Hey guys, I just want to add some details. This is from
"Greg Bockelman" in
http://www.airlinepilotforums.com/fl...udentpilot.com
Quote:
Hmm. What airline and what country? There are places in the good ole USA that are more than willing to take your money and make promises they cannot deliver.
I'm from the Philippines.
Quote:
That is a tad less than 6% interest rate. Red flag one for me because that is a low rate for this kind of loan.
The airline that offers that training is Philippine Air Lines. The bank (Allied Bank) that would offer this loan package is closely related to PAL since it is owned by the same person.
Quote:
What is the collateral? Another flag.
I got my parents' approval to use our house in Manila as a collateral. Its probably worth around $70,000 in my estimate. Since we have a neighbor that sold their house at $44,000 but is only haft of what our lot area is.
Quote:
How do they feel about losing the collateral if you default?
Although this might happen, we do have another house just outside of Manila. We can stay there if anything goes wrong.
But I had thought about this, so I have another back-up plan. There is this government monetary assistance agency called PAG-IBIG, that can provide filipinos a way to purchase their own house. I just need to be a contributor of this agency for 2 or 3 years, and the monthly payment is very, very cheap (I'm shy to say it here, since its very cheap hehe). Then I can take out another loan which is a 30 years to pay, with very low interest rate. Which would enable me to buy my parents' house that we had used as a collateral to pay for the training, and transfer the property to my name. So in short, if I can buy my parents' house and transfer the title in my name, and the money that I used to buy it, will be use to repay Allied Bank's loan package.
Back-up Plan Summary:
Allied Bank's Loan Package
-2 years leeway, before the my very 1st repayment of the loan.
-if in an event that we cannot afford to repay the loan through normal means, i would take out another loan from a government agency that offers very low interest rate, and is payable in 30 years.
-thus saving my parent's property, repaying the loan completely and transferring the title to my name.
Quote:
The time to prepare for a career in Aviation is when times are bad. That way, when things pick up, you are in a position to take advantage of it.
Thank you for such encouraging words. Hehe.
Quote:
That is a plus, but how much are you willing to bet on this? The financial stakes are pretty high.
Realistically speaking, it would be hard, if not even remotely possible for me to land a aviation career immediately after graduation. I was hoping to be able to prove myself in the training so that they might offer me a co-pilot job within PAL, or they might really consider me since they claim to prioritize their graduates. I hope this is true.
Quote:
Depends. What does the sponsoring airline have to say about that? Otherwise, 217 won't get you much especially in this economy.
yes sir, i had noticed that. Even Philippine Air Lines do require 500 flight experience. but they would prioritize their graduates into a job in their air lines if there are vacancies. They tell me that they are prepared to waive that flight experience, if ever, for their graduates.
any ideas how can I earn easy and cheap flight hours?
Quote:
My advice is to not go into debt. But that is me.
Thank you for this. I really appreciate it. I promise that I will take all your help in serious consideration.