The Money

All I can say is, if I'd have known about the possibilities and the attractive terms of education loans sooner, I'd already have my certificate.

Wow. Yes, flight training is expensive (but what isn't?) but there are some great deals out there. After looking at a couple of options (scholarships don't apply to me, but they are definitely something to look at if you are a true "student"), I have decided on applying for a Sallie Mae Career Training Loan. This is a great deal, and I just found out that you don't have to repay until the loan is completely disbursed. So, for instance, if you take out $10,000 to cover flight training for two years, and you have them disburse it in four equal $2,500 payments to the school, you don't need to start paying the money back until that last disbursement goes out in a year and a half. Not bad!
(ed.: NOT! I found out the rep at Sallie Mae doesn't know what she's talking about...suffice to say that the payments start 30 days after the FIRST disbursement...whatever...at least I get to fly...)
And the terms aren't too scary, either. You can repay over a maximum of 15 years, and the rate is a variable prime + X, where the X is based on your (and cosigner's) credit history. Right now, the prime rate is 8.25% or so, so you could finance a 10 or 15 year loan at a fairly reasonable rate.

It's very easy to apply, but I recommend getting ahold of the application beforehand, since I got partway into it and then found out I needed some information I didn't have with me. Then, I had to call the customer service folks to help me finish it off. Even so, the person I spoke with was very helpful, and it wasn't the big pain I thought it would be.

So, once the loan is finalized and the school has their initial payment, I can actually start flying.

Oh, except there is the little issue of insurance. If you are renting a plane, you will want insurance. I have a small reprieve, since I am a student. The school's insurance covers the plane as long as I am flying with the instructor. As soon as I am ready to solo, I will need my own coverage. So, for now, I can avoid the expense, but I will need to start shopping it around.