Interested in 90 day Airline Career Program

[MarkB-MI-609]

Hi, My name is Mark Borders and I am 23 years old with a BBA in Marketing. I graduated last year and realized I wanted to learn to fly. I currently fly out of Ann Arbor, Michigan. I started flying in January with the goal of earning my CFI, CFII, and MEI. I received my private SE in April and was looking forward to starting my instrument rating SE very soon. I decided to build my PIC cross country time required for my instrument rating while knocking out the IRA and FII written exams before starting my initial instrument training. Since then I have been waiting around for an instructor to fit me into his schedule and I'm becoming annoyed at the fact that my training has come to a halt. So I started doing a little research and found that ATP in nationally renowned for their flight training. I am very interested in the 90 fast track Airline Career Program that includes all the instructor ratings that I desire. I see the instructors at the school I am at now and it seems like a cool job to have. Not only will you get paid to build time, you would also become a better/safer pilot in the process (the main reason I want to instruct). I also know that Multi-PIC is quality time and is what Airlines look for so why not start building that time right now while I'm getting my ratings. I have 130 hours, including 62 hrs PIC cross country in a Cessna 152. The only reason that I didn't join ATP or another accelerated program was because I didn't want to take on the cost. I've realized now that I would do it in a heartbeat if I could finish the program in 90 days and get the ratings that it says you will get. I haven't looked into the financing yet, but that will be my next step.

Thank you for your time.

-Mark Borders

[Comair Jerry]

Mark, Thank you so much for the well written, thought out post! I can't tell you how relieved I am to have you in my forum. Let me do some research for you, and get back to you on what would be best in your situation. Thanks again for your professionalism. You're exactly what the airline industry needs right now.

[MarkB-MI-609]

Jerry, thank you for taking the time to reply to my most recent post and doing further research on what's best for my situation. As I said in the last post, my next step was going to be looking into financing. I filled out the application on the ATP website and within a few days I received a response. My credit was good enough, however I lack a credit history so I need a co-borrower. I'm checking with my friends and family for the possible options for a co-borrower. I am also applying for a loan through other lenders. Once I figure out how to finance the cost of tuition I would like to get started as soon as I can. I don't feel impatient at all, I'm just excited to get started. I've looked into going to a few locations and there is one that stood out. The location in Phoenix, AZ is my first choice. One of the instructors at my flight school now is a recent graduate from the Phoenix location. It's good to get a review of the place from a former graduate face-to-face instead of reading it from a website. Once again Thank you for your time.

Mark Borders

[Comair Jerry]

I've been to many ATP locations, but I have not visited PHX. I hear its really nice, and from what I see from pictures, it's pretty big. Lots of sunny weather out that way, so flight training will go by fast. It's gonna be a hot summer!
Do you have anyone that will sign as a co-borrower? That was also my problem when I started the application process. I had my uncle co-sign for me. Let me know what you come up with.
With your current flight experience, you'll be in good shape to jump right into the 90-day program. It's really fast paced, but they'll get you to where you need to be.

[MarkB-MI-609]

I have found a co-borrower. I am going to have my Dad fill out the application tonight. Once I figure out if I am approved or not, I will worry about my next step. I will let you know as soon as I receive the results. Thank you once again.

Mark Borders

[MarkB-MI-609]

I received a call yesterday from ATP and they said that I had been approved after having my dad co-sign. The interest rate was very good. I was approved for up to $85,000 at 2.68% interest (2.43% if I choose automated payments, which I will). Since I already have my private I won't need to take out the full $85,000, more like $75,000. The payback period is a 25 year term with payments that seem very affordable starting out. I do not plan on taking the entire 25 years to pay it back, but it's nice to know that if I did, the interest rate is far beyond what I ever would have imagined it could be (in a good way obviously). I have learned a lot over the past week of what this loan involves, one being that to use this loan with this great interest rate, I have to have the intent of pursuing the 250 Hours Turbine, Multi-Engine Experience with the Gulfstream First Officer Internship.

My original plan was to just to the 90 fast track program and become a CFI afterwords and build time that way. However, this loan is one that I have never seen before and has such a great rate. So instead of going for 90 days, I will be pursuing this program that would last 6 months with a 6 month internship attached to it afterwords (1 year start to finish). It sounds like a great program, however it was just implemented in February this year and is still very new. Because it is new, there are no reviews anywhere that I can find on the program. That is one reason why I hesitate. However, I understand that life if full of risk and the biggest risk would be not taking advantage of this great opportunity with such a great interest rate.
I have a big decision to make and need to make sure that I have everyone's support around me. I have two jobs right now and when I exit them I have to make sure that I handle the situation professionally. Also My girlfriend is a nurse in Detroit. Although this program would better both of our futures, one year away would be very difficult for both of us if we don't have each others support I believe that this program will be challenging enough as it is and I don't need any more challenges outside the program to get in the way. I'm sure everyone around me will support my decision, it's just that I want to make sure with something this big (possible life changing decision) I handle it the right way. Thank you again.

Mark Borders

[Comair Jerry]

You're right about it being a life changing decision. A year is a long time. What kind of interest rate did they offer you for the 90 day program? Is that still an option for you? The partnership with Gulfstream is a great way to get some turbine experience before making the leap to the regionals or a corporate outfit. How long have you and your girlfriend been together? I did the long distance thing for about 6 months once, but it can be done. I'm sure you'll be able to squeeze some visits in, in that year away from home. The good thing about nursing, is that they are serious demand. She'd be able to find a job practically anywhere if she was willing to make a move in the future. Who did you speak to when ATP informed you of the approval? I hope that I can help you make an informed decision Mark. ..

[MarkB-MI-609]

I didn't get quoted for a loan for the 90 day program alone. I did, however, talk to the the gentleman from ATP, who I have to apologize I don't remember his name, and he told me that if I took out a loan for $45,000 just for the 90 day program, I would have to go through Sallie Mae and the interest rate would be anywhere from 8%-15% with higher monthly payments. The vibe I'm getting is that it makes more sense and will cost just as much, if not less, in the long run to take out the larger amount and do the Gulfstream Internship. Plus, putting myself in a 121 environment, in my opinion, will go a long way when looking for a job afterwords. My girlfriend and I will have dated for 3 years this coming November and I know that we are capable of taking on the long distance relationship, but that doesn't mean that it still won't be difficult. With her being a nurse, she is like you said, in high demand and we have discussed about her being a travel nurse while I'm doing my internship so that we could see each other more often. It's still a big decision for both of us. The internship sounds very cool and I know that I would learn a lot. At this point, I am willing to do the program with the Gulfstream internship and know that I am capable. I am just working on getting everyone's support behind me and deciding when a good time would be to start. Thank you.

Mark Borders

[Comair Jerry]

Well Mark, it sounds like you have things pretty well thought out! I wish you the best of luck in getting the support of your family and girlfriend. It is definitely a decision that will take input from everyone. Let me know if there are any other questions I can answer.