You are right Adios, you can borrow only 60 000GBP I have overlooked that.
Which supposes you have to get 6000 further GBP from somewhere else as training costs 66000GBP. Add 4000GBP for Oxford accommodation and you realise that "you have to be rich, to be my girl" before even starting.
I'm bored anyway so let's do the calcs from the start again.
Considering you think Greenwich is the center of the world let's do the calculations for you UK guys:
Initial investment=10 000GBP=+/-13000EUR from own pocket
On loan= 60 000GBP
Interest rate= 5.25% base + 2%=7.25%
Over 8 years is 7.25x8=58%
60 000 + 58% = 94 800GBP = +/-125 000€
Total investment 125 000 + 13 000 EUR = 138 000€
(Caution: this is supposing the bank is a NGO. Don't forget to add all yearly insurance charges of over 300GBP for death, loss of licence, loss of job or loss of medical.)
Now let's consider that a UK contract allows the income taxes to be paid in the UK. That would suggest a taxable income that falls into the 22% tax rate grid. So let's be optimistic and assume the more favorable 20% taxe rate if paid in Portugal.
Now let's look at the NIC: Your taxable weekly income is below 770GBP per week so you will pay 11% NIC taxes in the year 08/09.
Added together that would make a 20+11 = 31% total taxes on taxable incomes.
Year 1: 56 500€ paycheck - 56 500 loan repayment=0€ taxable.
No money for living, loan repayments remaining 68 500€.
Year 2: 56 500€ paycheck - 20 000€ loan repayment = 36 500€ taxable.
36 500 EUR-31%=25 185EUR for living. loan remaining 48 500€
Year 3: same, loan remaining 28 500€
Year 4: same, loan remaining 8 500€
Per diem's if available on the cadet scheme will be very needed for different local expenses. Do not expect any on the first year as you will be on line training, type-rating and on standby most of the time.
The length of the loan repayments of 5 to 6 years mentionned on their website suggest that you are not getting paid during type-rating and line training
not the £141,000 that he arrives at with his calculations.
For your information it's EUR, €, euro. The eye sees what it wants to see.