Loans for funding flying training.
Join Date: Feb 2007
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For loans over 25k you will need security (UK Residential Property or Cash).
They will loan up to 50k for self-sponsored applicants and 60k for cadets of NetJets / Excel etc.
They will loan up to 50k for self-sponsored applicants and 60k for cadets of NetJets / Excel etc.
Join Date: May 2007
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funding
I'm thinking of joining the cabair 'intergrated' programme in 08 and had some concerns about overall costs....
1. Has anyone been through Cabair programme recenty? comments....
2. Is it better to pay for a type rating yourself with bonus of a higher starting salary or go for a sponsored scheme and be the 'pocket' on a lower salary? Does anyone have a comparable figures?
Thanks,
sculler
1. Has anyone been through Cabair programme recenty? comments....
2. Is it better to pay for a type rating yourself with bonus of a higher starting salary or go for a sponsored scheme and be the 'pocket' on a lower salary? Does anyone have a comparable figures?
Thanks,
sculler
Join Date: Jul 2006
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I think most will have a 2nd career plan that gave them the option to take on the fATPL training.
You stand a better chance (apparently - lets not debate) if you are educated to a high level i.e. Degree.
If you have a degree in IT for example (like myself) then earning £20k to start with and building up to £50/60k is the norm. It's down to the individual how he/she wants to spend it.
I am looking to get on the property ladder but I am also looking to get a fATPL by the time I am 30 years old. So I am still teaching myself other programming languages to get more rewards that will fund my £50k bill coming my way for flight training.
Ofcourse you'll always have rich parents living their dream through their kids and will lend/give them £50k straight up to have their son/daughter a fATPL. I am not in this position and funded Uni myself as well as flight school.
One good thing about doing it my way is if after giving up work to complete my ATPL/CPL/IR and I can't find a job I can always go back to what I know I am good at and be a web developer again.
Good luck in finding your cash. I just picked my two lines for the Euro Millions (£35M) and if I win I'll still go ahead with my fATPL.
You stand a better chance (apparently - lets not debate) if you are educated to a high level i.e. Degree.
If you have a degree in IT for example (like myself) then earning £20k to start with and building up to £50/60k is the norm. It's down to the individual how he/she wants to spend it.
I am looking to get on the property ladder but I am also looking to get a fATPL by the time I am 30 years old. So I am still teaching myself other programming languages to get more rewards that will fund my £50k bill coming my way for flight training.
Ofcourse you'll always have rich parents living their dream through their kids and will lend/give them £50k straight up to have their son/daughter a fATPL. I am not in this position and funded Uni myself as well as flight school.
One good thing about doing it my way is if after giving up work to complete my ATPL/CPL/IR and I can't find a job I can always go back to what I know I am good at and be a web developer again.
Good luck in finding your cash. I just picked my two lines for the Euro Millions (£35M) and if I win I'll still go ahead with my fATPL.
Last edited by AlphaMale; 10th May 2007 at 23:22.
Join Date: Jan 2006
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Hi there
Everyone will have different strategies based on circumstance.
The way I've done it is, worked my ass off doing whatever job, all the overtime i could get, saved like hell, for about two years, that gave me the grand sum of about £8500, with that I did my PPL and Night Rating, then went to my friendly bank manager and got a loan for 15K, that got my hours up to 153 with about a 107 pic, now I'm going to work for the London underground as a laborer, can earn decent money and it free's up the days to study and save for the next stage of spending, its taken me 3 years to get to this point, its slow, but I'll get there in the end, I'm only 25 so still got time on my side...well ok, I guess I'm not that young any more.
The point is, if you are going to self fund, it takes hard work and dedication, and remember, these days banks expect you to start repaying debt within 3 months, they don't see student ATPL's as students unfortunately, so getting a large loan can sometimes add to the financial stress you may be experiencing!
But never give up and fight on, and in the end if you want it bad enough, you'll get it!
Thats what I tell myself every night...helps me sleep!
Cheers
Ant
Everyone will have different strategies based on circumstance.
The way I've done it is, worked my ass off doing whatever job, all the overtime i could get, saved like hell, for about two years, that gave me the grand sum of about £8500, with that I did my PPL and Night Rating, then went to my friendly bank manager and got a loan for 15K, that got my hours up to 153 with about a 107 pic, now I'm going to work for the London underground as a laborer, can earn decent money and it free's up the days to study and save for the next stage of spending, its taken me 3 years to get to this point, its slow, but I'll get there in the end, I'm only 25 so still got time on my side...well ok, I guess I'm not that young any more.
The point is, if you are going to self fund, it takes hard work and dedication, and remember, these days banks expect you to start repaying debt within 3 months, they don't see student ATPL's as students unfortunately, so getting a large loan can sometimes add to the financial stress you may be experiencing!
But never give up and fight on, and in the end if you want it bad enough, you'll get it!
Thats what I tell myself every night...helps me sleep!
Cheers
Ant
Join Date: Nov 2003
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Engineering degree followed by a techy job with large Fortune 500 company.
My advice is to target the bigger companies, that way you’ll have plenty of time to study whilst supposedly “working”. The more bureaucratic the better. Look for a company with the most meaningless mission statement (don’t worry - the employees don’t know what they do either). Look at their website – do they have lots of pictures of happy people claiming to be “passionate” about whatever the company does? Look at their “Careers” web page – read the job descriptions – if you haven’t a clue what any of it means then you’ve found the right place. You’ll be amazed at how much money some companies pay for so little work – but be careful as it might put you off the idea of actually having to work for a living when you finally move into aviation.
If you can get any inside information on the company then try to find out the manager-to-worker ratio. It shouldn't be too hard to find a 1:1 which is ideal.
I call it the “corporate sponsorship” route into aviation, but remember: a successful parasite never destroys its host.
My advice is to target the bigger companies, that way you’ll have plenty of time to study whilst supposedly “working”. The more bureaucratic the better. Look for a company with the most meaningless mission statement (don’t worry - the employees don’t know what they do either). Look at their website – do they have lots of pictures of happy people claiming to be “passionate” about whatever the company does? Look at their “Careers” web page – read the job descriptions – if you haven’t a clue what any of it means then you’ve found the right place. You’ll be amazed at how much money some companies pay for so little work – but be careful as it might put you off the idea of actually having to work for a living when you finally move into aviation.
If you can get any inside information on the company then try to find out the manager-to-worker ratio. It shouldn't be too hard to find a 1:1 which is ideal.
I call it the “corporate sponsorship” route into aviation, but remember: a successful parasite never destroys its host.
Join Date: Mar 2007
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Bonuses can add to your basic salary: as I will find out on Tuesday-and extra £1000 thanks very much.
What I did so far was to go to university, get a degree in maths so I always had something of a backup plan, then had the chance to do a PhD with a major company who pay mathematicians silly money. I then joined said silly money company for even sillier money and bonuses.
Unfortunately all this takes time and you then still haven't got a licence.
As extra earning you could try tutoring GCSE subjects. Going rate about £20-25 an hour, a bit more for A-level subjects. You could realistically tutor 3-4 students a week (the demand is there especially at this time of year). £240 a month on the lower figures I quoted. Thick end of a couple of flying hours a month paid for.
What I did so far was to go to university, get a degree in maths so I always had something of a backup plan, then had the chance to do a PhD with a major company who pay mathematicians silly money. I then joined said silly money company for even sillier money and bonuses.
Unfortunately all this takes time and you then still haven't got a licence.
As extra earning you could try tutoring GCSE subjects. Going rate about £20-25 an hour, a bit more for A-level subjects. You could realistically tutor 3-4 students a week (the demand is there especially at this time of year). £240 a month on the lower figures I quoted. Thick end of a couple of flying hours a month paid for.
Join Date: Apr 2002
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sold my Toyota Soarer Twin Turbo for 12 grand to start flying back in 2002. Did my PPL with that. Then stopped flying for 4 years due to uni (apart from 90day currency checks), and went to same flight school for CPL last year, with no $$$ saved up. Started working 20 hours at a service station during weekends (410/week for 20 hrs work) + newspaper delivery most nights (300/week), and a bit of cash in hand indian food delivery driving boss' car (150 bucks for the week, which took care of rent, food and grog).
Almost nearing CPL. got 12 grand saved up already just to do Instrument Rating. can be done
Richie
Almost nearing CPL. got 12 grand saved up already just to do Instrument Rating. can be done
Richie
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I'm funding my PPL just now purely through saving of my salary from my full-time job (I work as an apprentice engineer in a factory).
It's actually not bad... I'm below £15K p.a. and I'm still finding it OK-going. How? Easy. Still staying with the parents, no girlfriend, rusty 13-year-old Ford Fiesta, and I'm teetotal.
Most of my mates are now spending their cash on flash cars etc. but I can do without that. I'd rather be flying!
Smithy
It's actually not bad... I'm below £15K p.a. and I'm still finding it OK-going. How? Easy. Still staying with the parents, no girlfriend, rusty 13-year-old Ford Fiesta, and I'm teetotal.
Most of my mates are now spending their cash on flash cars etc. but I can do without that. I'd rather be flying!
Smithy
Join Date: May 2001
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I know he said not to debate the degree thing, but I walked out of college with just 3 A' Levels at 'C', no degree. Within 4 years I was on £45k. Right now, I'm contracting and earning considerably more. Enough to make an integrated course viable shall we say. Still going Modular though.
Best way to finance a flying career?
Be patient.
Best way to finance a flying career?
Be patient.
Join Date: Mar 2007
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A few years in the armed forces (whats the rush I'm only 32) followed by an engineering degree then a local authority job in a big city. I have supervisors who spend more time at the bookmakers than in work and the money, frankly, is superb for the amount of work I am expected to do. Which of course frees up plenty of time for studying flying. Who's says the government don't fund atpl's, keep on paying those taxes guys.
Am going on flexitime soon too which means I can work up an extra 12 days off a year on top of the 27 I already have, it makes the modular route a far less onerous option in terms of demands on my free time (if there is such a thing). Local authorities, in my experience are often very flexible without the constraints that private employers are under.
It's worth considering but prepared to morph into a tanktop jumper wearer and for many painful conversations with narrowminded dinosaurs who should have found a different reason to live decades ago. Stay focused on the goal.
Am going on flexitime soon too which means I can work up an extra 12 days off a year on top of the 27 I already have, it makes the modular route a far less onerous option in terms of demands on my free time (if there is such a thing). Local authorities, in my experience are often very flexible without the constraints that private employers are under.
It's worth considering but prepared to morph into a tanktop jumper wearer and for many painful conversations with narrowminded dinosaurs who should have found a different reason to live decades ago. Stay focused on the goal.
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[quote]Previous post is true in so many ways. However, in some companies it might pay to do your work properly. Bonuses and such can add quite much to your basic salary.[\quote]
Quite true, but in my experience bonus paid is inversely proportional to work done.
Quite true, but in my experience bonus paid is inversely proportional to work done.
Join Date: May 2007
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Funding??? Rob your Granny
Hey folks,
Is anyone able to explain the different options of funding yourself through flight school, i.e are banks willing to lend the money when theres no certainty of a job?
Secondly a major worry for me is having this huge debt, although this won't affect me too much as a young guy but is there any older chaps out there that have took the loans to fund themselves and now in family life with morgage etc how does it affect your life?
I have always wanted to be a pilot, and i know within my heart i have to make it somehow, however not coming from money its going to be bloody hard with no family financial help and more importantly i wouldn't want my (future) family's standard of life to suffer because of this debt.
Any insight would be very welcomed
Snoopy
Is anyone able to explain the different options of funding yourself through flight school, i.e are banks willing to lend the money when theres no certainty of a job?
Secondly a major worry for me is having this huge debt, although this won't affect me too much as a young guy but is there any older chaps out there that have took the loans to fund themselves and now in family life with morgage etc how does it affect your life?
I have always wanted to be a pilot, and i know within my heart i have to make it somehow, however not coming from money its going to be bloody hard with no family financial help and more importantly i wouldn't want my (future) family's standard of life to suffer because of this debt.
Any insight would be very welcomed
Snoopy