Repayments, how do you do it?
I managed to get accepted into a good school and the paperwork for the loan has finally come through.
The loan amount is approximately £80k and I've been saving up for the past 12 months to cover the remainder for the training which is just over £90k total, this loan doesn't take into account my type rating costs, which I'm told will reach an additional £35k for a jet.
The repayments for the loan, are approx £800 for years 2-4, and £1200 for years 4-10.
I figure, if my rent is £80-90p/w my outgoings (worst case 5 week month) before paying utility bills, food or transport are approximately £1,650 pcm.
I believe just to make ends meet, keep my car on the road, pay various bills and food expenses, I would need to earn a minimum of £32k from the outset with a take home after tax salary of approximately £1,900
Researching I see that Ryan Air pay as low as £21k for FO. I've read horror stories of new starters (and I'm not clear on rank here) earning as little as £12k in the first year with Ryan Air.
By contrast, in the thread regarding the recent recruitment by Thompson, it was claimed a FO would earn £60k in the first year. But it seems this might be for unfrozen direct entry applicants?
It seems to me that unless you land a job with Thompson or BA you will not be in a comfortable position financially, I had also read that you should expect to be in a holding pool for up to 2 years after graduating prior to being taken on by Easyjet.
Can anyone clarify the situation in terms of earnings, and how you were able to make the repayments? It seems that if I couldn't find full time employment with an airline immediately, I would have to return to my current industry, and holding down a full time job might make it somewhat impossible to pursue professional part-time flying.
If anyone can comment on earnings and how quickly they found work, it would be much appreciated.