yep, all above correct.
Although my mate did get £30k of HSBC unsecured under the Professional Studies umberella, but that was quite a few years ago.
Wear a tie with red in it. You will need to make an appointment with an account manager/the bank manager. Tell em in advance that you will be making an appointment to see him/her to borrow £50k as a professional studies loan. Dont talk to them then, just run through what they need from you, any forms filled in etc. Make an appointment to come back. You'll need around an hour. Prepare a presentation/business plan (HSBC do give out packups on how to prepare a business plan), but basically you need to cost it all out in 1. short term (I spend all your money), 2. medium term (2-5 years, I get a job and start to pay back your money), 3. Long term (5+ years, I am a captain, I earn loads of dosh, I am suddenly in need of pensions advice, and a whopping mortgage, I will be a prestige customer)
Include all costs, especially things like fun money, a few quid here or there for a beer or a curry, hair cuts etc. your account manager may not know about flying, but he/she will definately know you cannot go for a year without unwinding now and then.
Factor in cock-up funding. We allowed 25% on all stages of our modular course. This will make the total look horrendous. It will be.
Explain how you intend to repay it. I got £44k, I am repaying it over 6 years. It's costing me £765 a month.
ESSENTIAL FACTORS!! Your loan is accruing interest from the second you take the first draw down of funds. So avoid paying up front if you can. As it is accruing interest you need to factor it in! If you need £50k at the end of the year that £50k you've spent is actually nearer £54k. So you have to ask for £54k to cover the interest on the £50k you need.
Keep in contact with your bank. I wrote four progress reports. one every 3 months. They were like mini accounts. it is critical that your bank thinks you are in control of your spending. So you must demonstrate that you know what is going on. Although the main reason for the reports was to ask for more money.
I borrowed my dosh back in early 97. I am informed that We were some of the first to get a professional studies loan for flying training, however HSBC are well familiar with it now, so you should not have to go through the battle we did to convince them that flying training is a professional study.
Also, if you are overspending. Let them know as soon as you do, and forecast how that is going to effect the overall spend. I originally borrowed £26k, increased it to £32k and ended up spending £44k of their money.
WWW. There used to be a thread on this subject, with loads of advice. I have tried a search but cannot find it.
Probably the last tip. if you finish your course and don't immediately get a flying job...don't be surprised it may happen. Contact your bank. HSBC professional studies loans do get you a 6 month repayment holiday, but if you are unemployed like I was for a year and a half that doesn't help. The hot tip is contact them as soon as you are back. Get yourself a nasty little job that you can drop at a days notice (I drove lorries, and cleaned river boats). And volunteer to cover the interest only aspect of your loan (its about £300 a month). The bank will love that. I did that from month 1 of finishing my course, when it came to month 6 the bank allowed me to continue on 'interest only' for a year and a half. My mate thought I was mad. He didn't do that, took full advantage of his repayment holiday. At the 6 month point he volunteered to go interest only, the bank wouldn't have it. he went onto repayments, and as he was unemployed for 2 years it really crucified him. The reason you need a job you can drop at short notice is simple. I got an interview on a Wednesday, phoned the next night and asked if I could start on the following Monday. As it was to fly RHS in a medium jet, with only 250 hours, for a scheduled carrier I naturally elected to give up my lorry driving job for the opportunity. I had a BSc (hons) in Information technology, but all jobs offered to me under that umbrella were contract for 3 months minimum. There is a good chance you wont get three months notice of your first job.
In the interview with your account manager. Don't offer anything. They will press for security. They will expect something. You spend your money first. In the end my Mum and Dad stood security on the loan using their house. It was a massive responsibility, especially the period I was unemployed. I probably need counselling after that.
bluebOy79...I know I may regret this later, but I still have copies of my presentation, so if you want a hard copy. e-mail me your snail mail address and I'll post it to you.
Best of luck.
DeeTee