repayment of funding

[cooper1976]

Just wondered how soon do you have to start paying back funding after completion of training and as a rough idea, what is a typical repayment amount (monthly, yearly)
Also what happens to people who dont find work but are demanded to repay immediately

[I like planes & stuf]

There are so many variables here as to make this information next to useless (i.e. which lender, which rate, what amount, which branch, what terms)

You need to do your sums VERY carefully and plan on the interest rates going up before you finish your training so some kind of fixed-rate deal would be ideal if you can find one.

[CAT3C AUTOLAND]

cooper1976,

Just to give you some flavour, I borrowed £20K from HSBC, and the deal was 2% above the base rate of interest for interest repayments. You had to start to repay the money 6 months after finishing your training, however, the loan I had you could defer upto a year. Typical repayments were about £350 a month, sorry I cannot remember the term. However, as soon as I got an airline job I cleared it within a year, as you will get stung with a hell of a lot of interest.

I am sure you have done your homework, but you must be prepared not to get a professional flying job as soon as you finish, unless you and very very lucky.

[dartagnan]

you can still file bankrupt, this is why we are now in a depression, cuz too many idiots here thought you just have to borrow money to become an airline pilot, and make big bucks...these guys and banks were wrong!

£20K is nothing considering you have to pay for CPL,MCC,T/rating , and all extra...(food, housing,...)

I guess unsecure loan is now over, with the risk of schools collapsing for lack of cash, I dont think banks will invest in a wanabes....
They(banks) did their homework, aviation is a bad investment...

[cooper1976]

CAT3C AUTOLAND (http://www.pprune.org/members/7058-cat3c-autoland)

Thanks for the usefull reply. I know it was a bit of a wide open question
but it does help put things into perspective. I have saved just over 20,000 for this career change from a/c engineer to hopefully pilot. so trying to think modular or integrated ?
Many thanks again
tony:ok:

[CAT3C AUTOLAND]

Tony,

You are welcome sir.

It's funny you are in a similar situation to what I was a few years ago. My back round was in the aerospace engineering industry, and I too saved a substantial amount of money before I started professional pilot training.

You will hear many arguments about Integrated and Modular training (threads here), and the bottom line is, peoples view is all down to their own experience. I know guys who did integrated training and went from just shy of 200 hours onto an Airbus, to other guys who still can't get a job with the same experience. On the flip side I know guys who went down the modular road and went straight into the RHS of a jet, and again still know people who are struggling to get their first job. It really is all swings and roundabouts, and a bit of a lottery to be honest.

From my own experience, I went down the modular road, which was governed from my own circumstances, which were financial. I did not have the funds to pay for an integrated course. It took me alot longer than some people I know, but got to where I strived to be in the end. I guess it depends on how patient you are in achieving your goals. From reading your post it would appear that you dont have £80K sitting in the bank wondering what you are going to spend it on ;).

If cost is an issue, then, again speaking from experience, I would go down the modular road. You will save yourself alot of cash and will end up with the same end result, ticks in the right boxes in order to present yourself to an airline as an integrated student, but of course the time frame is a little different. One thing I found, and maybe a small thing, it was an important thing for me, is I found the experience I had from working in industry and teaching people to fly as a flight instructor, it gave me alot to talk about at my airline interview :ok:. Another important aspect, and again from my own experience, is networking. I would not be where I am now, flying professionally, if it was not for a dear friend of mine giving me the thumbs to the airline I now fly for. Getting to know and gaining respect of the right people counts for 10,000 CV's on a desk, however I am sure you know that already.

All the best with what you decide, flying the big birds definately beats working for a living. Take care.