How do you finance your training?

[sstaurus]

Hey! (<-- new member)

I'm a soon to be 21yr old University student, with 2 years left. After I finish with this *ahem* back-up plan ;)...I want to start Flight-training as soon as possible! I haven't decided yet, but I know the pros/cons of modular vs integrated so I won't make you go through that agony.

I have looked through the archive, and haven't found anything specific on this so bear with me...

My question is, how do most of you finance your training? Do you take out one giant loan prior to training? Or use modular training so you can pay for it gradually? How do you afford it? Personally, I can't imagine being able to take out a one time giant loan and being able to support payments (let alone being able to live) with the meager pay for beginning pilot jobs. What bank would even give such a huge loan to a young person?

If I did modular and saved in between to add ratings gradually, it seems like it would take forever to get my license done, and I want to get through it as soon as possible to start building my hours. I am your average person making money only in the summers (and p.t. during school) in order to pay for school.

I suppose if I did modular I could work and do my training at the same time, while living at home (eek) in order to save on living expenses. Integrated would involve one giant loan to do it all in 1-1.5 years, and I couldn't work at the same time.

It isn't a question of if, but how. I know that I need to do this.

So, what did you do? (or are currently doing)

Cheers! and thanks for any help.

[Crazypilot A]

Hey buddy,

I graduated university then worked by butt of doing odd jobs for 6years to get the money together...didn't fancy a loan because i could not get one and even if i could i probably could not afford the repayments. Anyway good luck financing your training...right off to the 757...

+CPA

[CAT3C AUTOLAND]

I did pretty much the same as Crazy, graduated from University, worked my butt off for 4 years which gave me nearly enough money for the training, had a loan from the bank to finish off my IR.

Its all been worth it :D.

All the best with your training.

[sstaurus]

Hey thanks for the replies.

I've been thinking about that route too, sounds like the best idea, but I don't want to wait even longer after university to start! (I'm too impatient heh) :p

So how old were you when you started your training? I'm worried if I wait too long, that it will take longer to build up hours.

Maybe I'll just take a year to work after uni, which will be almost enough for a CPL. (not to be an ass, but training seems to be cheaper here in Canada, I can get up to my CPL for around $30K CDN, like £13K I think).

thanks again

[CAT3C AUTOLAND]

I was 20 when I started flying, completed my PPL in 1995. Didn't fly much, only really on an annual basis to keep current, then started CPL/IR in 2003.

I am 30 now :oh:, and very much enjoying instructing, and would love to work for the airlines when my turn comes :D.

[Fingersmac]

there are less expensive ways to learn to fly in canada.

i'm heading off to confederation college in thunder bay for their aviation flight program. it's a two year college diploma program with flight training (cpl w/ float endorsement).

the cool thing about this program is it's completely subsidized by the government. i will only pay college tuition (plus some expenses) which will amount to under $10K. the flight training portion is covered by the government.

since i'm doing the college route i was approved for an OSAP loan (ontario student assistance program)... part of which was considered a bursary.

it's a tough school to get into and they base admission on grade 11/12 english and math marks. if you maintain a 3.0+ gpa at university you would qualify for extra selection points. i was accepted from the waiting list with B average marks in highschool and a 3.0+ gpa college diploma.

www.confederationc.on.ca


from my research into other flight training schools in canada i've noticed that you can get a student line of credit from some banks. it usually has to be a more structured program to qualify though.



another thing.. i wouldn't worry about your age. you're still young. i was worried about my age (28.. 30 when im finished training) but from what i've read i'll be fine.

[sstaurus]

Hello Fingersmac


Yes, I have considered the 3 subsidized colleges in Ontario, Confederation, Sault College, and Seneca. I ruled out Seneca because theirs is a 4yr combined business/flight degree and I don't need the schooling (I will have a bus. degree by then). I was also considering Confederation and Sault, but was under the assumption it was so difficult to get into. Plus, I know Sault is 3 years, but Confederation is 2 isn't it?

I have A averages in Uni and in Highschool, so I may apply anyway so I have a choice. Do you go through alot of unrelated classes in Confederation or are they all aviation related? Would you reccommend the school?

cheers

[Fingersmac]

confed is only 2 years. i too have already got a post secondary education so i didn't want to go to seneca or even sault because they took too long. also unlike the two mentioned before confed starts their flight training right away in the first semester.

there are very few courses that you take during the two years that aren't aviation related.. well according to the program overview since i don't start until this fall. their program places more emphasis on bush flying/ops culminating in a float endorsement in the summer, and weather permitting some ski time in the winter.

if you had an A average in highschool and maintain an A average in university you shouldn't have a problem being accepted into the program.

depending on what courses you take in university you may be eligible for credits in some of the non-aviation related courses. i've applied for previous formal learning credits for half the non-aviation related courses... just have to wait and see if they accept them.

as for recommending it... well like i said i start classes this september so i have no first hand experience from the school. they're program has been around for 30+ years and pretty much every first hand account i've read from past/present students (on message boards like avcanada not the pr stuff on their website) has been positive. i first found out about the program from a friend's brother who attend confed in the 90s. he was very positive about the school and program. he was just hired by cathay pacific... mind you i'm sure, like any other flight school, there are more graduates working outside of aviation than success stories.... really what you make of your education/training once you're finished.

i guess the way i looked at it when finalizing my decision was that it would most likely take a year to do all my ratings/licenses at any other school in canada given the weather we have here. if i go to confed it costs 1/4 of the price and takes 8 months more to complete..... well worth it from a financial stand point imo.

the only downfall is that they don't offer a MIFR rating... they do the ground schooling for it but not the flying portion.

the only other thing i can say is they have a preference towards ontario residents first...

if you want any first hand thoughts or opinions about the school and program feel free to message me in fall... i'll let ya know what i think then :D

[no sponsor]

Thought about starting training in 1998. Had no money, and a job that didn't pay well enough to fund a flying course. Saved for a few years, and now have qualified. I have no debts to pay off. There's no getting around the fact that, one way or the other, your going to have to pay for it.