Originally Posted by
cede
Hey rudestuff,
Currently in a similarish career to airlines, just via a different medium....
I've seen you say that now has never been better than to go for the training. I've seen others say that even taking out a loan to part fund is an option worth considering (sorry I can't remember who).
My day job pays well. However it will take me a year or two to save up the figures quoted for modular. There are a few options I have been thinking about;
1. Take as big a loan as I can get, and save up the remaining difference = less time to fATPL and more chances of employment "quicker" in this market, and thus total career earnings. However more debt and first job could be on regional carrier with low pay and high repayments...
2. Save up everything I need including living expenses and then do it all off my own back = will take 2/3 years to save up properly and may have missed my "chance" in the market. However no debt and if I get first job with regional, I'll not be struggling with repayments. Though final career earnings could be less??
3. A balance of the two options. Save up half and loan the other half = best of both worlds or worst of both worlds?
Any thoughts on the above?
Cheers
You mentioned career earnings - which means you understand the importance of getting into the industry sooner rather than later. Don't be afraid of unsecured debt (in the UK at least.) The worst that can happen is that you get a black mark against your name. Work out the largest repayments you could comfortably afford and multiply that by the longest loan period to find out hour much you could borrow and save the rest.