Training finance

[747craze]

Hi guys,

Just a little help regarding flight training;

Ive wanted to learn to fly and become a Pilot ever since the age of 4!

The only problem is that in today's economy, financing is proving a little tough, i don't want to go putting UK properties on the line as i couldn't put my parents in this predicament. Ive attended many flight school open days and events and there is no reasonable efforts to put a viable financial solution in place?

In my view it seems that only the rich can now pursue such a career and that the people with the real passion and determination are forced to take a step back. I don't want this to happen.

If any one has any advice on how they financed their training then please do pass on the knowledge, id love to know!

[student88]

Ollie,

It seems like the only option you have is to find a job that pays you a fairly decent salary which you can live off and use the bit left over to learn to fly. You're young and you have loads of time to get the training done because the economy is in a crap place right now and even if you walked out of a flight school tomorrow with a CPL ME IR, you won't be getting a job for a long time to come.

Good luck.

[747craze]

Thank you for the speedy reply! I am currently working and booked up a lesson for tomorrow however i was told that it was a waste of effort by a BA Pilot? In the end i got fed up of waiting for the opportunity that might never arise so ideally, i need to just keep on at it.

Im going to try to gain my PPL and go from there, would a degree in Aerospace Engineering leave me in a better stead?

Again, thank you!

[PURPLE PITOT]

You would be employable as an engineer! It would give no advantage with the airlines, but does open up other interesting avenues, like flight testing F1 etc.

[747craze]

The only reason i ask is that the BA FPP requirements stated that a degree of 2:1 or more would work in our favor. It would also give the economy a little more time to pick up so to speak? Is my reasoning out of the window?

[taxistaxing]

No bank is going to lend substantial amounts of money on an unsecured basis to fund pilot training given the uncertainties, attrition rate and risks involved. This is perfectly sensible when you think about it.

The majority of CPL students I have come across at my local school (modular) are:
1. young guys from well-off backgrounds whose parents are supporting them through training;
2. Others, usually a bit older, who have established careers and can fund the training from their earnings and savings. I am in category 2.

You're correct to assume that the very young students in category 1 tend to come from well-off backgrounds. Given the amounts of funding involved it is true to say that having well off parents is a major advantage in the flying training game. Category 2 is more of a mixture, but goes without saying that you need to be on a decent income to fund flying training after paying for living/housing costs etc.

Given the current (poor) jobs market, and your age, there is no rush. As a starting point I would focus on getting a job to get some cash coming in and doing a PPL. Once you have a PPL you will be in an informed position as to whether you want to continue training. At that point you can either apply for mentored integrated schemes, or progress down the modular route at your own pace.

You will also have a backup plan in case you decide flying isn't for you for whatever reason, or fail the medical.

This is the route I'm taking, funding training from earnings and avoiding debt at every stage. The modular versus integrated debate is a whole other question, which you can read about in detail on other threads, but doing what you can to minimise risk and keeping your options as open as possible seems a sensible way forward.

[PURPLE PITOT]

Sounds very sensible to me. Your only other option is to join the zombie army and give £100k to a flashy flight school!

[747craze]

Thanks a lot guys! i had booked a lesson for Sunday but had to cancel due to work however, i think im going to take step 2. theres nothing better than sleeping at night knowing there isnt £100,000 debt laying on your shoulders! do you think that pre 9/11 flight training will ever come back?

Also forgot to mention that ive an invite to the up and coming event that Virgin Atlantic are holding, the 'Future Flyers and Fixers'? Not sure if any of you were aware that this was taking place?
Hopefully the big dog himself will be there!

Thanks again.

[Nekro]

If you're really passionate about flying, why don't you join the airforce/navy instead? it's more stable there and everything is concrete. the airline industry is horrible right now and has been for the last couple of years. you have to know that when you graduate from flight school you're going to end up with only 200+ hours on your CV. you're never going to get into the right seat of a A320. you have to build your hours through something like bush pilot or being an instructor. I really think the military route is 10 times better than the commercial.

[PURPLE PITOT]

Absolutely. Just pitch up at your local careers office, and tell them you want to fly jets. Dead easy!

[747craze]

Nekro, its all ive ever wanted to do!

Im about 3/4 of the way through a levels now so could apply to the raf straight in as a pilot.. Im also looking into the season out in Maun? Bush Piloting would be right up my street!

[average-punter]

But you have to be commited to a military route... I'm pretty sure the interviewers could sniff out a lack of commitment to the military very easily.

I'm in a similar position to yourself. I'm currently trying to get a job in another area of the industry and have a couple of interviews lined up. I think it would be a good place to start, save some money and make some contacts at the same time.