How much does it REALLY cost?
Thread Starter
Joined: Jul 2004
Posts: 120
Likes: 0
From: UK
How much does it REALLY cost?
Hi chaps and chapesses,
I'm trying to work out exactly how much I need to complete my training. I already have a ppl with 180ish hours and a night rating.
I've worked out that my choice of schools leaves me a £22,200 bill. Obviously this only covers minimum training. By what factor should I times this amount by to cover me incase the sh1t hits the fan? (exam retakes and extra hours etc)
I was thinking of about 1.2 meaning I'd need to borrow about £26,600.
What do you reckon? Is this too much for a contingency? (I'm trying to borrow as little as I can).
Your opions would be greatly welcomed.
I'm trying to work out exactly how much I need to complete my training. I already have a ppl with 180ish hours and a night rating.
I've worked out that my choice of schools leaves me a £22,200 bill. Obviously this only covers minimum training. By what factor should I times this amount by to cover me incase the sh1t hits the fan? (exam retakes and extra hours etc)
I was thinking of about 1.2 meaning I'd need to borrow about £26,600.
What do you reckon? Is this too much for a contingency? (I'm trying to borrow as little as I can).
Your opions would be greatly welcomed.
PPRuNe Handmaiden
Joined: Feb 1997
Posts: 4,910
Likes: 184
From: Duit On Mon Dei
You can never have too much contingency built in. Depending on the season, I'd allow a minimum of 20%-%30 cost over run with a 50% over run on time.
Weather is something you can't control, trying to do a CPL nav in the middle of winter can be fun or flying IFR with the freezing level at ground height can be frought with traps. CPL nav in summer with a few fires burning tends to knock the vis on the head too.
A/C serviceability.
Instructor illness/availability
Your health/availability.
Exams...
Drop one or two of them and your time plan goes out the window unless you've got some time spare as such.
Good luck.
Weather is something you can't control, trying to do a CPL nav in the middle of winter can be fun or flying IFR with the freezing level at ground height can be frought with traps. CPL nav in summer with a few fires burning tends to knock the vis on the head too.
A/C serviceability.
Instructor illness/availability
Your health/availability.
Exams...
Drop one or two of them and your time plan goes out the window unless you've got some time spare as such.
Good luck.
Chieftan o'the Pudden Race
Joined: Nov 1997
Posts: 826
Likes: 0
From: Scotland usually, and often other parts of Europe
Dont forget living costs, (paying the mortgage, running your car, digs whilst away from home) and the unforseen additional costs that you never think about but suddenly appear and bite you on the bum it could be anythig from car insurance renewal to speeding fine to needing a new boiler in your house (if you have one that is...)
Generally a contingency of 20% is the minimum you should consider. If you don't use it, all well and good give it back to the bank and reduce your payments. If you run out of money half way through your IR it could be kind of stressful.
Dont forget an MCC as well.
Generally a contingency of 20% is the minimum you should consider. If you don't use it, all well and good give it back to the bank and reduce your payments. If you run out of money half way through your IR it could be kind of stressful.
Dont forget an MCC as well.
