ok - just thinking out aloud here:
For this scheme you require a loan of 38000. For starters, since the demise of the HSBC pilot loan scheme, i have no idea where to go to get a loan of this size (HSBC Professional studies loan onlygoes upto 25k)!! Even if i did find a bank willing, a good interest rate would be approx 6-7%. Working on 7% over 5 years, this means paying back approx 8800 per year. This is approx 680 per month. Add to this the 330 for paying back course costs equals 1010 per month. As has been previously stated approx salary is approx 25000 + 2500 sector pay equals 27500. After tax and NI approx 1600 per month. Then, in my case, take off student loan and loan for PPL equals 1300 per month. So ow do i live on 300 a month, what about rent and bills, food etc. Even those of you who have no student loan of PPl debt you still have to live off of 500-600 a month. How?? I am currently an aero engineer taking home approx 1500 net a month and its still difficult - rent, bills, car, food etc.
Unless you have 38k in cash in your pocket i just dont see how anyone can afford to do this!!!
thoughts??
stu