Funding / Loans / Money
 

Hello, I am about to start my ATPL training at Oxford Aviation Academy. I am looking to get a loan to help me out with the course fees. This is a modular course that I am about to start. I have tried BBVA and they don't offer loans to modular students, I have also looked at ATPL finance who have just recently stopped offering this loan also.

If anyone has any helpful info or advice then please leave it below, I'm very appreciative of any help :)

Thanks in advance

If you are about to start then surely the funds are in place are they not?

Especially as you are going down one of the most expensive modular routes.

I'd like it to be oxford because it's local to myself, and the standards they have and relationships with airlines are good so there is a higher possibility of a job at the end and quality training. Thats not to say that others are of a lower standard. Oxford is the only school i've looked at. Like I said, regardless to the school the funding is still an issue.

Sorry, by the sound of your first post I thought you were booked on and about to start a course.

There are other schools up there and if money is an issue I would be looking elsewhere to be honest. I have nothing bad to say about Oxford but don't believe the marketing hype. Go visit some other schools. Airways Aviation is at Oxford too I believe and they are having an open day this Saturday which would be worth going along to.

Most banks offer reasonably sized unsecured loans, APR around 3.5% and amounts up to £25,000 which can be completed online and in your account the next day.


That's what I'll be using to find the remainder of my MPL course costs.

Cheers skyblue12, The ATPL ground exams arent the issue, they only cost about £5,000 which isnt the issue. The problem is the hour building and training done out in the states. Its about £46,000 which i need to fund somehow

Thanks for the advice. Without sounding rude though its not actually answering my question. I need some funding suggestions not to be talked out of going to the training school ive selected. Yeah, I know that there are others out there but this is the one that I have my eyes set on and I am trying to find a way to make it happen. As I said I already have my PPL which has made the fees significantly cheaper already.

So you don't have the money to become a pilot (not your fault, I didn't either) and you are expecting people to tell you how to fund it. And when they do, you don't like the answers.

There is no magic in here. You don't have the money, you save up or borrow it. Go to your bank and ask them.

You probably won't like their answer either I am afraid.

Alfie, I went modular, and would always recommend that path to everyone - because to go integrated (to me) means that you want a job first, and to be a pilot second. So well done. Having said that, the only advantage of Integrated is the higher chance of getting straight into a jet job. The advantage of modular is that it's a lot cheaper - so why throw away that advantage by going to an expensive modular school? You've already said they send you to the states for hour building, so you can't argue that it's close to home. You could get on a plane to Florida and have all your hour building done in a couple of 2 week package holidays. 2x £500 and about £7000 for 100 hours.. (maybe a couple of grand extra if you play it smart and get your FAA IR as well).
Then all you need to do is come back and do a CPL ~ £6000, multi ~£3000 and an CBIR ~ £7000. All the flying for £25k

You're in the same boat as a lot of potential pilots. There is no magic answer (unless you have rich relatives who can afford to loan you the cash).

I'd love to be corrected; but I don't think there are any unsecured loans in the UK for £46,000. You're going to need to find another option.

I'm speaking as a former modular stude, who spread his training over a number of years, borrowed from parents, worked, saved, and so on to complete training. No loans.

The jobs market can be extremely unforgiving; whilst I know of people I trained with who did modular, and did very well (recently starting at BA, Virgin, to name two) others have not managed to get a job in five years post training.

Whatever you do, do not bet the farm on getting a job straight out of training. There's a good chance you'll have to wait some time before getting into the cockpit of something. I can't stress that enough!

Your options are basically to save up/work for the money and postpone training until you have it, find an extremely generous friend/relative, convince someone that it is a sensible idea to use their property to secure a loan for you or to reduce the size of the loan required to be able to get it unsecured.

By suggesting you look at other schools people are trying to help and essentially suggesting the last option, I personally - from starting with a PPL and ATPL exams done was able to complete the rest of my training for almost exactly the £25,000 figure mentioned with regards to unsecured loans.

Lostinspace,
Although I agree with the majority of your post - your opinion on entering flight school under 25 I do not entirely agree with!

I am 23 years old, have worked in three very different jobs (Retail, Office, Emergency Services) and like to think I have some life experience. I am yet to start training to be a pilot but I am doing everything I can to make it happen, if I could have started 2 years ago I would have.

To conclude, I understand your point and where you are coming from, but I would suggest it isn't valid for everyone under the age of 25. How much life experience should someone have before they start their training? How long is a piece of string!

That's a big shout. I really don't think there is any shame in wanting to have the best possible chance of a job at the end of the course. I think thats just planning for success.

As for the OP, as others have said, there is no magic solution to your problem. Get a job and save up, or find a way to get a loan. Those are your choices!

The world has changed.

Do a little math and you'll see how borrowing 120,000 £ is going to be a positive investment in seven years.
Of course you have to choose the right FTO and the right scheme...

You wrote:"My parents did not support me in my quest". Does this mean that you tried but haven't been able to borrow money?

You've got to be joking. It's a crazy financial investment. There are far less riskier ways to make more money with that kind of capital than flight training. Ever wonder why no large financial institutions actually loan people the cash for flight training?

I rather fear that your calculation is a little flawed and based only on positive and overly optimistic assumptions.

This industry is based on preparing for the worst, that approach might be appropriate when considering financing training.

Good for you, but now onestly answer this: "does this mean that you tried but haven't been able to borrow money?" [Y/N]

LOL. Wrong, wrong and wrong again. Unlike you I was PAID by an airline while studying...but I've greatly jeopardized my personal life to get where I am now: was it worth it? I don't think so. If I had a time machine I'd go back, borrow a :mad: of money and join an airline-mentored scheme.
Why didn't I do it before? Because in Italy there's not a single bank borrowing money to "future pilots"...and this is something I'm working on right now.

My calculation is based on a 2016 easyJet SO Italian contract, not taking into account a possible upgrade to the left seat. So basically SO->FO->SFO.
Of course I'm also assuming that he's not going to lose his job.

Feel free to add the 5/4 roster, the number of different european bases, the career opportunities and the lack of good alternative careers.

I say again: having a time machine I'd borrow money ASAP...does it mean I'm going to pay 40,000 £ of interests? I don't care, to me it is really worth it.

So you're encouraging wannabees on a public forum to get in to £120,000 debt, based on their future career as an easyJet FO on an Italian contract?

I repeat my previous question, what about the flying instructors or those flying at Susi Air? How does the maths add up for them?