Career Development loans for PPL + hours??

[darthmuppet]

Is it fact or fiction that a Career Development loan can pay for a PPL licence, and hour building?

Has anyone done this, I know they will pay for the CPL/ATPL studies but Alas! I am yet to fly that far!

£8,000 limit, 9.6% APR, 25 months to pay back, etc etc!!

Got all the info but keep getting a different answer, if anyone has then the Flight school MUST be DFEE (dept for education) registered, any lists?

Or should I become a Tube driver? get plenty of time off (as anyone in london knows) and get £31,000 per year after training, (which is free), thats more than what u get in the skies.
Why dont London Transport set up an airline!!

[Pilot16]

lol

if only!

Im not sure if they do for modular PPL. I think they do it for Integrated training. this is from no source what so ever, just something I believe i heard somewhere! so please DONT take my words.

Regards

[feetnkneestogether]

Darth old boy,

I would very seriously not consider going down this route.

If you have to take a loan out just to get past the PPL and some hour building stage then you're not ready to get into this business.

Do you appreciate how much it is to take the ATPL ground exams ?

Following that, you have CPL flight training, and then heaven help us, IR & multi training.
IR Flight exams are £1000 a pop.

Havng done your PPL and hour building you will have loan repayments that will tie up your income for the next stage when you should be saving.
You won't fly for months and all currency will be lost.

Seriously. Make a plan that stretches for the next 3 years at least. Budget it all out. Save your pennies carefully and when you're ready, you're ready.

Not trying to be a killjoy but you've got to be realistic.
People only lend money knowing their going to get it back with bells on.

Good luck.

;)

[Lucifer]

Technically I doubt it would be eligible for a CDL, as PPL is not a licence that allows the holder to fly in any capacity for renumeration; therefore the CDL would only be allowed for FI and ATPL (ie careers) and associated ratings in my understanding. Save for the PPL - it will be a great deal cheaper than doing it by a loan that you have to later pay much more for via interest, especially if you are not intending going any further. Feetnknees gives good advice.

[ClearBlueWater]

I wholly endorse FnKT's view. I am continually amazed at how many people even consider taking out any form of loan to pay for pilot training, especially in these days of scarce employment opportunities.

If you need a sizeable loan in the first place then you are surely going to struggle to pay it off and live an existence, let alone stay current at your own expense.

Much better to get a well paid job e.g. tube driver, and save the cash up for an integrated course or spend as you earn on a modular course.

Loans add pressures you just don't need.

[clear prop!!!]

Firstly, you most certainly cannot obtain a CDL for PPL or hour building.

It can only be obtained to provide training to give you a qualification needed to obtain employment or ‘develop your career’

You will need to prove that you have the finance to complete any element of a modular course not covered by the CDL...most of it!!. That is to the point where you are employable i.e. CPL/ FIr …minimum.

They are not cheap; the ultimate APR is verging on loan shark rates!, but you do get a payment holiday whilst completing the courses and for a period of (2 years from distant memory whilst you seek employment.

ClearBlueWater.... If only!!! I think most of us here are up to our necks in it! However you do need some cash up front and to borrow at only PPL stage is NOT a good idea!

Good luck

[darthmuppet]

Thanks to the all of the above geezas.

someone give me 6 numbers between 1 - 49.

I'll share it if I win, (flight training only, no Porsche Boxsters!)

[highwinger]

I think your first idea was probably best become a tube driver, easy money and if the unions get their way you'll be on more money than a sernior BA Captain...and you'll have heated toilet seats.!!

5 12 16 27 31 35 might as well keep your options open though eh !!

don't get in debt yet !!!! and consider doing your training in Florida it's a hell of a lot cheaper.

[AMEX]

Not sure about a PPL but !

A CDL is good because you won't have to pay any interest until the end of your training.
Basically make it last as long as you possibly can.
Then, the rates are quite high (in 97, i remember it to be around 14%!!) so what you ought to do is to get a personal loan to pay back the institute who lent/granted you the CDL.
That way you have save so many years of interest and you are now only paying the minimum for your loan.
CC transfer, personal loan whatever it takes, you can really keep it as low as you can go.

[fly-half]

I've got a CDL through the Co-op bank and I'm on the ATPL course at OAT. All I can add is that there are only four banks in the UK that offer CDLs and they are the Co-op Bank, Royal Bank of Scotland, Yorkshire Bank and Barclays. HSBC have their own type of loan for vocational studies, but it is not sponsored by the Government.

You should also know that the training organisation that you would wish to attend and carry out any training would have to be an approved training centre, approved by the Department of Education. This is because CDLs are run by them with the assistance of the four banks stated above. Therefore, the question about whether or not a CDL may be used for hour building or only for a CPL of some kind may be answered with this point. A standard flying club that offers PPLs and such like is unlikely to be registered with the Department of Education as a place where CDL courses take place.

All the best for you!