Funding Training

[mattyh1986]

Hi, I am 22 and about to Finish studying a degree in Business Studies, I had 3 years in the UAS and completed the flying syllabus in the Grob Tutor. I want to become a pilot and at the moment im very keen on being an airline pilot. Ive heard good things about Oxford Aviation Academy and am booked to go look around soon.

I was just seeking some advice regarding funding training, I haven't got the financial resources to fund myself so would require either sponsorship (which seem a bit like gold dust from the research I've done) or take a substantial loan out.

I already have the best part of £16,000 from the degree, how realistic is it to expect to be able to take a loan of £60,000+ and manage repayments, do many people do it and is it manageable? and does anyone have any advice or tips on funding. Apologies if this question has already been addressed and if so would appreciate if somebody could point me in the right direction.

Look forward to any input,

regards,

Matt

[BullHughes]

Hi mate.

I did a degree, and I can tell you that having a student loan makes no difference whatsoever. My student loan repayments are currently £9 per month! In fact my graduate account gets favourable interest rates (very important at the moment.) Banks like graduates.

I took an unsecured bank loan last week to fund ATPL's and hour building. I'll pay that loan off first over two years, and then take another larger one to fund the CPL/IR training itself. Providing you can guarantee repayments they'll let you have it. Unfortunately the only way to pull it off for a large loan, is to guarantee repayments through a high disposable income. I'm in the army, which is probably the most secure job you can have at the moment. We don't get sacked we just get shot instead ;) As you were UAS have you considered the RAF?
On the downside, working full-time means training part-time and having to ask for rather large blocks of leave.
Oxford will probably require you to train full-time, so working to pay it off will be impossible.
I don't know anything about how to get full loans of £60000+ with deferred payments to fund integrated training. I really can't understand how people get them. You'd probably need some sort of security from a parent's house or business.
However, imagine the look on your Dad's face if six months after finishing your course the repo men turn up on the doorstep of your lovely detached four bedroom house because you are still unemployed and can't afford the £600 monthly repayments!
I could never take that risk. People are reckless with money. It's the reason the country's the way it is. You should know that from your degree!
There are ways to do it, but remember you'll have to pay for it through work sooner or later. I've chosen sooner! Good luck.

[daveyb]

Hi Mattyh1986,

Why not try the RAF if your looking for a cadet/sponsorship scheme.

My friends hubby went to uni got his degree worked in a hospital but he allways wanted to fly so he joined the RAF and hasnt looked back.

with the way the economic climate is at the moment i would not be thinking of full time modular you just have to look at some of the other treads here about guys with a couple1000 hrs on type with no jobs.

the other thing you could do is put the degree to use, and earn money towards your flying starting with the ppl

P.S it,s a known fact that the likes of BA/VIRGIN hire ex RAF guys

looks like bull hughes bet me to the RAF suggestion i would agree with bull on the costs and having nothing to show for it at the end and remember you have to keep your ratings and medical currentl(i.e no job)

best of luck

[daveyb]

Hi Bull,

i was giving the go ahead for a 100000 euro loan last year on the basis i had my own house the banks were throwing $$$$ around it ws unreal.

fortunately i didnt take them up on the loan as i dont beleive in paying that kind of$$ for a f ATPL then another 30k euro for a TR