GTTIB
9th Apr 2009, 16:15
The route of zero to fATPL is a daunting, but exciting experience. One which is remembered fondly and proudly when you get through the "other side".
My experience started in January 2007. I visited the two schools where I could do a full integrated ATPL - Oxford Aviation and Flight Training Europe (FTE), Jerez, plus a new school just opening in Greece, Egnatia - who offered a cheaper, but modular route.
I liked Egnatia, but the modular route put me off somewhat. I worked for GB Airways as Cabin Crew for 4 years, which gave me a valuable insight into aviation. Many pilots offered opinions about pros/cons of modular versus integrated. The modular options seemed not to be prefered by airline recruiters, so was swayed towards the integrated options.
For me, the choice between Oxford and Jerez was a no-brainer. Jerez offered me a more financially viable route, with the bonus of near year-round sunshine, cheap continental beer and a pool!
Having made the choice between the two schools, it was time to start thinking "money". It has to be said, the choice was extremely limiting. First off, HSBC wouldn't help me. Having contacted Kidlington, Crawley and Bournemouth (all of which are known for aviation Professional Studies Loans) they wouldn't lend to me for a course based in Spain.
BBVA are the primary provider for FTE. They offered loans in €uros for the full course cost - however they required securing the loan against equity on a property in the UK. Another stumbling block, which I wasn't able to get over.
With options being quickly limited, I started to "cobble" together some ideas. My parents kindly offered a loan for about 40% of the course costs, which was great. Now, for the rest of the fees...
I took a Career Development Loan from Barclays for the maximum permissable amount, plus I had a bit of savings and a small amount of inheritance. This left me with a shortfall of about £20,000.
Being involved with a small internet business which supplied personalised crew tags for airline crews, this provided me with a small income which I could use to support myself whilst away, that I could manage online where ever I was. I bit the bullet and decided to put the remaining course fees on my credit cards. :eek:
I figured with my small income from the crew tags, I could live and pay credit card minimum repayments, if I delayed paying the installments of the course costs. It kinda worked and I kinda survived with a small €100 budget spending money per month to spend on beer!
At the time, the €uro was a healthy 1.4ish/£ and the concept of putting all that money on credit cards was insane. But in the time I was away, the €uro fell to an all-time low of 1.2/£. Other coursemates who borrowed from BBVA in €uros are starting to look a little sick.
As it turns out, by the end of the course, the interest I was paying on credit cards was less than those who borrowed in €uros and are now paying back their course costs at practically 1:1. The €100,000 course suddenly became £100,000 mortgage. At least, my loans were in Sterling.
So, now I've got my first airline job, working for Europe's leading regional airline on the Dash 8 Q400 - but what about those credit card bills and loan repayments? I started looking at ways that I could supplement my income by making additional money online.
Having a full time flying job, I needed something which I could do in my spare time and standby days. What I found was truely remarkable. I'll save you the details, but what I'm now doing has significantly reduced my debts, and I'm well on my way to clearing all my flying debts - in just 8 months! PM me if you want any further details.
I wish I knew what I know now before I started training, as it could have made the stress of worrying about money whilst training non-existent.
My experience started in January 2007. I visited the two schools where I could do a full integrated ATPL - Oxford Aviation and Flight Training Europe (FTE), Jerez, plus a new school just opening in Greece, Egnatia - who offered a cheaper, but modular route.
I liked Egnatia, but the modular route put me off somewhat. I worked for GB Airways as Cabin Crew for 4 years, which gave me a valuable insight into aviation. Many pilots offered opinions about pros/cons of modular versus integrated. The modular options seemed not to be prefered by airline recruiters, so was swayed towards the integrated options.
For me, the choice between Oxford and Jerez was a no-brainer. Jerez offered me a more financially viable route, with the bonus of near year-round sunshine, cheap continental beer and a pool!
Having made the choice between the two schools, it was time to start thinking "money". It has to be said, the choice was extremely limiting. First off, HSBC wouldn't help me. Having contacted Kidlington, Crawley and Bournemouth (all of which are known for aviation Professional Studies Loans) they wouldn't lend to me for a course based in Spain.
BBVA are the primary provider for FTE. They offered loans in €uros for the full course cost - however they required securing the loan against equity on a property in the UK. Another stumbling block, which I wasn't able to get over.
With options being quickly limited, I started to "cobble" together some ideas. My parents kindly offered a loan for about 40% of the course costs, which was great. Now, for the rest of the fees...
I took a Career Development Loan from Barclays for the maximum permissable amount, plus I had a bit of savings and a small amount of inheritance. This left me with a shortfall of about £20,000.
Being involved with a small internet business which supplied personalised crew tags for airline crews, this provided me with a small income which I could use to support myself whilst away, that I could manage online where ever I was. I bit the bullet and decided to put the remaining course fees on my credit cards. :eek:
I figured with my small income from the crew tags, I could live and pay credit card minimum repayments, if I delayed paying the installments of the course costs. It kinda worked and I kinda survived with a small €100 budget spending money per month to spend on beer!
At the time, the €uro was a healthy 1.4ish/£ and the concept of putting all that money on credit cards was insane. But in the time I was away, the €uro fell to an all-time low of 1.2/£. Other coursemates who borrowed from BBVA in €uros are starting to look a little sick.
As it turns out, by the end of the course, the interest I was paying on credit cards was less than those who borrowed in €uros and are now paying back their course costs at practically 1:1. The €100,000 course suddenly became £100,000 mortgage. At least, my loans were in Sterling.
So, now I've got my first airline job, working for Europe's leading regional airline on the Dash 8 Q400 - but what about those credit card bills and loan repayments? I started looking at ways that I could supplement my income by making additional money online.
Having a full time flying job, I needed something which I could do in my spare time and standby days. What I found was truely remarkable. I'll save you the details, but what I'm now doing has significantly reduced my debts, and I'm well on my way to clearing all my flying debts - in just 8 months! PM me if you want any further details.
I wish I knew what I know now before I started training, as it could have made the stress of worrying about money whilst training non-existent.