Originally Posted by
PilotLZ
On the subject of dedicated training loans, I imagine that in the coming years those will be non-existent. It's simply too high a risk for the potential lender, especially after a number of cadets from programmes advertised as coming with a secure job in the end got dropped in the past months. Unless the loan is underwritten by an airline and the airline agrees to cover the costs for the lender in case of a hiccup and only then possibly reclaim them from the candidate, it will most likely be a no-go for a long time. And, anyway, why would an airline do that if the supply of either already qualified or self-funding individuals will be more than enough to cover all vacancies for quite a while?
The only wise solution to not having the money for the entire training readily available is good old modular, spread over some years on a pay-as-you-go principle. That option has been around for almost as long as civil aviation has and it has proved to be working for thousands of pilots throughout the decades. For many, that's the only option. For the youngsters it's an especially good option because it will make you stand out as mature and determined in your airline interview. Someone who has actually put some skin into the game will always be more appealing to recruiters than a school kid who simply asked mum and dad for a bag of money to become a pilot. Do not burden yourself with loans and, by all means, never, ever, ever remortgage the family house for something as volatile as flight training! I just can't stress that enough after all the horror stories of schools going under with people's money, cadetships being cancelled at the final stages of training and whatnot else. It's an awful lot better to do everything off your own back rather than take the gamble of borrowing a massive sum of money with no guarantee that you will be able to repay it as quickly and easily as intended.
One of the few logical comments I see. I second this completely. Aspiring pilots now should focus on being smart with whatever money they have for future training, this especially applies to integrated courses with fancy sales pitches and lots of upfront reoccurring costs. None of which will guarantee you a job, especially at the moment.
The smartest way to go for the next few years is modular where you can study as little or as much as you like with the ability to put the financial brake on any commitments.