How do you fund for all your training?

[davewhiteside]

I am currently working towards my PPL(A) and wanting to eventually fly proffesionally.
I have been speaking to my flying school & one of the blokes was telling me I would be looking to spend around £50-60k on training to become a proffesional pilot. I asked how the heck would I be able to come up with that kind of money and he said you can get a career development loan.
I went to the bank (TSB) to speak about this and they did seem interested in me. They did however say that the career development loan only goes up to £20,000, which leaves me £40k to come up with, although they do look at everyone individually to try and meet peoples needs.
I was wondering if anyone has any ideas on how to afford the costs, and also where I could get such figures from to present the bank with. I also want to know if my total costs are correct (£50-60k)
Thanks very much.
:)

[ultimatepro63]

instead of paying for the training your self you could try getting sponsered by an airline who will pay for your training and then you will have money deducted from your salary when you start working but the only problem is that getting sponseered by an airline is hard work because there will be plenty of others that will want to get sponsered hope i havent put you off

:O

also your costs are abit off it will cost around 55k to get trained to a proffesional level but u will need another 20k for training on an aircraft in other words type rating but you could always get the airline to pay for your type rating

[G-SP0T]

it looks like you will need to do the same as every one else. GET A JOB!

But dont just waste your time at work. find a place at an airline, in ops, crewing, or dispatch that kind of thing. you will learn a lot - trust me its wat i have done.

It will also allow you to build up contacts in airlines find out which office to send CV's to when you hae your ATPL. And also to see if you can handle starting work at 3am!!!!

type aviation job search into yahoo or google etc.

[EGAC_Ramper]

Couldn't agree more with G-SPOT's comments.I went and got a job at belfast City Airport for the very reasons mentioned.Worked there 3 years and just left on Monday as I start my fATPL 28th.In that time I'eve gained a great insight into aviation aswell I was able to pay for my PPl and some hour building.Also met quite a few connections in FlyBE/BMI at City,hopefully pay off once I get the fATPL.:D
With regards financing you can also give HSBC a try,do a search here on Pprune as this subject has been talked about in length and you will find it of most help.


Regards:ok:

P.s. Cost wise you have decide on what path you want to go,modular or integrated/america or UK etc and you'll find the price varies.

[flaps now]

I've just had my loan approved with HSBC. Show them your serious and that you have a plan and you should be ok.

[wbryce]

look at reality, if you cannot afford your training like many others on this form then you will have to seek a job and pay a modular route.

I work my ass of 40hrs a week in an office job to fund my flying at the weekend. I put as much of my wages as possible towards my flying.

I do not wish to take out a 20k or 30k loan to do my training full time as you should know theres no guarantee of a job so I want to be in the least amount of debt as possible. At some point though I will have to take a loan out but atleast I wont be in alot of debt.

Working and paying for your flying gives you more desire and determination! :)

[Polarhero]

Hello from the frozen lands.

Total agree with wbryce I did not want to have a vast debt hanging over me with out the guarantee of a job at the end of it.

So I have done the same and worked my ass of and saved up for it. Been hard getting all the money together, including working in the back of beyond. I’ve not flown for three years now but have saved enough to do the lot in one go now so it kind of makes up for it.

I’ve now got enough to do the training full time and have just applied to NAC. But the bottom line is that now matter which way you fund it if the determination is there you’ll do what ever is needed.