How Do I Pay For Atpl!
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Join Date: Mar 2009
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How Do I Pay For Atpl!
Hi,
I really need help "like lots of other people" when trying to get the funds for an ATPL. I took myself off to the bank today to see what i can do about a loan for my ATPL. It turns out the MOST i can get is £30,000 and from airline sponsorships its only around £18,000. Thats only 48,000 and i probably will not get a sponsorship!!!!. So does anyone know what is the best thing to do or have any idea's.
Thanks alot guys i really appreciate it
AND I AM IN THE UNITED KINGDOM BUT WILL GO ABROAD TO DO IT!!!!!!!!!!!!!!
I really need help "like lots of other people" when trying to get the funds for an ATPL. I took myself off to the bank today to see what i can do about a loan for my ATPL. It turns out the MOST i can get is £30,000 and from airline sponsorships its only around £18,000. Thats only 48,000 and i probably will not get a sponsorship!!!!. So does anyone know what is the best thing to do or have any idea's.
Thanks alot guys i really appreciate it
AND I AM IN THE UNITED KINGDOM BUT WILL GO ABROAD TO DO IT!!!!!!!!!!!!!!
Join Date: Sep 2008
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I did an integrated course, I saved £30k of my own money and was fortunate enough to have the £50k loan from HSBC secured on my brother's house.
I am adivisng you in hindsight.
Go modular. I'd be relatively well off (considering my age) now had I gone down that road...
Best of luck mate
I am adivisng you in hindsight.
Go modular. I'd be relatively well off (considering my age) now had I gone down that road...
Best of luck mate
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I would take a slightly different perspective than Reluctant...But the advice given is really sound....I cannot advocate strongly enough getting some decent qualifications and then getting a job.
There is a real desire now to just jump into it at the earliest opportunity - understandable, but every £1 you can pay yourself towards your own training is probably worht close on £2 of borrowed.
If I were you, I would look to get the best GCSEs and A levels you can (I personally would do a degree as well in a profession if you can) work until you are 26/27 and then do the training....you will graduate around 28 years old and if you're sensible, with virtually no debt (from either route) and the whole aviation world in front of you.
There's a whole bunch of people who have just gained the cheap plastic blue book (me included - although I'm very fortunate and debt free...) who right now are either feeling very grateful indeed they're not in debt, or frankly speaking - ****ting themselves big style. If you were to graduate just at the time of a downturn like this one, as I did - believe me, you will be SOOOOO grateful to not have any debt!
There is a real desire now to just jump into it at the earliest opportunity - understandable, but every £1 you can pay yourself towards your own training is probably worht close on £2 of borrowed.
If I were you, I would look to get the best GCSEs and A levels you can (I personally would do a degree as well in a profession if you can) work until you are 26/27 and then do the training....you will graduate around 28 years old and if you're sensible, with virtually no debt (from either route) and the whole aviation world in front of you.
There's a whole bunch of people who have just gained the cheap plastic blue book (me included - although I'm very fortunate and debt free...) who right now are either feeling very grateful indeed they're not in debt, or frankly speaking - ****ting themselves big style. If you were to graduate just at the time of a downturn like this one, as I did - believe me, you will be SOOOOO grateful to not have any debt!
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I work part time. That's how I'm funding everything. I will take out Professional Development Loan to help me finance IR. But that would be about it. Don't get into debts, especially in the current climate.
About putting off training until you are 26/7. Why? You can still train part time whilst working part time and even through uni you would get through PPL and some hour building. At least.
About putting off training until you are 26/7. Why? You can still train part time whilst working part time and even through uni you would get through PPL and some hour building. At least.
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Dan,
Don't even think about it until the market has improved for a good while. Once the airlines start recruiting, wait a bit more for the holding pools to drain, then start your training. The airlines will not pay for the type rating (don't start me off there) generally, so not only will you have to pay for the training plus digs 55-85k, you will either have to instruct (6.5k but you may get pid 20k to do 50k worth of flying), be very lucky or have to pay for a 23k type rating.
Leave it a bit and absorb the amount of money and pressure that is facing you.
If you fail to get a job, which is likely, how will you service the loan and keep your flying current. Getting 200hrs and a frozen ATPL is the easy bit. Lots of guys never find work and give up. Once the IR lapses, you will have to find more money.
I had a PPL for 10 years before I made the jump and not including the 180hrs I had, the spend was 65k with the instructors rating and digs. I have been airline flying for 2 years and cannot even think of paying it off yet, just covering the interest every month.
CTC is your best bet and if you don't get it, try again and again and again. If it takes you 6 years to get there, no great shakes. It will just be that much sweeter.
There is not much point doing your ppl now, as it will cost you 8.5k and then keep it current. Unless you want to take your time and go modular as I did.
Earn as much as you can and put it away. The ppl will drain this....
High interest savings accounts | ISAs | Investments ? moneysupermarket.com
Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more
Don't listen to the schools as MOST - not all - just want your money, and will paint a rosey picture of the industry, trapping you into a course with very little chance of a job.
Don't even think about it until the market has improved for a good while. Once the airlines start recruiting, wait a bit more for the holding pools to drain, then start your training. The airlines will not pay for the type rating (don't start me off there) generally, so not only will you have to pay for the training plus digs 55-85k, you will either have to instruct (6.5k but you may get pid 20k to do 50k worth of flying), be very lucky or have to pay for a 23k type rating.
Leave it a bit and absorb the amount of money and pressure that is facing you.
If you fail to get a job, which is likely, how will you service the loan and keep your flying current. Getting 200hrs and a frozen ATPL is the easy bit. Lots of guys never find work and give up. Once the IR lapses, you will have to find more money.
I had a PPL for 10 years before I made the jump and not including the 180hrs I had, the spend was 65k with the instructors rating and digs. I have been airline flying for 2 years and cannot even think of paying it off yet, just covering the interest every month.
CTC is your best bet and if you don't get it, try again and again and again. If it takes you 6 years to get there, no great shakes. It will just be that much sweeter.
There is not much point doing your ppl now, as it will cost you 8.5k and then keep it current. Unless you want to take your time and go modular as I did.
Earn as much as you can and put it away. The ppl will drain this....
High interest savings accounts | ISAs | Investments ? moneysupermarket.com
Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more
Don't listen to the schools as MOST - not all - just want your money, and will paint a rosey picture of the industry, trapping you into a course with very little chance of a job.
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One of the biggest problems with this country (and many other countries) is that people are borrowing too much money compared to what they can afford.
If you borrow £40-100k for flight training then what are you going to do when you need to buy a car or get on the property ladder or want to go on holiday? You're talking about borrowing more money, if you had a mortgage plus your flight training fees you could be in almost a quarter of a million in debt!
I'm pretty sure thats a position you wouldn't want to be in and a position that your future wife wouldn't want to be in either.
If you borrow £40-100k for flight training then what are you going to do when you need to buy a car or get on the property ladder or want to go on holiday? You're talking about borrowing more money, if you had a mortgage plus your flight training fees you could be in almost a quarter of a million in debt!
I'm pretty sure thats a position you wouldn't want to be in and a position that your future wife wouldn't want to be in either.
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i went modular with my own money and this has saved my a*se because upon completion i have not been able to secure an aviation job for over 10 months!!!
if i had had a big loan i am not sure how i would have survived. all my intergrated friends from the same flying school are in a very tough boat and i would not wish this on my worst enemy.
go to work and save as much as you can, i managed to save over 2 years all i needed and did my ppl while i was working.
if i had had a big loan i am not sure how i would have survived. all my intergrated friends from the same flying school are in a very tough boat and i would not wish this on my worst enemy.
go to work and save as much as you can, i managed to save over 2 years all i needed and did my ppl while i was working.
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Wat 45!!!!!!! Holly Crap Thats Far To Old, YOU ARE JOKING RIGHT PLEASE SOMEONE JUST TELL ME THAT WAS A JOKE
I know that wasn't very professional but thats not right is it, i mean i am 16 thats 25 years away
I know that wasn't very professional but thats not right is it, i mean i am 16 thats 25 years away
PD1992,
As an aspiring Airline pilot, I would hope you could do the Maths as you would need to decide what you wanted to do/could do, then cost that, cost your living expenses etc, etc. Don't forget the cost of the Course (Mod or Int) will have gone up in that time as well! You should then be able to work out roughly when you can afford to start. By the time you add cost of running a car, as well as all the rest - 45? You may be surprised at how close you get to that figure!
I think your question has been answered quite well in general terms - and asking for exact steps/figures/dates is a bit of an ask given all the variables, many of which will only be known by you depending on your circumstances/wishes. Now if you were to contract me as a Cost Estimator for you (at say £250 an hour + expenses!) I could do the maths - but that would be several £1000 less for your future ATPL (I do like my business lunches!!!).
Sorry to be a bit negative/grumpy but, really, some homework you have to do for yourself. It's not magic - it just takes time! Anyway, good luck to you!
H 'n' H
If i do a job whilst saving up how old would i be before i am actually flying????
I think your question has been answered quite well in general terms - and asking for exact steps/figures/dates is a bit of an ask given all the variables, many of which will only be known by you depending on your circumstances/wishes. Now if you were to contract me as a Cost Estimator for you (at say £250 an hour + expenses!) I could do the maths - but that would be several £1000 less for your future ATPL (I do like my business lunches!!!).
Sorry to be a bit negative/grumpy but, really, some homework you have to do for yourself. It's not magic - it just takes time! Anyway, good luck to you!
H 'n' H
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Originally Posted by PilotDan
Wat 45!!!!!!! ................i am 16 thats 25 years away
Seriously. Listen to the people telling you not to rush in, save as much as you can and have a Plan 'B' in the form of other qualifications. Best advice you'll ever receive.
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Started mod training at 31
Gained blue book aged 38
Got first job at 40
Borrowed money against my house and spent about £45,000 total
Dan, you have all the time in the world. Get a job and save up for the nexr 10 years or so.
Gained blue book aged 38
Got first job at 40
Borrowed money against my house and spent about £45,000 total
Dan, you have all the time in the world. Get a job and save up for the nexr 10 years or so.
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Thanks to all you guys, you are really helpful, i am not brilliant at maths, but i am not rubbish, if you get me. But i have a maths tutor so things are definitely improving on the math side.