The Big Question ... (Finance)

[GeorgEGNT]

Right, once again I must apologise for posting this, but I must stress I did use the search facility first to find little results.

I have 8 weeks left of my A-Levels before exams etc, and I have currently had 2 offers from universities, one for an aviation technology course and one for a air transport course which also incorporates training towards a fATPL.

I have obviously been reviewing other options such as throwing the degree out of the window and getting straight into the training etc etc. I am basically looking now at my next year and where I want to be, well ... where I can be judging my situation etc.

I have little money in my savings which I know will cause problems for me in the near future. But want I want to know is, are the flying schools really telling the truth when you read statements such as "helping everyone of all financial backgrounds achieve a piloting career" (not a direct quote) or is that all part of the campaign to get you through the door? Is there help that can get you through a fATPL course? I'm starting to think that I'm going to have to work for a few years to save money up.

:ugh:

Thanks
G-EGNT

[SAA]

Without a full sponshorhip from lets say atlantic(or some others) you will be stuck very very soon indeed. Might be a good idea getting a full time job and paying for the flying while you work. Thats what I did. It takes ages but thats the way it goes.

Any other option really is asking your dad to get a loan on his house (if available).

As for the degree, who knows some say its better to get the degree first other say its a waste of time.

Good luck:ok:

[Smell the Coffee]

A good degree is not a waste of time, it is a very valuable asset for any aspiring pilot.

It is a hell of a lot easier getting a good job with HSBC or BP in a graduate programme (for which a degree is required) than it is getting a job with an airline.

Follow your dreams by all means, but you need a good back-up plan if things go pear-shaped, or if that job search after the fATPL gets long.

You could start training straight away, as long as you have a plan with regards to how you are going to pay back any loan whilst waiting for your first job. You need to work out how much money you need, speak to your folks, speak to the bank and then work out what's best for you.

[preduk]

Personally... I wouldn't go near a degree in aviation at all... I would go for one in a more academic subject that you can use as a backup...

(I think this is the 3rd post I've said this?? :rolleyes:)

I decided to go to University and Study Law where I got a student bursary and a part time job. The Degree is now a backup, the job is also a backup and I have a better income from Uni/Part time work than I would going full time...

I've been paying for my flying which will get me my PPL by late this year/start of next year, I graduate next year with my law degree and I will be going onto to do my ATPL theory from August next year onwards. I will have zero debt before I start my CPL.

[TelBoy]

A degree will (probably) not help you much in becoming a pilot. It would be a VERY good backup if aviation fails.

However you are young and I'm sure you can adapt. If you are set on being a pilot - why spend a lot of time and money (student debt) doing something else?

My thoughts are, get on with what you have started - your A levels and be sure to do well at them - put 110% in all times. Then when you have them, get the highest paying jobs you can get - yes 2 or three at a time and save every penny. You can probably get your PPL in less than a year doing this and be credit worthy in your own right. Then maybe part savings and part loan to do the rest needed for fATP.

Simply set your goals and put EVERYTHING into acheiving them. I'm not saying it is easy, but if you live and breath every moment for what you want to achive, you will do it.

These are of course only my thoughts, but I wish you all the best whatever happens.

[R T Jones]

Have you thought about taking a year out to consider your options and do some more research about the different paths. I was in your position this time last year and decided to work at an airport for a year to see if I could actually cope with getting up at 4am! It allowed me see if this was really something I wanted to do and think about the different routes of training.

On the financing side, if you go to one of the integrated schools I believe they help you slightly. Example if you went on OAA APP scheme you can borrow £50k secured from HSBC, obviously you will need more than this, but it’s a start. FTE, you get a loan for the whole course from a Spanish bank and CTC HSBC gives you most of the money you need unsecured.

Only been training for 3 months but can already see how things can get very expensive very quickly, if you need more flights because you mess something up or don’t pick another thing up quick enough.

If you've got some money saved up that’s a good start, but defiantly start watching those pennies. Also with the degree, defiantly do something not related to aviation, something you can fall back on if things don't go to plan. Personally, I didn't go to university and I slightly regret that choice, however I should be in the RHS 3 years earlier and with a little less debt as a result!

One final point is always take things that flight schools say while not wearing your rose tinted glasses. I know you don't hear with your eyes but hope you get what I mean!