Loans for funding flying training.
Join Date: Nov 2005
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Can't help with the Ryanair bit but are you sure your sums are right? £35k to get you through an integrated course seems light to me, unless you mean that is your spending money after having paid Stapleford. Suggest you have a read of the following thread which will give you a heads up of the range of costs involved in going down the modular route. You should be able to pick from it and compare what is/isn't included in your integrated course cost.
http://www.pprune.org/forums/showthread.php?t=236977
http://www.pprune.org/forums/showthread.php?t=236977
Join Date: Apr 2006
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Hi,
I'm in the same position as you and I am looking to do the same as you a go for a Ryan or GECAT at the end of my course however I will not be going through Stapleford.
From what I understand if you go with say GECAT for Easyjet, then HSBC is prepared to help out with a top up loan which will pay for the full amount. Now the question I'm not so confident on is whether you'll have to have some security for this ie parents backing you. But the type rating is the most likely place the banks will be at the nicest as at this point they've got more of a guarantee ofyou having a job at the end. In saying that you'll have to have a job offer. You'd find it very difficult if you were trying this with the Astraeus course which has no job offer at the end.
hope this helps,
I'm in the same position as you and I am looking to do the same as you a go for a Ryan or GECAT at the end of my course however I will not be going through Stapleford.
From what I understand if you go with say GECAT for Easyjet, then HSBC is prepared to help out with a top up loan which will pay for the full amount. Now the question I'm not so confident on is whether you'll have to have some security for this ie parents backing you. But the type rating is the most likely place the banks will be at the nicest as at this point they've got more of a guarantee ofyou having a job at the end. In saying that you'll have to have a job offer. You'd find it very difficult if you were trying this with the Astraeus course which has no job offer at the end.
hope this helps,
Join Date: Apr 2006
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well done guys for pointing out Stapleford is not intergrated - you must be so proud you noticed his fo pa. It only takes one person to point out and no more replys. Its rather prep schol and smug.
also, you have completely missed the point. the important question in this is being able to aford get a loan for a type rating. Not any of the crap points you've just stated.
Secondly, if you want to be a 737 pilot on graduation, you do have to consider paying for a type rating. A lot of poor people from Oxford will tell you the same. Yes they are employed afterwards, but thats through scheme like GECAT! You have your options opens,
also, you have completely missed the point. the important question in this is being able to aford get a loan for a type rating. Not any of the crap points you've just stated.
Secondly, if you want to be a 737 pilot on graduation, you do have to consider paying for a type rating. A lot of poor people from Oxford will tell you the same. Yes they are employed afterwards, but thats through scheme like GECAT! You have your options opens,
Join Date: Apr 2006
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just like to appoligise for my last reply. I had a really bad day - don't take to heart.
Unfortunately, Stapleford are no longer under the Barclays proffessional studies loan scheme so you can't get an unsecured loan for your flight training. You could have used this after your fATPL. So you'll need to have a secured loan. However, by the time you get into your course there is a likely hood stapleford will have regained a loan provider so you may be able get 25k unsecured, but anything else over will need to be secured.
If you were jammy enough to get the Barclays loan before it finished, you'll have to get a secured loan as it will be over £25k.
hope this helps
Unfortunately, Stapleford are no longer under the Barclays proffessional studies loan scheme so you can't get an unsecured loan for your flight training. You could have used this after your fATPL. So you'll need to have a secured loan. However, by the time you get into your course there is a likely hood stapleford will have regained a loan provider so you may be able get 25k unsecured, but anything else over will need to be secured.
If you were jammy enough to get the Barclays loan before it finished, you'll have to get a secured loan as it will be over £25k.
hope this helps
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Student loans and Loans to pay for flight training
All of the major training schools have some kind of arrangement with a high street bank that allows you to borrow up to the full amount required at a competitive interest rate to pay for your training.
What i was wondering is would student loans affect the amount you are allowed to borrow. Does anyone have any experience or has anyone been in this situation.
Any information would be most appreciated.
Chris
What i was wondering is would student loans affect the amount you are allowed to borrow. Does anyone have any experience or has anyone been in this situation.
Any information would be most appreciated.
Chris
Join Date: Feb 2006
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It will rather depend on personal cirumstances and how much your student loan is. I didn't have any problems, declared it on the Business Plan and it didn't even get mentioned in interview.
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Hi Guys,
Sorry to break into the thread like this but I believe that this is the most relevant place to ask my question! If you enrol in an intergrated course overseas, specifically the EPST First Officer course in the Netherlands, can you obtain a loan from that country?
The reason I ask is that I was talking to a couple of EPST students who train at OAT, and they mentioned that banks in the Netherlands offer unsecured loans for the full amount of the course
Also, they mentioned that EPST do accept foreign students, as they said that there were some English guys that underwent selection with them. What they didn't know was if me, being a UK citizen, would be able to get a bank loan from a Dutch bank.
Anyone know if this is possible?
Cheers
Sorry to break into the thread like this but I believe that this is the most relevant place to ask my question! If you enrol in an intergrated course overseas, specifically the EPST First Officer course in the Netherlands, can you obtain a loan from that country?
The reason I ask is that I was talking to a couple of EPST students who train at OAT, and they mentioned that banks in the Netherlands offer unsecured loans for the full amount of the course
Also, they mentioned that EPST do accept foreign students, as they said that there were some English guys that underwent selection with them. What they didn't know was if me, being a UK citizen, would be able to get a bank loan from a Dutch bank. Anyone know if this is possible?
Cheers
Join Date: Apr 2006
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I've spoken to both flight training europe in spain and a few schools in ireland and they didn't think they'd be a problem. Both very willing to help me with my business plan.
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The same question, four times over.
Hi guys,
This is to anyone and everyone, any ideas on a Financial structure so I am able to afford the huge amount needed for the Frozen ATPL,
THANKS PEOPLE
HELOFAN and everyone else!
I have just completed Fixed PPL, wanting to go Professional now, how did every body else out there pay for there training,
thanks
Hello
The cost of Training from ab-intio to ATPL is respectbly high, I would like to know the differant ways in which Pilots have managed to privately pay for there high level training.......
I am at that stage....... and ideas would be great
thanks
Yes bank loans are good in a weird way lol, a slight problem with that though your under massive pressure to pay keep up the repayments
This is to anyone and everyone, any ideas on a Financial structure so I am able to afford the huge amount needed for the Frozen ATPL,
THANKS PEOPLE
HELOFAN and everyone else!
I have just completed Fixed PPL, wanting to go Professional now, how did every body else out there pay for there training,
thanks
Hello
The cost of Training from ab-intio to ATPL is respectbly high, I would like to know the differant ways in which Pilots have managed to privately pay for there high level training.......
I am at that stage....... and ideas would be great
thanks
Yes bank loans are good in a weird way lol, a slight problem with that though your under massive pressure to pay keep up the repayments
Last edited by scroggs; 18th Aug 2006 at 09:17. Reason: Seems unable to do a search.
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HSBC - Recent Activity
Hi,
I know that HSBC previously offered career development loans for integrated courses and the branch in oxford has close links to OATs, however their website no longer lists pilot training as a suitable course. I wonder if anyone has recently applied for financial support and been successful.
Questions:
1. I plan to complete my modular fATPL and wonder if they will consider modular training - I have the minimum hours etc
2. What are the current terms of the loan, i.e. payable over 7 years with no payments until after the end of the course??
3. If you were successful, how detailed was your business plan?
Any info would be great.
Thanks
I know that HSBC previously offered career development loans for integrated courses and the branch in oxford has close links to OATs, however their website no longer lists pilot training as a suitable course. I wonder if anyone has recently applied for financial support and been successful.
Questions:
1. I plan to complete my modular fATPL and wonder if they will consider modular training - I have the minimum hours etc
2. What are the current terms of the loan, i.e. payable over 7 years with no payments until after the end of the course??
3. If you were successful, how detailed was your business plan?
Any info would be great.
Thanks
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go_solo - I'm pretty sure that HSBC have never listed Pilot Training as a suitable course for a Professional Studies Loan.
The arrangement between OAT and HSBC, Oxford is very much a bespoke package which links closely to the T's & C's of a PSL.
The difference is the interest rate is pretty favourable and you don't have to begin making repayments until 6 months after completion of the OAT course.
In answer to your questions
As far as I know the loan arrangement between HSBC and yourselves is based upon successful acceptance onto one of the integrated courses with OAT - I could be wrong but I think the modular course is exempt from this arrangement.
The current terms (or the one's they set) bases your first repayment at month 21 (6 months after completion of the OAT course) and this term spans a maximum of 11 years.
The template provided by OAT is a pretty decent plan that outlines everything a bank manager needs to know.
I also thought it was useful to take my parents along to the interview (since they ultimately secured my loan against our house)
I also prepared a thorough living cost projection which included my current savings, expenses including accommodation, food, bills, petrol for the car, life insurance, contingencies etc etc
I was also successful in getting the loan required.
The arrangement between OAT and HSBC, Oxford is very much a bespoke package which links closely to the T's & C's of a PSL.
The difference is the interest rate is pretty favourable and you don't have to begin making repayments until 6 months after completion of the OAT course.
In answer to your questions
I plan to complete my modular fATPL and wonder if they will consider modular training - I have the minimum hours etc
What are the current terms of the loan, i.e. payable over 7 years with no payments until after the end of the course??
If you were successful, how detailed was your business plan?
I also thought it was useful to take my parents along to the interview (since they ultimately secured my loan against our house)
I also prepared a thorough living cost projection which included my current savings, expenses including accommodation, food, bills, petrol for the car, life insurance, contingencies etc etc
I was also successful in getting the loan required.
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i recently applied for the PSL with HSBC for the modular training route and they gave me the knock back i rang round all the banks that offer a PSL and none of them will support pilot training. I am really stuck and i dnt no what to do. None of the banks are intrested so i dnt how future pilots are going to fund there training. Any comments or advise is welcome!
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go_solo - I'm pretty sure that HSBC have never listed Pilot Training as a suitable course for a Professional Studies Loan.
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i recently applied for the PSL with HSBC for the modular training route and they gave me the knock back i rang round all the banks that offer a PSL and none of them will support pilot training. I am really stuck and i dnt no what to do. None of the banks are intrested so i dnt how future pilots are going to fund there training. Any comments or advise is welcome!
Last edited by Lucifer; 28th Aug 2006 at 12:44. Reason: sp.
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Using your own bank
Hi,
Just thought I'd put down a few thoughts on my own experience in this tricky area in case it helps anyone.
I left a full time job just as HSBC withdrew the professional studies loan for pilots which wasn't the best timing.
I've needed to borrow £38000 since leaving work to fund my training from being a PPL with 140 hours to getting to the end of the MCC. I've borrowed 17000 from my parents which I have been very lucky to be able to do. But the other 21000 has come from my bank (Lloyds - 19000) and credit cards.
I guess the lessons I've learnt are -
It's worth contacting your own bank. I've been with Lloyds for a few years, but I'm new down in Christchurch so didn't know the local branch. However I got in contact with a manager there 8 months before needing the money and gave them a breakdown of what the money was for and a summary of my training schedule (it fitted on a side of A4 so wasn't too onerous). After keeping in touch with them since then and keeping them updated with my situation etc. they have now loaned me the 19000 I needed. It hasn't always been smooth, but I have been pleasantly surprised at their helpfulness. Also, although I have a flat (and mortgage!) they didn't require me to secure the loan.
Don't settle for an offered interest rate if it sounds over the top. Point out the other loan rates that are out there. Lloyds wanted to put me on 7.9% which worried me enough that I said I was reconsidering. They then price matched it with someone else's rate (Halifax I think) and I ended up with 5.9%.
I understand what Scroggs is saying about Credit Cards, but they can be useful. I've got £1000 cheap credit on a Sainsbury's card which is 0% for a year on purchases, which can't be bad in my book ! You do need to bear in mind the minimum payments you need to make each month.
I can't overemphasise enough the need to take into account living costs. Even with a part time job I've been going through c. £800 a month whilst I've been doing my ground studies and flying training. It makes up a big proportion of your costs if you have to spend 1 to 2 years out of full time work whilst you're training.
Good luck to all who are trying to get that elusive loan into their account !
Mungo
Just thought I'd put down a few thoughts on my own experience in this tricky area in case it helps anyone.
I left a full time job just as HSBC withdrew the professional studies loan for pilots which wasn't the best timing.
I've needed to borrow £38000 since leaving work to fund my training from being a PPL with 140 hours to getting to the end of the MCC. I've borrowed 17000 from my parents which I have been very lucky to be able to do. But the other 21000 has come from my bank (Lloyds - 19000) and credit cards.
I guess the lessons I've learnt are -
It's worth contacting your own bank. I've been with Lloyds for a few years, but I'm new down in Christchurch so didn't know the local branch. However I got in contact with a manager there 8 months before needing the money and gave them a breakdown of what the money was for and a summary of my training schedule (it fitted on a side of A4 so wasn't too onerous). After keeping in touch with them since then and keeping them updated with my situation etc. they have now loaned me the 19000 I needed. It hasn't always been smooth, but I have been pleasantly surprised at their helpfulness. Also, although I have a flat (and mortgage!) they didn't require me to secure the loan.
Don't settle for an offered interest rate if it sounds over the top. Point out the other loan rates that are out there. Lloyds wanted to put me on 7.9% which worried me enough that I said I was reconsidering. They then price matched it with someone else's rate (Halifax I think) and I ended up with 5.9%.
I understand what Scroggs is saying about Credit Cards, but they can be useful. I've got £1000 cheap credit on a Sainsbury's card which is 0% for a year on purchases, which can't be bad in my book ! You do need to bear in mind the minimum payments you need to make each month.
I can't overemphasise enough the need to take into account living costs. Even with a part time job I've been going through c. £800 a month whilst I've been doing my ground studies and flying training. It makes up a big proportion of your costs if you have to spend 1 to 2 years out of full time work whilst you're training.
Good luck to all who are trying to get that elusive loan into their account !
Mungo
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Mungo
Good point about 0% credit cards. There is more advice on this website in that regard:
http://www.moneysavingexpert.com/creditcards
Good point about 0% credit cards. There is more advice on this website in that regard:
http://www.moneysavingexpert.com/creditcards
Join Date: Apr 2003
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Thanx everyone all very useful information i do currently have an account with Lloyds so i will speak to them and see what they say. Just without HSBC its seems impossible not to run up a lot of unnecessary debt through paying off different loans just to get the base finances needed. I just dnt know how people are expected to enter pilot training in the future, it just seems a really shame as now is defiantly one of the best times to start training as the industry is starting to expand. I wish some of the big airlines and the Government would do something about it.
Thanks for all your comments so far any more views or advise is welcome.
Thanks for all your comments so far any more views or advise is welcome.
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Hello Matt,
I will give you a run down on what I have done so far as I was in the exact same position as you.
I had my first flight in feb 2004 and completed my PPL in Oct 2004 and since then I have done my hour building (not completed yet), flew to france solo from scotland and done 6 hrs IMC training. I done all this by working and using my monthly wages to fund this part. For the past 8 months I've been saving up my wages and I have plans to take an 8k career developement loan and go complete my training (ground school theory, CPL and IR)...one of the places that I'm favouring at the minute is Egnatia Aviation, their pricing meets my budgets aswell as other factors.
I could easily go and get an unsecured loan of around 20-25k to complete my training tomorrow but I dont fancy the repayment schedules when I would be struggling to compete in a very competative market for my first job!
My aim is to try and complete my training with the least amount of debt possible as I may need the banks for TR bonding etc...(not that I would like to but thats the way the market currently is unfortunately).
I will give you a run down on what I have done so far as I was in the exact same position as you.
I had my first flight in feb 2004 and completed my PPL in Oct 2004 and since then I have done my hour building (not completed yet), flew to france solo from scotland and done 6 hrs IMC training. I done all this by working and using my monthly wages to fund this part. For the past 8 months I've been saving up my wages and I have plans to take an 8k career developement loan and go complete my training (ground school theory, CPL and IR)...one of the places that I'm favouring at the minute is Egnatia Aviation, their pricing meets my budgets aswell as other factors.
I could easily go and get an unsecured loan of around 20-25k to complete my training tomorrow but I dont fancy the repayment schedules when I would be struggling to compete in a very competative market for my first job!
My aim is to try and complete my training with the least amount of debt possible as I may need the banks for TR bonding etc...(not that I would like to but thats the way the market currently is unfortunately).