Student loan.................or not?
 

Hey Dudes,. .. . Ive been wondering recently how to attack my CPL, finance wise.. .. . Ive never been a believer in getting a student loan, but in recent months I have been restricted to 1 hour a week dual, and at this stage my CPL seems a million miles away. . .. . What do you think is best, hard yacking it all the way to commercial out of your own pocket, or taking the easy but fast way to becoming a pilot by getting a loan?. .. . Any replies gratefully recieved.......... .. .Skylane <img border="0" title="" alt="[Roll Eyes]" src="rolleyes.gif" />

Gidday there skylane!. .. .Gor for the loan and then go like an Ox !!!!

Before you go jumping into 30k of debt. Consider your employment options after you get your CPL.. .It could be hard living off your flying income and trying to pay back that ever mounting intrest on that loan.. .. .Although it may take you longer, to get that licence, paying as you go. You'll still get the licence without the financial burden of paying back a huge loan at the rip-off rates the back people charge.. .. .Have a look at the "What do I do now" thread and that might give you the incentive to continue paying as you go. That first job can take a while to get. If you have to pay off a loan looking for a job it just adds to the stress.. .. .You'll still achieve your goal although the non loan route may take a little longer, it does take some pressure off you when touring Oz for a job.. .. .Ultimately it's your choice but thats my opinion.. .All the best with it.

By the same token the $/hr goes up as the clock ticks on too. I sometimes regret taking out a loan originally, the funds disappear very quickly each month nowadays, but the real answer to your question is do you really want it, and how badly?. .. .The $$ in your first flying job will not be real special, however I'd take the advice of skywagon. Take a real big bite...... then chew like *******! <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" /> . .. .Ultimately the decision is yours, best of luck.

Skylane,. .From my experience I would either save enough money to do your entire flying training in one go, or borrow the money.Saving up the money first has it's advantages financially,but then borrowing it means you can do it now.I think the wiser course is to save(I borrowed and paid and paid!).The problem I found with doing it as you can pay for it is that it takes almost half the lesson to catch up to where you last left off.. .Good luck

Get a job, live cheap, study your but off and do it and your IREX theory in the year/18 months as you sacrifice everything.. .. .Then when you do get your charter job up north living in a hellhole and earning 26K if you are lucky, life is a lot less unpleasant.. .. .Good luck. The olden days when you had to be in an airline by 28 are gone - thankfully.

Skylane,. .I guess you're young enough to wait. It is better to save and then spend the money on a block course. Get 2 jobs if you can and work hard. It can only prepare you for reality once you have your CPL. I made the mistake to borrow and still paying it back some 3 years down the track. then again Rotary W. are a lot more expensive. Remember, the CPL is only a very small financial requirement of what is demanded of you later, ie CIR, M/E and all the various aircraft endorsements, not to mention the ATPL. So if you can save first then go for it. <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" />

mate, I was looking down the same barrel as you when I was 21. I took 3 years to save the complete cost of my flight training. Worked like heck and ate bread and vegemite.. .. .Did all my flight training in one go, and I have now been looking for a job for a year. It's a hard road dude, I finally cracked after parting with all that cash and no immediate result, hence my post "what do I do now". But I am living for the day it all comes to fruition. You just gotta believe it will.. .. .If you believe it is what you want, you'll do whatever is necessary. . .. .Good luck <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" /> <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" />

I do not know if these jobs are still available but you could try getting into seismic exploration or for that matter any type of exploration work. The labouring side can be a bit rough. However, the benefit is that you are away on a hitch for 3 to 5 weeks at a time. You will find that it is pretty simple to rake in about $30,000 pretty quick as you are home for only a week at a time. 20 year ago(gads!) this was THE way of earning a quick buck. Prior experience was not a prereq back then. Still,things can change. Try Schlumberger Geco Prakla ( Aust ) Pty Ltd in Brendale in Qld for a start. Used to be called South East Exploration in my day but not a bad mob to work for

Hey Skylane. .. .One important point to factor into the equation is that if you do an approved integrated (full time) course - you can get your CPL with 150 hours. Doing it modular (part time) is gonna be a minimum 200 hours. Based on these minimum figures that's something like and additional 7.5 k you're gonna be paying just in flight time at the end of the day if you go the modular route. . .. .Fact is when you do it full time and are flying 1 - 3 times a day it all comes together a lot quicker. . .. .Now - if you factor the interest you'd be paying on the loan over say a 5 year period, then the 7.5 k is a large chunk of it, in which time you could be out there hopefully working in the industry and building hours. . .. .If you get the right course you can also do your ATPL's and IR theory at the same time, maybe over a 12 month period. This way you are also in full study mode without the distractions of part time, and saves trying to scrape the bucks and time to study together when you're out there building hours on a pittance.. .. .Another factor is like 429 said - the cost of flying, and thus training just keeps on going up.. .. .Good luck either way.

I understand you are concerned about the financial side of things, but if this is truly your chosen profession, then you need to go for it, and get out there seeking to build your qualifications.. .. .I'd be thinking about the current job situation in Oz.. .While it's not so good right now, it would seem that (and others may argue) things will pick up before too long (pleeeaasse <img border="0" title="" alt="[Smile]" src="smile.gif" /> ).. .The worst feeling is being not/under qualified when the jobs are around, and then by the time you've got the licenses/ hours/ endorsements, etc, the job door is shut again.. .I'm sure there are lots out there who know that feeling... <img border="0" title="" alt="[Roll Eyes]" src="rolleyes.gif" />. . . . <small>[ 05 March 2002, 02:34: Message edited by: oates ]</small>

With the way things are looking on the job front for fresh CPLs, you might be better off paying as you go. I did this for my CPL, and upon moving to Darwin was glad I did. Living costs in places like Darwin, Gove, Kununurra are quite expensive. The last thing you need is to be trying to pay off a loan while doing 2-3 hours a week casual flying as your only income!. .. .Its a good feeling to finish your CPL knowing you worked hard to pay for it up front!

Skylane.. .If I had my time again, I would not have borrowed money to finance my career. I also went one lesson week by week for the first 12 months and agree that you do not progress as quickly for your money. The biggest complication I found with borrowing the money, was that once going north, it was hard to live cheaply with a loan haging around my neck. I had to have a 'regular' non-flying job, and it was hard to take up any casual flying work if the hours clashed. Try paying for twin endorsements, or ATPLs when you are living hand-to-loan-to mouth.. .My suggestion?. .Move back in with your parents, sell your nice car( and buy a reliable bomb), sell anything you don't really need for the next 5 years, and save in blocks. Have two jobs, and study your theory whilst you are saving. (it will keep you keen) Once you have $10k do your privates, next $15k your commercial, next $15k MEIFR or INSTR AND ATPL. . .Then, you can go north or instruct, live on the smell of an oily rag, and be available when that first casual charter comes up. You'll have heaps of company - there will always be a heap of other pilots doing the same thing, and have one of the best times of you life.. .Good luck, . .. .NTLBD

Only another $36k hey Jimmy <img border="0" title="" alt="[Big Grin]" src="biggrin.gif" />