What Now People
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Join Date: Jun 2003
Location: UK
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What Now People
Hiya,
I have just come out of university with an aerospace degree and thus have lots of debt. I took a graduate loan in August this year and did my PPL with night and complex ratings. Now i am working for rolls-royce designing jet engines to pay back some of the money i owe, before i take out a massive loan to get to frozen ATPL. My plan is to work for a few years to pay back debts and save some money, whilst keeping my licence current. At the moment though my goal is far far away!! All i wanna do is be up there, flying, and i am stuck on the ground. Its so frustrating!!
What do you think abt the way i have chosen to do it? Any comments would be appreciated.
thanks
stu
I have just come out of university with an aerospace degree and thus have lots of debt. I took a graduate loan in August this year and did my PPL with night and complex ratings. Now i am working for rolls-royce designing jet engines to pay back some of the money i owe, before i take out a massive loan to get to frozen ATPL. My plan is to work for a few years to pay back debts and save some money, whilst keeping my licence current. At the moment though my goal is far far away!! All i wanna do is be up there, flying, and i am stuck on the ground. Its so frustrating!!
What do you think abt the way i have chosen to do it? Any comments would be appreciated.
thanks
stu
Join Date: Jun 1999
Location: In the SIM
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Hi Stu,
On a positive note, and assuming that you graduated when you 21, you still have your age on your side.
I was in a similar situation to you, I too did Aero at college, and finished when I was 22. I was lucky enough to live at home whilst studying, and was also lucky enough to complete my degree when the government paid the course fees! I think I had a debt of around £1000 on completion, but took no time at all to clear once employed.
I too went on to work for an Aerospace Engineering firm, I was not successful with pilot sponsorship, therefore I progressed with plan B, save the cash up.
Now depending on your personal circumstances, keep saving those pennies, with determination you will soon see that bank account start to fill up with queens heads, which is what you need! It took me around three and half years to save enough money to be in the right ball park to think about professional pilot training, and that was last year. I have now started the CPL, completed the ATPL ground school this year, and have not looked back. Just keep going, the time will fly by.
Also, by doing this, you will give yourself credit in the respect of obtaining surplus cash from the bank should you need it. I found myself being in a position of being approximately £10K short for completion up to the MCC stage. When I approached HSBC about providing me with the difference (professional studies loan), they were more then happy to help, purely on evidence of being able to save over three quarters of the money, amongst a number of other things.
I am not saying the way I have gone about it is the right way, however it has worked for me. I must admit I was not comfortable with having a huge debt of £50K plus hanging over my head at the end of my training, but that is more of a personal thing, £10K I can cope with, £50K I can't.
Anyway, good luck with what you decide.
On a positive note, and assuming that you graduated when you 21, you still have your age on your side.
I was in a similar situation to you, I too did Aero at college, and finished when I was 22. I was lucky enough to live at home whilst studying, and was also lucky enough to complete my degree when the government paid the course fees! I think I had a debt of around £1000 on completion, but took no time at all to clear once employed.
I too went on to work for an Aerospace Engineering firm, I was not successful with pilot sponsorship, therefore I progressed with plan B, save the cash up.
Now depending on your personal circumstances, keep saving those pennies, with determination you will soon see that bank account start to fill up with queens heads, which is what you need! It took me around three and half years to save enough money to be in the right ball park to think about professional pilot training, and that was last year. I have now started the CPL, completed the ATPL ground school this year, and have not looked back. Just keep going, the time will fly by.
Also, by doing this, you will give yourself credit in the respect of obtaining surplus cash from the bank should you need it. I found myself being in a position of being approximately £10K short for completion up to the MCC stage. When I approached HSBC about providing me with the difference (professional studies loan), they were more then happy to help, purely on evidence of being able to save over three quarters of the money, amongst a number of other things.
I am not saying the way I have gone about it is the right way, however it has worked for me. I must admit I was not comfortable with having a huge debt of £50K plus hanging over my head at the end of my training, but that is more of a personal thing, £10K I can cope with, £50K I can't.
Anyway, good luck with what you decide.
