MajorYaw - I meant that there used to be the perception that taking the CTC wings cadets course meant a guaranteed job. After all, 100% of cadets have been employed to date. This was leading people into (I agree, incorrectly) assuming that their risk on the £60k+ bond was minimal.
I concede that I too was one of the many that thought my risk was minimal.
I am now sitting on £100k worth of debt and no job, tossed aside at the whim of an airline looking to save a few quid.
The loan repayments are going to be approximately £1,100 a month, with interest accruing at the rate of £20 a day. There is no job I could walk straight into that could pay that amount, and I have a solid degree and a years experience in the city.
Yes djfingerscrossed you may be able to have a 'back up plan' should your employment be delayed. However not all grad schemes recruit all year round, and as soon as you start you have committed yourself to abandoning your flying career. No employer is going to let you get paid £30k+ for several months then you swan off back to a type rating, or remployment with an airline. The general feeling I have from searching for employment is that the average graduate salary is £24,000 at best. That is nowhere near enough to repay any kind of 'bond'.
To sum up:
- Not a guaranteed job by a long shot, especially in todays economic climate.
- If you are not employed by an airline the odds of being able to repay the loan at the agreed rate is minimal. Having a degree or even experience is nowhere near enough of a backup plan. Having an ACA or being a fully qualified lawyer might just be enough. I was going to put in investment banker too, but events in recent days probably indicate otherwise.
- The airlines clearly feel no obligation or moral commitment to keeping cadets, even when marketing on their own website offers a 'sponsorship' scheme.
Be very very very wary guys and girls. The financial position I am in now is bloody terrifying, enough to keep me awake at night and occupy my thoughts for most of the day.
Train slowly, keep out of debt. You might even enjoy some of the flying along the way!