The way it works if you take the 60k finance from their financier: At the end of training, if its all gone to plan, you work for the sponsoring airline who pay you your cadet entry salary, and on top of that they pay you an extra £1000 per month, this £1000 per month is there to pay back the 60k finance you took from their finance partner for the bond. So you personally owe the bank back the 60k (around 84k with interest) which they expect back at the rate of 1000 per month. the sponsoring airlines 1000 per month covers the full 84k over 7 years. you can pay the bank back the money early at no penalty, but the sponsoring airline will still only give it back to you at the rate of 1000 per month up to the full 84k. Ive almost confused myself there, but hope it helps!
ps, if you leave the sponsoring airline early, you forfeit the money remaining in the bond that they owe you ( the 84k) but you are still liable for the repayments to the bank.
Last edited by FREDA; 18th May 2003 at 00:43.