Loans for funding flying training.
Join Date: Nov 2005
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Matt what about getting a career under your belt first and worrying about the flying when you have gotten some cash together. You could break it up if you wanted and do say your PPL and some hour building. Study the ATPL's via distance learning whilst working. All the time you will hopefully be saving towards the CPL and IR which you will probably find easier if attempted fulltime to ensure continuity of training.
My advice is don't take on debt as so many others have done. All it will do is give you sleepless nights and put you under further pressure to pass everything first time in the minimum of time. It will also push you to find the cheapest training providers who will undoubtedly not give you the best instruction.
There will inevitably be down time when you are fully qualified and looking for work and what better to fill your days (and your cv) than a decent job that puts food on the table and hopefully generates enough cash to keep your hours ticking over and your currency up to date so that when you get a sim ride you haven't completely forgotten all those things drilled into you during your training.
My advice is don't take on debt as so many others have done. All it will do is give you sleepless nights and put you under further pressure to pass everything first time in the minimum of time. It will also push you to find the cheapest training providers who will undoubtedly not give you the best instruction.
There will inevitably be down time when you are fully qualified and looking for work and what better to fill your days (and your cv) than a decent job that puts food on the table and hopefully generates enough cash to keep your hours ticking over and your currency up to date so that when you get a sim ride you haven't completely forgotten all those things drilled into you during your training.
Last edited by potkettleblack; 6th Oct 2006 at 12:33.
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I second that vbmenu_register("postmenu_2892449", true); Potkettleblack, career first and by the sounds of it your doing it modular so you could definatly complete it by working full time up to your CPL even I.R (just take leave for your I.R) and still complete it in a modest time frame <1.5years. That way you will have less debt and in the "likely" event you dont gain employment straight away after finishing you will have a job to fall back on that can pay the bills and loans
Join Date: Nov 2003
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Hello Matt,
I would assume the total cost be in the region of 30k-40k (with living costs, exams and extra training costs)...the buck doesn't stop once your trainings completed...flying instructors rating (6k), self funded type rating (20k)/company bonding etc will increase your debt further...I've been self funding for 2 years and i'm much happier knowing I wont be stressed with debt come training completion. Each to their own!
let us know which way you decide.
I would assume the total cost be in the region of 30k-40k (with living costs, exams and extra training costs)...the buck doesn't stop once your trainings completed...flying instructors rating (6k), self funded type rating (20k)/company bonding etc will increase your debt further...I've been self funding for 2 years and i'm much happier knowing I wont be stressed with debt come training completion. Each to their own!
let us know which way you decide.
Join Date: Dec 2005
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wbryce - I've seen your posts for some time now, and am impressed with your progress, commitment to train during a job, etc, but I've always wondered what your job was? Hope you don't mind me asking?
Cheers,
AB
Cheers,
AB
Join Date: Nov 2003
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Another Biggles,
Glad to see someone takes an interest in my posts! I work full time as an account manager for a medium sized webhosting company...I started as a peon at 16 year old, worked my way through a few positions and now into a good stable position.
My wage package is around 20k pa but for a large part of my training I was on 15k pa....I get commission on sales too which can make some months better! Even on the lowest incomes, if you have understanding parents that don't insist on charging dig money then its not impossible! hope that helps! :-)
Glad to see someone takes an interest in my posts! I work full time as an account manager for a medium sized webhosting company...I started as a peon at 16 year old, worked my way through a few positions and now into a good stable position.
My wage package is around 20k pa but for a large part of my training I was on 15k pa....I get commission on sales too which can make some months better! Even on the lowest incomes, if you have understanding parents that don't insist on charging dig money then its not impossible! hope that helps! :-)
Join Date: Oct 2004
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Integrated Funding
This has probably been answered many times before.
I am 27, single, no ties with around Ł10,000 in the bank.
Does anyone know of any prob's I may have obtaining funding for an integrated course. I am hoping to attend Jerez, who offer 'full funding' assistance via a bank in London.
Any help will be appreciated guys, as I cant seem to lay my hands on the required facts!!
I am 27, single, no ties with around Ł10,000 in the bank.
Does anyone know of any prob's I may have obtaining funding for an integrated course. I am hoping to attend Jerez, who offer 'full funding' assistance via a bank in London.
Any help will be appreciated guys, as I cant seem to lay my hands on the required facts!!
Join Date: Jun 2004
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finance
weve just sold up our house and moved down south renting currently with no future plans to buy up the very moment some long term deal ma folks got. so am i pretty much screwed for finance coz i wntd to go FTE but the loan has to be secured
any info regarding finance would be great thanx
oz
any info regarding finance would be great thanx
oz
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if you don't have money, house, or generous parents, you can make a cross for your pilot training.Unless join the RAF or BA.
banks know how difficult and risky it is to find a job, and they won't help you unless you have money to give them.
the best way would be to build time and experience when you have the money. no need to rush up, as you won't be on jet before your 30-40 years.
banks know how difficult and risky it is to find a job, and they won't help you unless you have money to give them.
the best way would be to build time and experience when you have the money. no need to rush up, as you won't be on jet before your 30-40 years.
Join Date: Nov 2005
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Hi to all!
This is my story! Advice from yee guys would be great!!!
Im 18,have a JAA PPL{A}.
Im hopeing to go to HAI in Florida(www.heli.com) next year to do my JAA/FAA ATPL{H}.
The course will cost me about $70,000 US dollars!(whats that in sterling?),plus I will need 18 months spending money,accom,etc.
I am not rich nor is my family,but Im a lonely child and my parents own the deeds to our family home!!!
For this reason, should I be able to get my money through a bank for my training if My parents sign the deeds of the house to the bank??
Thanks for the replys,
Sean.
This is my story! Advice from yee guys would be great!!!
Im 18,have a JAA PPL{A}.
Im hopeing to go to HAI in Florida(www.heli.com) next year to do my JAA/FAA ATPL{H}.
The course will cost me about $70,000 US dollars!(whats that in sterling?),plus I will need 18 months spending money,accom,etc.
I am not rich nor is my family,but Im a lonely child and my parents own the deeds to our family home!!!
For this reason, should I be able to get my money through a bank for my training if My parents sign the deeds of the house to the bank??
Thanks for the replys,
Sean.
Join Date: Oct 2005
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Sean, your parents would be taking one hell of a risk, $70,000 is about £37,000, a secured loan for that amount would be about £500 per month with repayments starting straight away, that monthly figure is for the loan taken over 10 years and you would be repaying about £55,000, if your away training for 18 months then your parents would have to cover those repayments for the whole time you are away and until such time as you gain employment.
Join Date: Dec 1999
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Sean,
Learn financial planning 101, and think about what you are doing before undetaking any course. You have no plan at all as far as I can see, and do not understand the consequences of what you are doing.
Learn financial planning 101, and think about what you are doing before undetaking any course. You have no plan at all as far as I can see, and do not understand the consequences of what you are doing.
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And, while you're learning about 'how not to finance your flying training', try researching helicopter pilot salaries. You might well come to the conclusion that the return on your parents' (not your) investment is not worth the outlay.
Scroggs
Scroggs
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If you have someone willing to act as a guarantor, i.e. secure the loan against they´re property, might i suggest you speak to some banks with regards to mortgages. They´re are quite a few banks, HSBC, Barclays etc etc who do offer "proffessional studies" loans but these tend to be mortgages with a few special tweeks and a truck load of interest. I almost got into a HSBC contract but after a few sums realised i could get a mortgage with scottish widows, have the same value of monthly repayments but be paid off 3 years earlier so less total costs. If you are serious about finding finance then do shop around, seriously! If need be speak to a financial advisor, when we´re talking about these sums of money its often worth paying a few hundred quid to save you a few thousand in the long term.
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hey guys/guyesses i was wondering if any of you can help me
My dad was going to act as guarantor for my loan but has pulled out, you can understand why but he's left me in trouble for sorting funding now, so i'm looking into a few options...
Do you know if it is possible to "break up" the cost into smaller chunks. for example...get a career development loan, and a professional studies loan, and then my dad could secure the other half (he is willing to go half way but not the whole way...i know, i know
). i just don't know if that would be viable or possible.
I've sent away a few letters to local businesses to see if any of them are in the christmas spirit.
Pro Studies Loans - they don't list pilot training and say something like you have to be studying in the uk. If those two options are exhaustive then my idea is out anyway.
Just read that post on the mortgage - the thing with that is that there's no repayment holiday is there??
Thanks for any help
My dad was going to act as guarantor for my loan but has pulled out, you can understand why but he's left me in trouble for sorting funding now, so i'm looking into a few options...
Do you know if it is possible to "break up" the cost into smaller chunks. for example...get a career development loan, and a professional studies loan, and then my dad could secure the other half (he is willing to go half way but not the whole way...i know, i know
). i just don't know if that would be viable or possible.I've sent away a few letters to local businesses to see if any of them are in the christmas spirit.
Pro Studies Loans - they don't list pilot training and say something like you have to be studying in the uk. If those two options are exhaustive then my idea is out anyway.
Just read that post on the mortgage - the thing with that is that there's no repayment holiday is there??
Thanks for any help