get a 1 year diploma with good salary (insurance, trades, ???)

Step 2 work full time with a job with overtime, dump all of that into an RRSP 20,000$ / 2 years

Step 3 Withdraw RRSP 10,000 (no penalty if reimbursed as part of continuing education plan)
Year 1 = Private and night rating

Step 4 Withdraw RRSP 10,000 + 5k tax return from RRSP,s and tuition +10k line of credit
Year 2 = Multi IFR + Commercial

Step 5 Year 3 Tax return = Reimburse 5k$ line of credit,

...... Finished MIFR with 5k debt
That's a good idea I was telling the same to my bro who is starting out.

Plan B :smt040

Image
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JungianJugular
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Re: Serious answers where will I get funds from?

Post by JungianJugular »

To all you young kids out there in school who want to fly. Here's some valuable advice:

Learn programming. The internet is your bank.

I taught a 12 year old gifted student last year who was learning how to develop applications for Apple devices.

You guys have more opportunities and resources to make money from your desktop.

Save, save, save.
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koalorka
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Re: Serious answers where will I get funds from?

Post by koalorka »

This thread is a great resource and I am debating whether to go through a college or privately, building on the various certification components as I go. I have $40k in savings, so what, in your experience, would be the most cost-effective way of going about this? The goal is commercial of course.

I do have 3 years of a bachelor of science degree completed and my job schedule is pretty flexible in that I can take a few days off in a week on relative short notice.

Thanks in advance.
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ea306
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Re: Serious answers where will I get funds from?

Post by ea306 »

Question:

If I contribute towards a family member's flight training, does anyone know if I can claim it against my income and see a tax savings?
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Guilden
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Re: Serious answers where will I get funds from?

Post by Guilden »

Go work on a drilling rig for a winter and have zero debt. Trying to pay back a 40k loan while making around 1200 a month will only leave you enough for the much needed case of beer at the end of the day.
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Melkor
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Re: Serious answers where will I get funds from?

Post by Melkor »

I got a 40 000$ line of credit from Desjardins. The way it works is you only pay the interests for 2 years (only 5%) and after that the line of credit becomes a loan which you have 10 years to pay back (12% interest at that point, for 550$ a month if maxed out). I got that from Desjardins here in St-Hubert so you can only use this one for Air Richelieu or Cargair here in YHU, but I think they offer a similar package for some other locations (Grondair at St-Frederique if im not mistaken)... Of course to get that you need either an acceptanle co-signer (parent or other) or sufficiant credit-salary...
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cap41
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Re: Serious answers where will I get funds from?

Post by cap41 »

The issue is not how to get funds, Almost any bank will give you a line of credit. The question is how am i going to be able to pay off 50k in debt when im done training in this industry.
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Melkor
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Re: Serious answers where will I get funds from?

Post by Melkor »

You can pay it over a period of 10 years 550$ a month... It's not small payment but it's not that high.. Find yourself a 15$+/hour job while studying, it's not that hard to find. If you have a decent revenue you'll get tax returns, it's about 35% back so out of 60k you should get about 20k back only 40k left... But really depends how much you want this of course?...isn't life all about that actually?....
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