I think the availability of £45,000 unsecured loans to anyone who can sign up for an Integrated course, i.e. anyone at all. Is. Mad, bad and sad.
Sorry but I do.
At 2% above current base rate that is a repayment of £886 over 5 years. Or £516 a month if you spread it over 10 years.
Thats a total loan repayment of £62,000 over 10yrs or £53.2k over 5.
Have you considered what a thump that is going to make you your salary? Lets say you are lucky and soon get a job flying, oooh I dunno, one of Emeralds smart new ATRs hauling freight around the nightime sky.
IF they paid you £19k a year then you'd take home about £1,100 at the end of the month. You can't afford £886 out of that so it looks like £516 for the next decade. Over that decade the Bank of Englands base rate may well climb to more historical norms around the 6.75% region.
Taking your ten year repayment to £563 a month and £67.7k in total...
So thats like adding £20k on top of the basic course price of circa £70k. £90,000 to get 200hrs?!?! You're 'aving a larf mate!
Even if you get lucky and get straight into a jet airline the first year take home pay is highly unlikely to break £2,000. Take off £886 and the resulting £1,114 is going to have to be spread pretty thin.
Lets say your base is Gatwick. We'll call the rent £400 a month and that won't be pretty. You'll have to have a car and petrol and even a banger will have to be £100 a month to run. You'll be paying council tax and utilities at £150 a month. Then you'll have to eat at say £25 a week - £100 a month. Your clothes will wear out and its hard to avoid little bills like TV licenses and the dentist so you'll lose another £100 a month.
So you've got £264 left each month. £9.10p a day to 'live' off.
You'll be living in a flee pit, driving a banger, patching your clothes and living hand to mouth, working anti-social hours in a strange part of the country and have less money in your pocket than the average student.
And thats if you get a jet job pronto.
I just don't see how these number add up into a realistic or - indeed - worthwhile proposition.
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There is no great rush to get into commercial flying. You are still young and the industry is going through a tough time. Go away and save like crazy, move in with your parents and get 3 jobs. Save like a man demented and I'm sure you'd have your £45k within 3 years. By which time the industry will likely be in a much better state.
And NO loan repayment.
Think of the difference.
Cheers
WWW
ps It is worth it in the end though - I promise
