The 8.75% Weight on My Shoulders: My Journey Through the Debt
If you think becoming a pilot is all about cool uniforms and travel, let me tell you the side people don’t post on Instagram: the debt.
I’m not from a wealthy background. To get through flying school, we had to take a loan from Maybank. The interest rate? A staggering 8.75%. When you’re a student, that’s just a number on a paper. But when you graduate and the world suddenly stops, that number becomes a nightmare.
Graduating into a Ghost Town
I finished flying school and was ready to conquer the sky, but instead, COVID-19 hit. Suddenly, I was a fresh graduate with a pilot license in my hand and zero job openings in the market.
While my friends were starting their careers, I was looking at a piling debt. Even with the moratorium, the interest didn’t stop. It kept rolling and compounding. It felt like I was sinking in quicksand. There were moments I honestly felt like giving up on everything. The pressure of being a junior pilot with zero hours and a mountain of debt is something I wouldn’t wish on anyone.
From the Cockpit to the Property Roadshow
I had to survive. My credit score was on the line, and if that went down the drain, my future in aviation would go with it. So, I did the only thing I could: I started selling houses.
The first year in real estate was brutal. I only earned RM2,300 for the entire year. Imagine that—one year’s work for RM2,300. I was struggling to even make ends meet, let alone pay off a high-interest flying loan.
But I couldn’t give up. I had already put so much on the line. I kept at it, pushing through the “no’s” and the slow months. Eventually, things started to pick up. My second and third years in real estate were much better, and that’s what kept my head above water until the industry finally opened up again.
The Light at the End of the Tunnel
The day I finally joined AirAsia as a First Officer wasn’t just about getting a job. It was about survival. But even with the job, that 8.75% was still hanging over my head.
I knew I had to find a way out of that debt trap before it swallowed my salary whole. It took some planning and a bit of a “pro move” to finally break free from that high interest.
I’ll share exactly how I managed to settle that debt and get my financial freedom back in the next post. If you’re a student pilot struggling with bank loans right now, stay tuned—there is a way out.