Loans for funding flying training.
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Where to get that money...
Hey guys - Ive done a search but there's loads of vague answers....
Im trying to research loans in terms of getting the ATPL. Basically, should I get through to being offered a job after attending a recent sponsorship programme I'd need to be able to access the funds needed to go all the way though my training.
Now - being me, I dont want to have to ask my parents to secure the loan against their house as they've just paid off the morgage and I want to stand on my own two feet.
Im currently renting - About to start a full time job making approx £13,000 a year - What are my options?
Are there banks out there that will offer a certain ammount unsecured? Or are they all secured? If so, is it always against a property?
Also - are there any banks out there that would offer the entire £60k??
Thanks - I know this has been done to death but specifics arent always answered in a search.
Cheers guys
Ian
Im trying to research loans in terms of getting the ATPL. Basically, should I get through to being offered a job after attending a recent sponsorship programme I'd need to be able to access the funds needed to go all the way though my training.
Now - being me, I dont want to have to ask my parents to secure the loan against their house as they've just paid off the morgage and I want to stand on my own two feet.
Im currently renting - About to start a full time job making approx £13,000 a year - What are my options?
Are there banks out there that will offer a certain ammount unsecured? Or are they all secured? If so, is it always against a property?
Also - are there any banks out there that would offer the entire £60k??
Thanks - I know this has been done to death but specifics arent always answered in a search.
Cheers guys
Ian
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Try Northern Rock. I was >£50K in debt, with a perfect repayment record, and they happily and quickly lent me £15K unsecured after getting turned down by other lenders. I know they lend up to £25K unsecured!
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Flight training financing...
Hey! I am a college student and in two years I will start my training at atp. I've been looking at several different loan options, but as it turns out it's not going to be easy at all for me to get approved for one for the full amount. Therefore, I've decided to work my *** off and save every penny during my two years of college to try and minimize the loan I will have to ask for. I'm considering working as a waiter for these two years. Any advice on loan programs, or what to do during these two years to be able to attend atp is deaply appreciated! Also, if you had a similar experience, what did you do?
Thank you! I know this doesn't have to do much with flight training, but it's pretty important for me...
Thank you! I know this doesn't have to do much with flight training, but it's pretty important for me...
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Yep, I have pretty much the same problem- I'm finishing off my A Levels and I've decided I can't afford to go to university and FTE/OAT 
soo I'm gonna spend a year working flat out to decrease the loan.
I'm rather lucky in this circumstance, because I am south african, I have a bank in s.africa who are willing to give me a loan (my parents do a lot of business with them) and in the UK (where I have been living for the last 10 years) I will try to get an unsecured loan of 25,000££ because I can't secure a loan against my parents property.
It's a pickle, and I really do feel sorry for anybody that is in my situation, yet doesn't have two banks to rely on. It's very sad that the aviation business ask so much of it's students, who else on earth would pay so much just to get a job, they are asking too much off us
But, at the end of the day, it's what we all want to do, so I suppose where there's a will there's a way... Best of luck Shadow!
soo I'm gonna spend a year working flat out to decrease the loan.I'm rather lucky in this circumstance, because I am south african, I have a bank in s.africa who are willing to give me a loan (my parents do a lot of business with them) and in the UK (where I have been living for the last 10 years) I will try to get an unsecured loan of 25,000££ because I can't secure a loan against my parents property.
It's a pickle, and I really do feel sorry for anybody that is in my situation, yet doesn't have two banks to rely on. It's very sad that the aviation business ask so much of it's students, who else on earth would pay so much just to get a job, they are asking too much off us
But, at the end of the day, it's what we all want to do, so I suppose where there's a will there's a way... Best of luck Shadow!
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Lawyers, doctors, MBAs, foreign students at UK universities...pilots are not the only ones...
A doctors job (GP) is virtually the same as a commercial pilots job in terms of pay and the length of time it takes to get there.
A doctor can expect to earn £45k to £50k, 5 years afer graduating, when the starting wage is around £20k. I would say thats very similar to a pilot. When experienced a GP can expect to earn in the region of £110k, this is the same as an experienced long haul captain.
In terms of training, it costs much more to train a Doctor than it does a pilot. The NHS can expect to pay in excess of £250k for each Doctor they train, most of this is paid for by the NHS, a Doctor usually starts their career with around 50k of debt.
The above is similar for lawyers too.
So as pilots we are actually better of in terms of cost of training (unless we pay to go integrated). The job at the end may not be as good or as easy to get, but its what we want to do, so why do anything different.
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It's absolute twoddle trying to compare pilots with lawyers and doctors. Both lawyers and doctors have the majority of their degree's subsidised by the government in the form of student loans and government investment. If additional financial assistance is required you will find banks queuing up to offer loans as a lawyer and doctor's job is always SECURE. Also doctors perform a vital societal function hence deserve all the help they get...lawyers on the other hand .....
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Just as its our choce to fly planes for a living, its our choice to take on a financial burden. Once you land that first job it'll all be worht it anyways
.Just as its our choce to fly planes for a living, its our choice to take on a financial burden. Once you land that first job it'll all be worht it anyways
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i remorguaged my house i was fortunatle to have at 18... then its a lottery and i won a job at the end of it.
remember your going to invest 10's of thousands of £ into training with no garenteed job at the end... but if you make it, its the best gamble youve ever made
remember your going to invest 10's of thousands of £ into training with no garenteed job at the end... but if you make it, its the best gamble youve ever made
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Hi Adam,
Good to see some young blood continuing the aviation dream!
I myself am hoping to begin my 2009, as I'm currently at University Studying Law (nothing to do with aviation, but thought the course could be fun
).
If I were you, I would try and join your local cadet force. The cadets can teach you a lot of good skills that you can take into the airline business.
I was in the cadets for a long time, from the age of 13 and ended up going solo with them, meaning I didn't need to pay as much for my PPL.
The funding issue is a problem, but it's just a risk that must be taken in order to get to your dream, sadly.
I myself, run my own company and work Monday to Friday as well as collect all my student loans and student bursarys, which are put towards flying.
CTC is a good organisation, but don't think they are all Posh private school boys and girls. I have met two people who have went to CTC, one being my old girlfriend and the other a collegue at my flying club at Prestwick. Both got in because they were excellent pilots who had worked hard at high school and university and got accepted.
However, there are several other schools which are excellent such as Cabair, Oxford Aviation Training, Stapleford etc these schools all have great names. You should read the many reviews on this forum, try using the search tool.
Best of luck!
P.S this isn't a Aussie and Nz forum
Good to see some young blood continuing the aviation dream!
I myself am hoping to begin my 2009, as I'm currently at University Studying Law (nothing to do with aviation, but thought the course could be fun
). If I were you, I would try and join your local cadet force. The cadets can teach you a lot of good skills that you can take into the airline business.
I was in the cadets for a long time, from the age of 13 and ended up going solo with them, meaning I didn't need to pay as much for my PPL.
The funding issue is a problem, but it's just a risk that must be taken in order to get to your dream, sadly.
I myself, run my own company and work Monday to Friday as well as collect all my student loans and student bursarys, which are put towards flying.
CTC is a good organisation, but don't think they are all Posh private school boys and girls. I have met two people who have went to CTC, one being my old girlfriend and the other a collegue at my flying club at Prestwick. Both got in because they were excellent pilots who had worked hard at high school and university and got accepted.
However, there are several other schools which are excellent such as Cabair, Oxford Aviation Training, Stapleford etc these schools all have great names. You should read the many reviews on this forum, try using the search tool.
Best of luck!
P.S this isn't a Aussie and Nz forum
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Hi Adam,
Great to see such dedication from someone of your age. First get your PPL, fly as much as you can - I guess it won't be that much, but do what you can. Financing is ALWAYS a problem for all of us ALL of the time - it is just so expensive.
It seems that you are not afraid of hard work, so do what you can, SAVE as much as you can and when you're 18 get a few credit cards etc - pay them back on time to build a good credit standing. If needed then get a loan to do your CPL, IR etc and go for that dream job.
Don't forget on the way you dreams and what employers will look for - Dedication, Knowledge, Ability to learn - try washing aircraft at your flight school etc.
I'm sure you will suceed, but it won't be easy, NEVER give up and you will get there. I am 28 years older than you and only slightley ahead of you in training (PPL - 83 hours) and with problems of getting JAA medical (colour blindness) but hey I'm not giving up and WILL get there somehow.
Great to see such dedication from someone of your age. First get your PPL, fly as much as you can - I guess it won't be that much, but do what you can. Financing is ALWAYS a problem for all of us ALL of the time - it is just so expensive.
It seems that you are not afraid of hard work, so do what you can, SAVE as much as you can and when you're 18 get a few credit cards etc - pay them back on time to build a good credit standing. If needed then get a loan to do your CPL, IR etc and go for that dream job.
Don't forget on the way you dreams and what employers will look for - Dedication, Knowledge, Ability to learn - try washing aircraft at your flight school etc.
I'm sure you will suceed, but it won't be easy, NEVER give up and you will get there. I am 28 years older than you and only slightley ahead of you in training (PPL - 83 hours) and with problems of getting JAA medical (colour blindness) but hey I'm not giving up and WILL get there somehow.
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Irish type rating loan- suggestions?
Hello,
I've recently passed an interview and simcheck with an Irish airline and have been offered a position on their type rating course (Yipee
) which is a self-sponsoring position.
Would anyone be able to offer any advice as to which finincial institution(s) I might approach regarding a loan?
I have an account with AIB and the local credit union. However before I approach either of them I'm trying to become a little more informed about what exactly I should be looking for in a loan as well as developing an awareness of the potential caveats which may be associated with procuring a loan.
I understand that "secured" loans normally have a lower APR than "unsecured", does the rate vary significantly?
There is also the matter of fixed versus variable rate loans.
A colleague of mine had an unpleasant experience with the Credit Union: apparently they increased the rate of interest without informing him. This is the type of thing I'm attempting to pre-emptively avoid.
Awareness is all important and as such I must admit that my knowledge in this area is distinctly lacking.
I have indeed found some useful information using the search option however I'd be interested to hear more about the individual experiences of others.
[Cliste- You said that "there is a way" regarding Irish loans, which way is that?]
Kind regards,
John.
I've recently passed an interview and simcheck with an Irish airline and have been offered a position on their type rating course (Yipee
) which is a self-sponsoring position. Would anyone be able to offer any advice as to which finincial institution(s) I might approach regarding a loan?
I have an account with AIB and the local credit union. However before I approach either of them I'm trying to become a little more informed about what exactly I should be looking for in a loan as well as developing an awareness of the potential caveats which may be associated with procuring a loan.
I understand that "secured" loans normally have a lower APR than "unsecured", does the rate vary significantly?
There is also the matter of fixed versus variable rate loans.
A colleague of mine had an unpleasant experience with the Credit Union: apparently they increased the rate of interest without informing him. This is the type of thing I'm attempting to pre-emptively avoid.
Awareness is all important and as such I must admit that my knowledge in this area is distinctly lacking.
I have indeed found some useful information using the search option however I'd be interested to hear more about the individual experiences of others.
[Cliste- You said that "there is a way" regarding Irish loans, which way is that?]
Kind regards,
John.
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Guys just a quick questions, i mean Uni is going to cost me 10 k easily on top of that another 60k. Is there any chance of getting loans for this kinds of studies, my parent are willing to chip in (prob 70%). I know sponsorships is extremely low if any one can give me any advice to go about it.
I thinking of booking a medical test during the summer before i make my BIG decisions
I thinking of booking a medical test during the summer before i make my BIG decisions
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Northern Rock
I need to take out a loan to finish off my training and was considering Northern Rock as they have received good feedback from this forum. Only problem is that I submitted my application form over a week ago and they still haven't got back to me, so far not so much as a confirmation of my application!!
If you've used these guys before please can you let me know your experiences with them and also how long you had to wait for a reply. Thanks!!
If you've used these guys before please can you let me know your experiences with them and also how long you had to wait for a reply. Thanks!!
Last edited by Crashnburn22; 13th Jan 2009 at 22:15.
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Has anyone from this thread tried out the package that the bank Cajamar is offering in Spain for the training in the pilot school Aerodynamics Málaga? Can someone advise me the best banks in Spain, although it doesn't seem there are many, to get the best possible system?
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Crashnburn22
Northern Rock usually call you within a week to talk through the application and then it's in the bank within 7 days from there. This is based on my recent experience of them for two loan applications. They are by far one of the better lenders for no nonsense lending processes!
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OAT APP FO Funding
Hi All,
Does anyone know what are the T&Cs for the HSBC loan for the APP F/O training. The OAT literature that I received a week or so ago says that successful applicants at the assessment days can get a loan to cover the full integrated training costs and living expenses.
The main question is does this have to be secured (I know the CTC one doesn't)?
I have read through large sections of this thread, but I apologise if this has been asked before and I missed the answer!
B
Does anyone know what are the T&Cs for the HSBC loan for the APP F/O training. The OAT literature that I received a week or so ago says that successful applicants at the assessment days can get a loan to cover the full integrated training costs and living expenses.
The main question is does this have to be secured (I know the CTC one doesn't)?
I have read through large sections of this thread, but I apologise if this has been asked before and I missed the answer!
B