Pay as you go, but still debating the loan since I’m near the end.
Hello, all. I know another loan question. I know pay as you go is better in every situation I have seen, but hear me out.
I currently have 73 hours, all requirements met other than needing to retake my written for my PPL. And 4 hours of Multiengine.
A lot of hours for a PPL I know, but I saved what I assumed was enough (around 15K) my initial time and had to save and try again. But the time between lessons had a pretty great effect on my progression. My second time trying, was a whole other story. I passed the written, got my requirements and was ready for a check ride. By the time I was check ride ready I was close to broke but pulled some strings (and a few OT shifts) and paid for my big day. Just to have my CFI ghost me the morning of, with a checkride at 8AM. Leave me an empty fuel tank and no flight plan. Called the Examiner, let them know of the situation and that I would be running late. (You know how much they loved that) Needless to say it was over before it began. My nerves were shot and I answered the first question wrong and the Examiner told me and I quote “We’re gonna call it there.”
That last paragraph isn’t crucial to the question, but I wanted you to know the headspace I’m in, and the frustration I’m battling chasing the dream we all have.
I’m debating taking out a loan for 40k (30ish thousand for finalizing PPL and other certs up to my CFII) for a part 61 school and the rest for living expenses so I can fully focus on flying and getting said certs as soon as possible.
Even with a max of 18% on the loan I think it’s worth it to finally have my PPL and ratings. I have a kid now, she’s 4 months old, and it’s just going to get harder The longer a wait. I have child care and my bills sorted the 10K is really just a safety net. Kind of a unique situation I have going on and wanted some opinions.
TIA!