Callum,
the one thing that you've forgotten is that nice Mr Taxman will come along and demand a nice big fat chunk of that. I don't know - as I have no interest - what the terms of the deal are and in previous "mentored" schemes the renumeration has included some form of tax deductable loan repayment, but this sounds like Loan repayment is yours alone.
Therefore, consider that you're going to lose £10k a year right away. IF you work the full hours they're suggesting you will. Now, you still feel you can pay off £10-£12k a year of loan and live comfortably on the £16k a year you have left? Now consider that you'll be doing well to find a place to live for less than £1k a month (once you add on bills etc) [alright, you might be able to rent "a room" for less - but i'd still guess £500 a month]
Now consider that you probably will want to live some way away from your base - just to "get away from work" at the end of the day, so you'll need to travel to work. Current fuel prices? Well, it cost me £85 to fill up the other day. Assume you live 10 miles from the airfield - 20 miles a day. 5 on 4 off, that's probably another £100 a month on fuel. Then you have to tax, insure and buy your car. let's say you get away with car running costs of £200 a month [you'd be doing well, even for a banger].... you've just spent £14400 a year just providing a roof for yourself and getting to work. You've got the princely sum of £1600 to "live" on - buy food, go out, have a social life, save for the future - for your retirement. Still think it's a good deal?
I'm not trying to decry it - the benefit of these type deals is that you have the job to go to - and that's by far the hardest part of the training. I would encourage ANYONE wanting to fly for a living to de-risk the exercise by going through one of these type of schemes if they can. Just do NOT think you're going to find it a breeze...Financially, if you fund the whole thing from loan, you're going to be in a huge amount of pain financially for the next ten years, easily.
Oh - and the figures are probably very optimistic - you're more likely to be spending nearer £3-400 on travel all in...not to mention your staff car park, uniform, etc etc.
Last edited by clanger32; 28th Apr 2011 at 10:14.