Loans for funding flying training.
Join Date: Feb 2007
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You could apply for a $30,000 Pilot School Training Grant from
http://webplus.flight-training-grants.firm.org.uk
They give grants of $30,000.
You can also apply for more than one grant.
You don't have to pay it back.
http://webplus.flight-training-grants.firm.org.uk
They give grants of $30,000.
You can also apply for more than one grant.
You don't have to pay it back.
Join Date: Jan 2006
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Allright folks, I thought i'd let you know theres a decent way of raising some capital for those training the modular route that dosen't involve you selling your soul. Its the Virgin One Account so it only really applies to those who already have a mortgage. They are willing to release 99% of your house value, which not many other mortgage lenders will even consider. Its not for everybody but its working (hopefully
) for me even after being turned down for Loans,Credit cards etc. All you need is an understanding missus.........
If anyone has one of those ill swop you her for my Unicorn.
And i dont work for Virgin Before anyone asks
) for me even after being turned down for Loans,Credit cards etc. All you need is an understanding missus......... If anyone has one of those ill swop you her for my Unicorn.And i dont work for Virgin Before anyone asks
Does anyone know if any loan support is available from the Student Loans Company for CTC Cadets?
Pilot1229, the question was regarding the Student Loans Company which is funded by the UK Government to provide loans to UK students going to UK universities and colleges. So Flight Safety Academy and Delta Connection Academy don't qualify as they are in the US.
Join Date: Feb 2007
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Funding Pilot Training!!?
Hi
On completion of my A levels (Maths, Physics, Business and Pyschology) I intend to enroll onto an Integrated course at either OAT or Cabair, if I pass the testing stage.
Thing is, every where I look all I can see is that loans run up to £25k and no more. Pilot training in this route will be around £60k, so therefore I don't see how training can be completed unless your a very well off person coming from a rich background.
This is frustrating because finance is the only thing that is stopping me from undertaking training. I'm not just another winer who needs money, I am serious about this career and even now my PPL training is difficult without financial help.
What do successful students of these courses actually do to find the finance? Also what roughly is the interest on around £60k repayable for up to 10 years?
Any help on this would be appreciated, I understand many people would have read similar questions so apologies to those.
Thanks for your time
Steve
On completion of my A levels (Maths, Physics, Business and Pyschology) I intend to enroll onto an Integrated course at either OAT or Cabair, if I pass the testing stage.
Thing is, every where I look all I can see is that loans run up to £25k and no more. Pilot training in this route will be around £60k, so therefore I don't see how training can be completed unless your a very well off person coming from a rich background.
This is frustrating because finance is the only thing that is stopping me from undertaking training. I'm not just another winer who needs money, I am serious about this career and even now my PPL training is difficult without financial help.
What do successful students of these courses actually do to find the finance? Also what roughly is the interest on around £60k repayable for up to 10 years?
Any help on this would be appreciated, I understand many people would have read similar questions so apologies to those.
Thanks for your time
Steve
Join Date: Sep 2005
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Steve I see a post from Scroggs in your future regarding searching as this subject has been done to death many times. At present if you are accepted onto an integrated course at oxford you may get a professional studies loan from hsbc , this used to be general loan anyone could aply for unfortnatley now you have to on an oxford int course , and also although I stand to be corrected Cabairs as well. I belive you contact the oxford branch of hsbc for details . Failing that matey get saving or talk to ma and pa. And dont go upsetting people on here saying your not another whiner , not many on here are and pretty much all are serious about a career in aviation , a lot of whom had pilots licences long before a'levels .
If your clever and arent a wet lettuce join the military they are desperate for aircrew and you wont have to pay for anything other than your uniform
If your clever and arent a wet lettuce join the military they are desperate for aircrew and you wont have to pay for anything other than your uniform
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Thing is, every where I look all I can see is that loans run up to £25k and no more. Pilot training in this route will be around £60k, so therefore I don't see how training can be completed unless your a very well off person coming from a rich background.
Considerably Bemused Wannabe
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Welcome to the world of a wannabe!
Have a look here first: http://www.pprune.org/forums/showthread.php?t=131649
Also, do a few searches and then come back if you can't find what you're looking for.
Happy reading.
eP.
Have a look here first: http://www.pprune.org/forums/showthread.php?t=131649
Also, do a few searches and then come back if you can't find what you're looking for.
Happy reading.
eP.
Join Date: Jan 2006
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QUOTE "This is frustrating because finance is the only thing that is stopping me from undertaking training."
Its stopping or slowing down the majority of us mate. Suppose it half the fun though knowing we are throwing all our assests, savings and shirts off our backs into a murky unstable future. Keeps me on my toes i can tell thee
Its stopping or slowing down the majority of us mate. Suppose it half the fun though knowing we are throwing all our assests, savings and shirts off our backs into a murky unstable future. Keeps me on my toes i can tell thee
Join Date: Nov 2003
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Alot of people including myself work for a while and do modular training. Don't be fooled by Intergrated training providers and their marketing departments. Its a great route if you can afford it! do your research and read a little bit more and you will become to understand the two training routes you can take and the costs involved. Cheapest modular route right now I think is the one offered by Egnatia in Greece.
Join Date: Jan 2007
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Professional studies loan
Hi,
I am thinking about training anf trying to finance an integrated course however I have just noticed that HSBC state on their website they only let you borrow up to £25k which is no where near the cost of the training.
Does anyone know if this is right or can anyone recommend any other UK based finance options.
Thanks.
I am thinking about training anf trying to finance an integrated course however I have just noticed that HSBC state on their website they only let you borrow up to £25k which is no where near the cost of the training.
Does anyone know if this is right or can anyone recommend any other UK based finance options.
Thanks.
Join Date: Jul 2006
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As said above you can get a loan for up to £8,000 (although I thought it was £4,000 but I haven't looked into it that much). HSBC were the best people to go with for Proffesional Pilots loans and they used to give £50,000 to students that passed the entry requirements for OAT (Oxford) and CabAir or CTC.
With it being so easy for Pilot students to complete the training and then declare themselves bankrupt they have changed the £50k to £25k and this needs to be secured on a house (usually your parents if you don't own one).
So HSBC will lend you £25k if you go to OAT/CabAir or CTC (£70k course) and you can top that up with a Career development loan of up to £8k. So all you need to find is £37k for the 0-fATPL integrated course and £20k for a TR if you think you'll have a better chance of a job with one.
I'm still saving
With it being so easy for Pilot students to complete the training and then declare themselves bankrupt they have changed the £50k to £25k and this needs to be secured on a house (usually your parents if you don't own one).
So HSBC will lend you £25k if you go to OAT/CabAir or CTC (£70k course) and you can top that up with a Career development loan of up to £8k. So all you need to find is £37k for the 0-fATPL integrated course and £20k for a TR if you think you'll have a better chance of a job with one.
I'm still saving
Last edited by AlphaMale; 26th Mar 2007 at 11:02.
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Hsbc Loan
HSBC will only lend upto £25K unsecured and upto £50K secured. If you take out a career development loan, they will take that into consideration and minus it against the £25K unsecured you have taken or £50K secured. The loan is only available if you are a potential student with either cabair or Oxford. The loan is not available to modular students.
In a nutshell you cannot take out more than £25k unsecured and anything over £25k must be secured on a property, land, market shares etc.... borrowing more than £25k unsecured or £50k secured will not happen and HSBC will review how much debt your in so graduate students are most likely to feel like
when their application fails due to student loans taken out.
I hope that helps and remember, dont bother applying for the HSBC Professional studies loan if your not going to train through Cabair or Oxford. Modular students have always been declined since it was stopped a few yrs ago. If your not gonna train through an intergrated school then speak to your local bank and see what they can offer.
Kind regards.
In a nutshell you cannot take out more than £25k unsecured and anything over £25k must be secured on a property, land, market shares etc.... borrowing more than £25k unsecured or £50k secured will not happen and HSBC will review how much debt your in so graduate students are most likely to feel like
when their application fails due to student loans taken out. I hope that helps and remember, dont bother applying for the HSBC Professional studies loan if your not going to train through Cabair or Oxford. Modular students have always been declined since it was stopped a few yrs ago. If your not gonna train through an intergrated school then speak to your local bank and see what they can offer.
Kind regards.
Join Date: Mar 2007
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HSBC profesional loans take many guises. And the information under this heading is correct. Whether it be for flying, too becoming a doctor etc. The HSBC Loan, if you are good enough to get through CTC selection is seen differentley, and is unsecured. It is unsecured and can be £60k+.
To consider taking on this loan and thinking bankrupcy is an option is ludicrous, as you are bonded to an airline. For instance do you think Easy training Captains don`t talkto other airlines?? And the stigma would stay with you forever, as a dishonourable individual.
PS
To consider taking on this loan and thinking bankrupcy is an option is ludicrous, as you are bonded to an airline. For instance do you think Easy training Captains don`t talkto other airlines?? And the stigma would stay with you forever, as a dishonourable individual.
PS
Super-Friendly Aviator
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It's worth mentioning that if you manage to get a place on a sponsored scheme at OAT you'll be eligible for £60k.
NetJets is the current scheme which is running (and current plans seem to be to extend this scheme further i.e. increase the number of seats as time goes on). Thomas Cook and Excel have also run schemes for the last two years.
You might be interested to know that it is also possible to get the £60k unsecured if you've got a seat on one of these schemes. The bank won't publicly advertise this (uncommon) route and it would be a case-by-case thing.
NetJets is the current scheme which is running (and current plans seem to be to extend this scheme further i.e. increase the number of seats as time goes on). Thomas Cook and Excel have also run schemes for the last two years.
You might be interested to know that it is also possible to get the £60k unsecured if you've got a seat on one of these schemes. The bank won't publicly advertise this (uncommon) route and it would be a case-by-case thing.
Join Date: Sep 2006
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Hsbc Psl
I had an application approved for a PSL back in 2003 and I trained modular. I could borrow up to £50,000 and yes indeed, I needed my parents to act as guarantors. It took me about 6 visits and asking about the loan for them to realise I was serious about training for a licence. I laid out a business plan to them and the bank manager said go for it, give it to him (without formal interview).
Saying that I had been accepted onto one of Oxfords schemes and had taken the advice of a training consultant, which may have helped.
I am now happily flying for a small regional airline paying huge amounts off of the loan each month, lol. You borrow it, you gotta pay it back.
Good luck.
Saying that I had been accepted onto one of Oxfords schemes and had taken the advice of a training consultant, which may have helped.
I am now happily flying for a small regional airline paying huge amounts off of the loan each month, lol. You borrow it, you gotta pay it back.
Good luck.
Join Date: Jan 2007
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I have spoken to HSBC and they inform me they no longer offer PSL's AT ALL for Pilot training as it is no longer included in their list of qualifying professions.
It seems its back to the drawing board!
It seems its back to the drawing board!
Super-Friendly Aviator
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nospeedrestriction9,
The HSBC branch in Oxford has an arrangement with OAT and I assure you that the loans that have been described here are stil available. However, you will need to be applying for the integrated APP FO course and it will be arranged through the Oxford branch only.
I think Cabair and a few others have similar arrangements.
The HSBC branch in Oxford has an arrangement with OAT and I assure you that the loans that have been described here are stil available. However, you will need to be applying for the integrated APP FO course and it will be arranged through the Oxford branch only.
I think Cabair and a few others have similar arrangements.