Bang on preduk! or paid tax either... there's a tremendous myth that once you get the jet job - you're rich - but you're not.
The integrated costs + accomm + a type rating easily runs to £100,000. With typical interest rates and repayment terms, that'll cost about £140,000 spread over 7-10 years.
When I pay anything out of my salary I consider which tax band I'll be paying it out of. For the absolute basics in life (shelter, food, fuel), I consider that comes out of my basic tax rate earnings (5-10%). For simple luxuries (a holiday once a year, meals out once-in-a-while) that comes out of the next rate (~25%). For super-privileges (and I count flying training as just that since it's a personal choice - particularly if you've chosen to go it the integrated way) comes out of the top bracket, which for a typical pilot in the first decade of his/her career, is ~40%.
To pay back that loan of £100,000 is going to require you to earn £233,000 gross. So, for the first decade of your career, the fully-financed integrated course will impair your earning ability by almost a quarter of a million pounds. Or, in other words, all your fun-money for the next decade of your life - your twenties - when you're supposed to be enjoying life. Think about it.
Is it really worth it that much against the alternative of paying your way through modular and having some fun along the way flying in Africa or instructing? But, the airlines love it this way, a heavily indebted worker makes a great employee - they'll do anything to avoid risk losing that job!
Last edited by v6g; 24th Nov 2008 at 02:34.