financing the dream

[empty pockets]

:confused: i am a final year Meng (hons) aerospace engineering student/wannabe atpl.

with good old tony charging me circa £16k for the privelege of university, i thought another £60k on top to learn to fly will do nicely!

i am aiming to finish uni with no money owed to the bank, with just my student loan debts - which don't need paying until i get a job.

my question is this - what are the options for raising money through a bank or other financial institution?

i am obviously going to apply for as many sponsorships as i can, but want to know all the options available to me. i am intersted in the amounts various banks are willing to lend (i am with barclays at the mo and they have been very good to me so far), and when they want to start clawing it back immediately or when the training is finished?). what sort of security are they after?

i dont think my parents are willing to put the house as security (they know me too well!) so it would all be my responsibility

i'm not asking for every little detail (but the more info the better!), just the basics with with to approach the banks myself

catch u all later

[Tim_Q]

Hi Empty,
Just in the process of assessing this myself. I am fortunate that I have a house to borrow against though.
Have you talked to your bank yet? I know you can get career develpoment loans and such like. As far as I know these are generally a reasonable interest rate and the government takes the hit on the interest while you are studying. You don't have to start repayments until you finish the course but they are no way like student loans in that you have something like 3 - 6 months before you have to start paying out fairly sizeable monthly repayments. Also, I doubt you will get anything near £60K.
I finished uni about 6 years ago now, at the time I went for a couple of the usual sponsorships but didn't make it through selection. I am now in a position where I could finance my own way but it's still a big undertaking. I fear you may find you have to take the same path....or turn to crime?!
You can always kick of with a PPL, IMC....work up hours wherever you can while doing another job. Best of luck anyway.
Cheers,
SH

[MJR]

I would consider getting a PPL first if you havent got one already. How can you possibly contemplate financing a commercial flying training if you have no experience of flying. You may find you dont actually like it or it doesnt match your expectations enough to even want to train any further. Finally if you did manage to raise £60k to do an integrated course which I dont think I would recommend, how would you pay it off and live at the same time?

I dont wish to be blunt but dont walk into this with your eyes closed and your wallet open. Spending £60k may give you a fATPL but it does not guarantee you a job, it doesnt give you any experience and it doesnt get you a type rating. It does however give you a lifetime of debt with no means to pay it back, depressing huh!

have a nice day

cheers

MJR

[jasonjdr]

You ain't goin to get £60K from the bank mate!:eek:

I would be surprised to hear of anyone who has managed to get a personal loan for more than £15,000 without at least ;

1. A job.

2. A property to secure the loan against.

If you can't get the bricks & mortar, then the best thing is to go out and find yourself a nice grauate job with your newly acquired degree. Spend the next 6 months waiting for your credit rating to go up with your bank (personal loans are usually based on a credit score, and the more monthly wage cheques that are paid into your account then the higher you're credit rating and the more chances of getting the loan approved. 6 Months usually does the trick). Also if you do want to borrow money to SPECULATE in the FATPL market, then at least the bank will know that you already have a job and could possibly return to something similar if the FATPL goes 'Tits Up' as you fail your Air Law for the Nth time! Also helps when you get your FATPL and can't get a RHS. At least you have some experience of doing something else to fall back on, and pay the bills.

Also the 6 months will give you time to get out and do some flying at the w'kend, and really find out if you have the bug.

Otherwise, I agree with MJR walk in with your eye's open, there are other ways to obtain you're goal without spending £60K on an integrated course!!


Keep trying for the Sponsorships and Good Luck.