Steven JC
17th Oct 2001, 01:21
Generally I try to be optimistic but the following challenges my normal outlook.
Does anybody want to risk paying up-front 32k, agreeing to a security of 40k, then paying 20k back from your salary, that is if you are offered a job.
Let us analyse this in terms of risk and calculate a real cost, assuming you are currently in a job paying 20k and take out an HSBC career loan for 32k.
32k plus interest over a five year period equals approximately 40k in total payed back.
Assuming you are offered a job having successfully completed training, £500 per month (approximately according to other threads) is deducted from your salary for the first 3 years or so. Not including any interest charges which could amount to a further £3000 if applied.
If not then you can also account for a loss of earning ie 20k
Hence a total potential cost of 83k. This is almost a mortgage and without a decently paid job, one would struggle to pay this over a 10 year period at least.
Unless you are offered a guarantee, which you aren't then how can you justify any expenditure of this order. :confused:
Did I mention the 40k retainer for 5 years and the lose definition of 'market rate' for cadet starting salary?
The overriding factor of course is how badly do you want it. Either very badly, or you have seriously rich parents who will help.
I am begining to feel that given the economic climate it may a better idea to continue flying as a hobby/pleasure whilst maintaining my current career path as a chartered engineer.
Please don't misunderstand me - I am very sorry that we are all going through this experience but feel it highlights the need for a back up plan the need to be sure about our commitments which we make to any training etc. :(
Good luck to anybody going for the BEship. I don't think I will be having reviewed the financial and cntractual terms !
Does anybody want to risk paying up-front 32k, agreeing to a security of 40k, then paying 20k back from your salary, that is if you are offered a job.
Let us analyse this in terms of risk and calculate a real cost, assuming you are currently in a job paying 20k and take out an HSBC career loan for 32k.
32k plus interest over a five year period equals approximately 40k in total payed back.
Assuming you are offered a job having successfully completed training, £500 per month (approximately according to other threads) is deducted from your salary for the first 3 years or so. Not including any interest charges which could amount to a further £3000 if applied.
If not then you can also account for a loss of earning ie 20k
Hence a total potential cost of 83k. This is almost a mortgage and without a decently paid job, one would struggle to pay this over a 10 year period at least.
Unless you are offered a guarantee, which you aren't then how can you justify any expenditure of this order. :confused:
Did I mention the 40k retainer for 5 years and the lose definition of 'market rate' for cadet starting salary?
The overriding factor of course is how badly do you want it. Either very badly, or you have seriously rich parents who will help.
I am begining to feel that given the economic climate it may a better idea to continue flying as a hobby/pleasure whilst maintaining my current career path as a chartered engineer.
Please don't misunderstand me - I am very sorry that we are all going through this experience but feel it highlights the need for a back up plan the need to be sure about our commitments which we make to any training etc. :(
Good luck to anybody going for the BEship. I don't think I will be having reviewed the financial and cntractual terms !