BSMuppet,
I wouldn't argue for a second that Modular is not cheaper than integrated, but I would counsel extreme caution in your figures. Just SOME points I would suggest that you - or anyone else may want to consider....
A) Integrated courses. You have NEVER been allowed to borrow £70k. Yet another myth about integrated courses perpetuated by those who know no better. The courses COST that, but you have to fund at least £20k yourself...so the interest is a LOT lower than you have estimated. Also, I have to say that if you have £56k budgeted for a modular course, then the bottom line is that you're £14k (20%) cheaper than integrated. THAT is what you should base the differential on. Living costs whilst you train - you'll have those whatever route you choose, therefore you can't "add" them to one, but not the other. Ask an accountant if you don't believe me.
B) You say if you went integrated you'd have to lose the £38k a year in income....well, ok. But, then, you can't do Modular "full time" and stay working either....
So, EITHER you lose the income and complete the modular route full time(in which case you'd need to add £38k to your mod costs straight away) or you do the training part time. In which case you should figure on taking 3/4 years for your training - and consequently you need to add 3/4 years lost income/seniority - and this compounded! - for rest of your career on top of your costs.
C) Speak to the many, many, many mod students who have suddenly found that the advertised course fees don't include landing fees, VAT, licence issue, CRP5, Jepp manuals, charts etc.....I spoke relatively recently with a mod student at my FR interview, who reckoned that by the time all the hidden costs had been included he'd spent "only" about £10k less than Oxford integrated....
I'm not trying to be contentious. But, from your reply it seems you haven't started training yet...do NOT underestimate how much ****e is talked about BOTH routes. There was a post on here about 18 months ago where someone actually listed out the EXACT cost of them going 0 - fATPL modular....it was about £55k from memory. Not a whole lot cheaper.
However, you'll get no argument from me that modular IS cheaper - and generally a lot cheaper at that - than integrated. Neither would I advocate an integrated course under general terms right now....but don't be blind...there's an AWFUL lot that's never considered.
Just beware. You've done the standard thing of taking the worst possible case of integrated (and btw, if we take your figures as accurate you've got £100k course cost, £38k lost income....and "some" for living...how much are you planning on spending in 18 months that you get to over £200k! and another thing....400% more than your £56k would be £224k...may I suggest sharpening up the ol' maths before the ATPLs!) and the best possible case for modular and it just doesn't work like that. I'm not trying to be an arse, but offer advice from someone that's been there and done it.
Caveat Emptor, as they say....at least with an integrated course your costs are pretty much fixed....
Last edited by clanger32; 8th Apr 2009 at 18:50.