How much for OAT APP loan

[squawkident.]

HI there. Im in a bit of a pickle here and would appreciate some much needed help.
Ive recently completed assesment at OAT for their APP program. Whilst this is great, im a bit stumped on how much (realistically) i'll need for the shortfall. The course is £60,000+ £4000(CAA fees) = £64,000. HSBC will only lend £50,000, which already leaves 14k to be found.

In anybodys personal experience, how much extra was needed (honestly) for living and food etc.

Im thinking about £6k for the year and food in the UK, including food in the USA.
But assuming I finish the course succesfully, how does type ratings work with airlines?

Does it work that they offer the job to a low hours pilot, who then has to take out another loan for the type rating. I know this can be about 20k; do the airlines pay for it, and pay a "cadet" salary or would I have to take out the loan on my own back??

Im just so concerned about money here and although the prospect of flying looks amazing, especially with my APP place, my vision is simply clouded by a smoke screen of debt. Its not that im not prepared to make this investment, rather id appreciate someone whos already done been theres' feedback and help.

Yours cordially,

SI

[Sagey]

Squawk,

I have a horrible feeling that you have just opened the integrated v modular argument again! However, as you asked a question.

The basic course fees are 64k. You probably need a contingency of say another 2-3k in case you need to re-take a test/have extra lessons.

Living: You are probably looking at approximately £70 per week for accom. Add another £20-30 a week for food, maybe another £20-30 for a social life and it is in the region of £7,000. The course will probably be nearer 15 months so you need to add an £1,500 pounds there. You will also need to pay for issue of licenses and a medical renewal. Call it £1,000 time you have included travel etc.

So you are looking at a figure in the mid to high 80s.

Sagey

[adm100]

having just finished the course a couple of months ago, i decided to have a quick look over the finance. To date, my total spend is in the region on £85k.

I didn't have to do any re-sits, extra lessons etc, but many of the people on my course had to, at a cost of up to £5k, depending on which part of the course they were having trouble with. Our course ran over by up to 2 months and I think this is typical, so budget extra for the extra living costs during this time (if it happens).

[TruTh747]

having just finished the course a couple of months ago, i decided to have a quick look over the finance. To date, my total spend is in the region on £85k.


WoW! any sign of a job yet?

+Truth747

[c_jephcott]

squawkident - The basic course cost might well come to around £64,000, but as it has been said by a couple of others before then, Oxford advise a figure including your living expenses. The actual figure that they have quoted is £74,000, which includes everything else - the costs of accommodation, food etc... As I am commencing my training next month, recently I worked through a spreadsheet and came out with a slightly more revised figure for the living expenses, based on £10 a day for food, drinks etc...

Obviously, there are ways around this - for my first few weeks, I am booked into a hall of residence, but will be looking at ways around this as soon as possible. I will also be taking a small fridge down there with me, so I can make myself some sandwiches in the morning or night before for lunch, thus saving on the £5.00 meals.

There are ways to work around the cost, but OAT do recommend in the business plan which is sent to HSBC that the estimated course cost all in all is around £74000.

So, for the loan, it really does depend on what you have already and what you really need. You will need security (a parental guarantee or security against your parents house) if you decide to go for the £50,000. Up to £25,000 can be done unsecured though.

Cheers,
Chris

[Devils Martini]

Just to let you know I also spent around the 85k mark. Always keep a bit handy though. I think the limiting thing for me with regards loan was the monthly repayments you will be able to afford when you graduate. If you go for a 50k loan, you might end up paying more than £550 a month in loan repayments and if you end up living down in London with a type rating to pay on a junior FO's salary, there doesn't leave much in the kitty for Tesco's...

And to satisfy TruTh747's question - I finished in January (bang on time), got a job before I finished my IR flying the NG, my company are paying for my type rating, and I had a bloody good time! Money well spent.

[TruTh747]

And to satisfy TruTh747's question - I finished in January (bang on time), got a job before I finished my IR flying the NG, my company are paying for my type rating, and I had a bloody good time! Money well spent.

Well done but i still think 85k is a hell lot of money! and you finished on time.

[Devils Martini]

I agree it is a lot of money, but some people have that much on credit cards!

Spent sensibly and used with thought it's the best investment any prospective pilot could make.

Having said that, 5k of that was beer money for Phoenix...

[727Man]

I went the modular route through Oxford and spent 42K complete, this is from 0-340hrs FAA CPL Multi IR and UK JAA Frozen ATPL. Ok it did take 3 years off and on but I dont have 85k and a debt secured on a home hanging around my neck, you are out of your mind!no fun for you for the next 20+years!

[adm100]

TruTh747

Same as Devils Martini really, finished about 2 months ago and have got a job, don't have to pay for a type rating, Money well spent. Should be able to pay it back within 7 years (hopefully).

[badgerpuppy]

dude,

the integrated vs modular argument is nonsense but i will say this,

I went integrated at oxford and honestly think it was ok, and i mean only ok. The course has changed in recent times and seems to only be the modular bits tacked together........for realistically 70k plus.

Hmmm.

Won't be sending anyone i know to train there.

Even if they get to wear a uniform.

Not everyone gets work shortly after training, especially with 200 hours, sorry my mistake 150 odd.
I have to say that if i knew what i know now i would have gone nowhere near the place or anywhere like it to be frank.
For that knid of dough you could land yourself with an unfrozen ATPL, plenty of jet time, good all round experience, see some of the world possibly see something other than the dullness of the low cost carriers in the uk, and trust me you WILL be offered jobs from manydirections and you can choose them rather than the other way around.
That way there would be no need to go through the hideousness of flying a 737 for some tosser like o'leary.

tata.

[badgerpuppy]

oh yes, and nobody will give a toss where you trained.

Quite right too.

they are only out to get yer cash mate.

That's how you pay for things like brochures.

I have flown with loads of low hours pilots from both sides of the fence and you can't tell them apart. They all struggle.

[Lembrado]

I can't believe what I'm reading - £85,000 to learn to fly an aeroplane.

Madness.

[Artificial Horizon]

From my time as a Flying Instructor I would strongly suggest that a contingency of 10% would be a minimum meaning have atleast an extra £7000 tucked away for those unforseen retakes / retraining / bad wx / and just general over runs. So you are looking at circa £72000 plus living expenses. Think seriously about taking on this level of debt, my first flying real flying job after 2 years of instructing paid £1600 per month so £600 per month just on a flying loan would be seriously crippling. Having said that, if it is what you really want and you are willing to put the hard yards in then go for it, it is a great way to make a living.

[Elixir]

It's also worth keeping some aside (if you can) to cover the first couple of loan installments. HSBC give you a 6 month repayment holiday from end of course but it's a bit tight on time even if you get a job on finishing your course.

I waited around 2 weeks for a job after finishing, then with waiting for a start date, getting through the type rating, other airline training CRM etc, base and line training its can be a good 6 to 8 months between getting the job and getting your first full pay packet.