How are people affording to complete their training?
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If your getting a loan to pay for ALL your training? how are you going to be able to support and pay back the loan through training? Also once completed training you might have to put down a bond, so then again ANOTHER loan? will you ever be out of debt?!
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Originally Posted by DUB-GREG
Everyone is talking about paying it and going the long route. I plan to get into Oxford or JEREZ (Both very good schools by the looks of things) who then on passing their entrance and aptitude exams will organise a loan for you?
Am i mad or the only one looking at this?
Oh and the weather in Ireland has been crap too!
Am i mad or the only one looking at this?
Oh and the weather in Ireland has been crap too!
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Originally Posted by DUB-GREG
Everyone is talking about paying it and going the long route. I plan to get into Oxford or JEREZ (Both very good schools by the looks of things) who then on passing their entrance and aptitude exams will organise a loan for you?
Oh then you have to pay back £85K over 11 years..and your £50k original loan would have cost you over £80k by the time you've paid the interest.. Sorry but do the maths and you'll see the Oxford way isn't great way you might think it is!
And no your not the only one looking at it, most have just dismissed it!
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A lot of people will say that if you want it badly enough, it doesn't matter how you go about it or how much debt you get into, you're following your dream and doing what you've always wanted.... I don't want to secure a loan against my parents house, I don't want to sell my flat, I don't want to give up work and end up £100k in debt with no job.... I'd rather try and do it part time with as small a loan as possible (25k max).... I'm beginning to wonder if maybe I don't want it badly enough?!
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FW I totaly agree with you, my max loan will hopefully be about £25k and paying the rest myself, I could never secure my parents house on my training whether they offered or not and those that do must be mad!
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Originally Posted by mcgoo
FW I totaly agree with you, my max loan will hopefully be about £25k and paying the rest myself, I could never secure my parents house on my training whether they offered or not and those that do must be mad!
I've always wondered this... surely when airlines interview, they'd be looking for (among other things) people who don't take too much of a risk (being responsible for lives etc!) so why is it they prefer integrated students - where most of them will more than likely have taken a hell of a risk with a huge loan and parents house etc? Or does this just show that there is a strong desire (do whatever it takes) to fulfill one's ambitions? (I have nothing against integrated students btw, just wondering about all of this!)
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I think its because there is less of a risk, the integrated courses have pre course aptitude tests and interviews and the course is standardised and so the airlines know what they are getting from a school, they can just say to a school "right send along 50 students" and pick who they want from that rather than have to wade through thousands of cv's and hundreds of interviews.
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Femalewannabe,
It's not that integrated students have more desire, it's because the course is all structured, under the one roof, and tightly controlled. That's why some airlines prefer it, but they also hire those who went the modular route.
It's not that integrated students have more desire, it's because the course is all structured, under the one roof, and tightly controlled. That's why some airlines prefer it, but they also hire those who went the modular route.
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If you look into it, the loans they help you get don't need to be paid back until 18months after the loan date/6months after training. However, they will obviously occur interst during this period. I believe FTE's financial partner's rate is currenty about 3.5% or something, half of what it would be with OAT or elsewhere.
I plan to raise a comfortable amount to have sitting in the bank, just in case, throughworking before i commit myself to this.
I plan to raise a comfortable amount to have sitting in the bank, just in case, throughworking before i commit myself to this.
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It's not really the timescale which would worry me, its the amount of the repayments! £60k over 20 years is £250 a month, and thats without calculating the interest. If you're paying mortgage/rent and other bills, that's a lot to add on, especially if you don't find a job straight away. I know I couldn't fund that on my current salary, so I'd be relying on an airline job to pay back the loan - not something I can do 
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captwannabe: I just got sick of the weather (ie. flying in ireland so slow to just get a ppl) Drop me a PM for a chat?
littco: In realaion to ATPL, I have a good relationship with my mother and we gave EVERY optition a look at, from doing it here in Ireland to going a cheaper way etc.
The best way I found from discussing it with people and in the industry and friends, was to get i done in one go (JEREZ or OAT etc)
NO DISTRACTIONS, no breaks. Get it ALL done, just like any other industry or college course.
In relation to the loan. YES, its a MASSIVE amount of money. It is life changing stuff.
I hope i didnt give the impression that it was a drop of the hat decision i was making? Its not, i want to fly, its like a hunger in me and its something ive always wanted to do.
Ive been flying on and off (because of weather and other circumstances) here in Ireland over the past 2 or so years and i DONT even have my PPL yet. That will show you how slow the schools are and how bad ireland is for training.
I know this is a job i want to do, my family know this and im lucky to have them and have the support from them, that not everyone would have.
They say if you want something bad enough and have the drive to do it, YOU WILL. No matter what.
Im willing to get a massive loan, be in debt for years, but at least i can say i was happy in a job, i really really wanted to do!
Ps. Ive found this site fantastic for information on everything!
littco: In realaion to ATPL, I have a good relationship with my mother and we gave EVERY optition a look at, from doing it here in Ireland to going a cheaper way etc.
The best way I found from discussing it with people and in the industry and friends, was to get i done in one go (JEREZ or OAT etc)
NO DISTRACTIONS, no breaks. Get it ALL done, just like any other industry or college course.
In relation to the loan. YES, its a MASSIVE amount of money. It is life changing stuff.
I hope i didnt give the impression that it was a drop of the hat decision i was making? Its not, i want to fly, its like a hunger in me and its something ive always wanted to do.
Ive been flying on and off (because of weather and other circumstances) here in Ireland over the past 2 or so years and i DONT even have my PPL yet. That will show you how slow the schools are and how bad ireland is for training.
I know this is a job i want to do, my family know this and im lucky to have them and have the support from them, that not everyone would have.
They say if you want something bad enough and have the drive to do it, YOU WILL. No matter what.
Im willing to get a massive loan, be in debt for years, but at least i can say i was happy in a job, i really really wanted to do!
Ps. Ive found this site fantastic for information on everything!
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Originally Posted by femaleWannabe
It's not really the timescale which would worry me, its the amount of the repayments! £60k over 20 years is £250 a month, and thats without calculating the interest. If you're paying mortgage/rent and other bills, that's a lot to add on, especially if you don't find a job straight away. I know I couldn't fund that on my current salary, so I'd be relying on an airline job to pay back the loan - not something I can do
I've heard of it only over 11years at the most so far, and was told that it's about £800p/m
Thats an astonishing amount, if i could stretch it over 20years i'd love to be able to do that as it gives me a chance of paying it off without necessarily needing an airline job (i hope) but also if an airline job/decent job is secured it may be possible for afford a mortgage aswell (all be it a small one
)I may be wrong though, as i'm no great economist
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I've certainly not heard of it over 20 years. From experience, an 11 year loan will incur repayments of between £500 - £600 per month. Repayments starting 6 months after course completion.
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Take Advice From someone independant
Guys,
I find this thread very interesting for a variety of reasons, the main one of course being the subject of financing an ATPL.
I recently qualified and have, along the way, met plenty other pilots and over a beer or two, we have all had our "stories" to tell about the struggle it is to become a commercial pilot.
This may sound like an "ad" but I can assure you it isn't. I now design training plans around the needs of individuals who want to become commercial pilots. I am now employed and having followed the route I have AND knowing what the industry is looking for, I am ideally placed to offer advice to those of you who wish to pursue your dream.
Check my posts and you will be able to figure out my background so you will know I am genuine. Feel free to PM me if you wish to know further.
DMK
I find this thread very interesting for a variety of reasons, the main one of course being the subject of financing an ATPL.
I recently qualified and have, along the way, met plenty other pilots and over a beer or two, we have all had our "stories" to tell about the struggle it is to become a commercial pilot.
This may sound like an "ad" but I can assure you it isn't. I now design training plans around the needs of individuals who want to become commercial pilots. I am now employed and having followed the route I have AND knowing what the industry is looking for, I am ideally placed to offer advice to those of you who wish to pursue your dream.
Check my posts and you will be able to figure out my background so you will know I am genuine. Feel free to PM me if you wish to know further.
DMK
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Originally Posted by asuweb
I've certainly not heard of it over 20 years. From experience, an 11 year loan will incur repayments of between £500 - £600 per month. Repayments starting 6 months after course completion.
http://www.directonlineloans.co.uk/uk_secured_loans.asp
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Dutch Situation
Hye Guys (and Girls offcourse),
Here in the Netherlands the situation is quite a bit different than in England. The Schools have I think reconized that unless people are able to pay for the course they are going to have very little customers. Most of the schools only do integrated, be it alone (KLS, NLS, Stella) or in cooperation with other schools (EPST --> OAT, EAA --> AeroMadrid).
Basicly if you pass all the assements (which are quite though here) at one of the major schools (EPST, NLS, KLS) you will always be able to get a loan, without any security. The schools have a "guarentee-fund" which puts up the security for the student. Because this fund is so massive, the banks also give very good rates. My deal that I have is that I have a loan for 114.000 euro's (for the integrated course, living expenses and insurance) and the option to excersise a second loan upto 36.000 euro's (if I have to pay my type rating), interest rate is 5,1% payable over 25 years. No security so my parents are happy that they didn't need to use the house for it.
Additionally the bank has an agreement that I can delay repayments to a maximum of 2 years after I finish the course so that I can find a job without the added stress of having to start paying back the day I finish.
I think the reason the major schools have done this, is to attract the students from all walks of life (the quality of a student shouldn't be measured by the size of his wallet). In any case, I find it a sweet deal
G
Here in the Netherlands the situation is quite a bit different than in England. The Schools have I think reconized that unless people are able to pay for the course they are going to have very little customers. Most of the schools only do integrated, be it alone (KLS, NLS, Stella) or in cooperation with other schools (EPST --> OAT, EAA --> AeroMadrid).
Basicly if you pass all the assements (which are quite though here) at one of the major schools (EPST, NLS, KLS) you will always be able to get a loan, without any security. The schools have a "guarentee-fund" which puts up the security for the student. Because this fund is so massive, the banks also give very good rates. My deal that I have is that I have a loan for 114.000 euro's (for the integrated course, living expenses and insurance) and the option to excersise a second loan upto 36.000 euro's (if I have to pay my type rating), interest rate is 5,1% payable over 25 years. No security so my parents are happy that they didn't need to use the house for it.
Additionally the bank has an agreement that I can delay repayments to a maximum of 2 years after I finish the course so that I can find a job without the added stress of having to start paying back the day I finish.
I think the reason the major schools have done this, is to attract the students from all walks of life (the quality of a student shouldn't be measured by the size of his wallet). In any case, I find it a sweet deal
G
Last edited by zomerkoning; 20th Apr 2006 at 09:23.
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I would love to see OAT guarantee payment of a student's debt in the event of them not getting a job post graduation!.... that really would back up their marketing hype with real substance and show some faith in their own product and quality of their selection process! 
