Grants or other funding?
Thread Starter
Joined: Nov 2005
Posts: 24
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From: England
Grants or other funding?
Apparently 'The Department for Education and Skills (DFES)' says "Pilot training is exempt from government loans or grants due to its high cost, and that private institutions provide the training." Even though most FTO's are listed with the DFES as "providers".
Anyone knew of any other grants or "interest free (even if its only during training)" funding might be available for pilot training, professional or otherwise?
Jonathan
Anyone knew of any other grants or "interest free (even if its only during training)" funding might be available for pilot training, professional or otherwise?
Jonathan
Joined: Sep 2005
Posts: 260
Likes: 0
From: Newcastle
I sure the career development loan is available, as my flight school in Florida was registered and the maximum loan was £7000 which just covered the CPL/IR conveniently! I was informed this half way though my multi engine skills test!
I hear the professional studies loan offered by HSBC is now not available for pilots, or will soon be made unavailable. I've seen a similar thing with Barclays, but I don't recall seeing pilot being an acceptable profession.
Im not sure of your own situation, but I went to University, lived at home, and saved my student loan, so I got a cheap £10,000 loan. But I still require a commercial bank loan for the rest, which I think will be hard for me given my situation.
You might want to try your local educational dept. I doubt many will give out the money, but your LEA might do.
Other than that, Northern Rock has a typical loan for £20,000 at 5.9%, unsecured. In terms of interest free during training, some banks will give you a payment defferment until about 2 months (possibly more) which is just enough time to get a CPL/IR if you're lucky.
Good luck with your studies,
Alex:-)
I hear the professional studies loan offered by HSBC is now not available for pilots, or will soon be made unavailable. I've seen a similar thing with Barclays, but I don't recall seeing pilot being an acceptable profession.
Im not sure of your own situation, but I went to University, lived at home, and saved my student loan, so I got a cheap £10,000 loan. But I still require a commercial bank loan for the rest, which I think will be hard for me given my situation.
You might want to try your local educational dept. I doubt many will give out the money, but your LEA might do.
Other than that, Northern Rock has a typical loan for £20,000 at 5.9%, unsecured. In terms of interest free during training, some banks will give you a payment defferment until about 2 months (possibly more) which is just enough time to get a CPL/IR if you're lucky.
Good luck with your studies,
Alex:-)
Joined: Sep 2005
Posts: 263
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From: beverley
You can get a government sponsered career development loan,you know the type chavs get to do a leisure and tourism course at some third rate college.
These are only up to a max of £8000 though (ppl + atpl g/s!)
I have the application form but it will be only used as a contingency fund when I don't have enough money left for mcc course!
www.lifelonglearning.co.uk/cdl/index.htm
I was given the pack at a Cabair open day so they must be availiable for pilots.
Hope this helps.
Mark
p.s I sold my soul to hsbc to fund training
These are only up to a max of £8000 though (ppl + atpl g/s!)
I have the application form but it will be only used as a contingency fund when I don't have enough money left for mcc course!
www.lifelonglearning.co.uk/cdl/index.htm
I was given the pack at a Cabair open day so they must be availiable for pilots.
Hope this helps.
Mark
p.s I sold my soul to hsbc to fund training
Thread Starter
Joined: Nov 2005
Posts: 24
Likes: 0
From: England
I will be eligible (all being well) for £50k from HSBC, secured at 2% above Bank of England Base Rate (variable), through the arrangement between OAT and HSBC. It offers a deferred repayment until 6 months after training but incurs interest throughout the whole course.
I am aware that some student loans have this interest paid by the government during training - anything similar for Pu/T?
Just was wondering if there was any other "interest free" funding or grants available to help with the rest of the course fees.
Anyone know of anything else available due to some of the training will be in the USA?
Thanks for your help.
Jonathan
I am aware that some student loans have this interest paid by the government during training - anything similar for Pu/T?
Just was wondering if there was any other "interest free" funding or grants available to help with the rest of the course fees.
Anyone know of anything else available due to some of the training will be in the USA?
Thanks for your help.
Jonathan
Joined: Sep 2005
Posts: 263
Likes: 0
From: beverley
I don't think this government will be helping out pilots any time soon,they make too much money from aviation.
I'm pretty sure the career development loans work on a similar basis to hsbc i.e deferrred payment upon completion of training.
You could maybe borrow money in the U.S but I'm not sure what type of visa you would require to even get a bank account there,although they seem very keen to help U.S citizens through pilot training schemes,every flight school advert will say somewhere about help with obtaining funding.
I'm pretty sure the career development loans work on a similar basis to hsbc i.e deferrred payment upon completion of training.
You could maybe borrow money in the U.S but I'm not sure what type of visa you would require to even get a bank account there,although they seem very keen to help U.S citizens through pilot training schemes,every flight school advert will say somewhere about help with obtaining funding.
