Professional Pilot Training (includes ground studies) A forum for those on the steep path to that coveted professional licence. Whether studying for the written exams, training for the flight tests or building experience here's where you can hang out.

How can you afford it?

Old 13th Sep 2008, 19:29
  #1 (permalink)  
Thread Starter
 
Join Date: May 2005
Location: Ashford, Kent
Age: 29
Posts: 198
How can you afford it?

Hey Folks,

I'm kind of aiming this post at younger people say 18-25 who are training pilots working their way towards a professional licence.

Please send me in the right direction if this has been posted before but how are you able to afford your flying training? With part time work I'm able to afford PPL flying lessons but only at a rate to fulfil me getting in the air for 1-2 hours a MONTH on student job money.

With some people here on integrated courses costing circa 60K and up and at a young age, how were you able to afford such huge expenses? Do you have a rich family backing? Were you able to find yourself in a highly paid job on leaving education or were you able to get a bank loan?

In regards to a bank loan (Such as that offered by HSBC for professional studies) how would I be able to secure something like this bearing in mind im only 18 with my only collateral being a classic mini car and my computer...(lol!). I'm going to assume...pretty much impossible!

Lewis
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Old 13th Sep 2008, 19:31
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Join Date: May 2005
Location: Ashford, Kent
Age: 29
Posts: 198
Ok...I admit i've been lazy and not looked thoroughly enough through the different threads and am finding some more info...

But still the bank loan advice would be beneficial
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Old 13th Sep 2008, 21:57
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Join Date: Aug 2008
Location: between a rock and a hard place
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Sorry i'm not in the age bracket you mention but I was when I did my ppl while on holiday in the US which started off all this nonsense. I paid for it by working, in a reasonably well paid job where there was usually plenty of over time.

I think you'll find bank loans for ATPL training are going to be drying up. If you are a student at the moment i'd concentrate on getting a well paid job in a trade/proffesion that is currently and will continue to be in demand in the future, preferably one which has a large contract work force which will allow you to dip in and out as you need to around your training. Engineering often allows this sort of flexibility.
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Old 13th Sep 2008, 21:59
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Join Date: Jul 2006
Location: UK
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My family isn't rich (parents both civil servants) but i'm lucky enough to have grand parents who were very wise with money and invested and saved a lot.

So when I was born they set up different types of bonds, saving accounts, shares etc so now i'm 18 I have enough to cover OAA (including the loan). I have also saved up a fair bit myself though.
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Old 13th Sep 2008, 23:32
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Join Date: Jan 2008
Location: UK
Age: 32
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Well...im 21, i dont have a super rich family, but i have spent the last 3 years working my arse off building contacts and to save enough to start the training... was lucky enough to get a place on the CTC scheme. I still had to borrow the 60k tho, but what i had saved is now paying for me to live in NZ......
Loan wise, I believe many banks are tightning the purse strings at the moment, and unless you have some form of security - eg a house - then they are telling you to walk back out of the door (not sure if thats still the case, but its rumours out here).
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Old 14th Sep 2008, 00:48
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Join Date: May 2002
Location: Wanaka, NZ
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I had a full time 9 to 5 day job, plus some overtime, and I held down a 2nd job working 8pm to 2am. That got me enough money to afford one flying lesson per week, plus set aside some money for a more intensive training rate over the final 30 hours of the course. I did that for 2 years until I got my commercial licence. Then I got my first flying job 2 years after that. Now I've got 6000 hours and earn $100k+ for 6 months work and 6 months holiday per year.

My advice is don't do it unless you can afford it. If you can't afford it work harder to earn more money so you can afford it. Whatever you do, don't borrow the money to pay for flying lessons.
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Old 14th Sep 2008, 01:43
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SparksFlyHigh
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I don't.

At the moment im feeling extremly frustrated because the everyone has always told me that money doesnt matter, yet the only thing that I have ever wanted to do will cost me 40,000.

My parents have a huge mortgage to pay and if I sold everything I had right now, I would be left with 100 and half a ppl.

Im working at the moment and the only thing I can think of is to keep working until I can afford to do it. Jealous of the people the same age as you and I with 60,000 birthday presents.
 
Old 14th Sep 2008, 07:14
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Join Date: Jan 2008
Location: York
Age: 48
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Don't borrow money to pay for flying. If you loose your medical then you are realy in the sugar. And it does happen even to 20 year olds.
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Old 14th Sep 2008, 12:38
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Jazzy78910
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SparksFlyHigh -
I have spent the last 5 years saving all the $ to cover my Commercial Training. if you want it enough, its just time until you get there.

Jarrad
 
Old 14th Sep 2008, 12:51
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Join Date: Nov 1999
Location: The Land Downunder
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Doesn't matter how wealthy your parents are. The way I did it was to leave school and get straight to work in a 'mail room' fulltime. It enabled me to fly at least on average 1 hour per week with an extra hour here and there when able. The concession that my parents gave me was allowing me to live at home and stop paying board during my flying training. After 3 years I had a CPL/IR with just over 200 hours and in total around 3000 in loans which I had taken out just to finish things off. You do not have to do a full time 12 month integrated course, I would be very very wary of borrowing 60,000 to do this, it may give a very slight advantage when looking for work due to contacts between schools and airlines. Hasn't stopped me getting on though, having just turned 30 I have over 8 years of solid full time commercial flying under my belt with a 'legacy carrier' and have a 777 course penciled in shortly, along the way it has taken hard work, dedication with a good smattering of luck here and there. Anyone can go out and be a mail room 'boy/girl', have parents who can't fork out 60,000 for your training is not a show stopper at all. Having said that though if your parents can pay for a full time course for you then go for it
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Old 14th Sep 2008, 13:18
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Join Date: Dec 2007
Location: Europe.
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I loaned the money from a bank to do it. Parents had to sign a "if sh*t hits the fan, we'll take your house" contract...
(Tell you what, you are too afraid to fail at that point you work bloody hard!)

Anyway now flying big jets and finding that although I make a nice salary, I might have jumped the gun when I started training. Interest is a killer! If I could I would do it all over again, but maybe take a different route, or gather money before starting.
Guess that was just my young naive age that was unstopable when the first opportunity was there.

As you can find on this forum there are many ways to get flying. Just get informed.
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Old 14th Sep 2008, 14:55
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Join Date: Nov 2003
Location: Scotland
Age: 34
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The problem is everyone is always inpatient and wants their dream tomorrow!!! they don't want to work hard for it or conclude a plan which may take 3/4/5 years to complete! I was the very same back at the beginning!

Like others have posted I had a job which was able to pay for 1-2PPL lessons a week then 1-2hours a week hour building there after. Save up more money to pay for the ATPL + expenses as well as money for the CPL/IR. You could get a bank loan at this stage to speed things up but I wanted to keep the bank loan option for a type rating, which in the end secured me a job. In total It took me just under 5 years.

Enjoy the PPL, certainly the best part of the course!
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Old 14th Sep 2008, 15:11
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Join Date: Jan 2007
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Borrowing 60,000 GBP for flight training in the hopes of getting a job at the end... that takes real balls.
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Old 15th Sep 2008, 09:12
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Join Date: Nov 2005
Location: UK
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If I was you I would get a decent job and earn some money. Or if you haven't been to university then get yourself educated and into a profession that pays a good salary. Save your cash and do your PPL over in the US on a months holiday. Buy into a no capital group and go flying whenever you can to keep your hours ticking over. Or buy a cheap PFA aircraft.

In a couple of years time when the dust has settled you can then decide whether there is anything left of this profession that is worth you investing more cash for the ME/CPL/IR and MCC. If your answer is yes then go for it. If no then the only downside is that you will have a healthy bank balance and can buy yourself another classic car
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Old 15th Sep 2008, 11:59
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Join Date: Apr 2008
Location: World
Posts: 89
Hi there,

Just to let you know of my way through flight training. PPL and hour building are financed from myself and my parents together. They give me some money and I work part time to get the rest. Because im Greek I have to go to the army for 12 months (its mandatory). So in this period my parnets can save up some money. Then after I get out of the army the rest of the 20,000 pounds will be paid by my parents and from money I have saved up over two summers of working at an Operation Control, of an International Airport. So basically Im doing PPL and hour building before I go to the army, and the rest after. Im 22 right now. If everything hits the fan at the end and I cant find a job, I have an Aviation Management and Operations bachelors degree I can use to get me some sort of job in aviation. To cut a long story short, personally, I would never ask for money from my parents if I didnt have a back-up...

SVoa
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Old 15th Sep 2008, 17:42
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Join Date: May 2007
Location: Lincolnshire. United Kingdom.
Age: 32
Posts: 26
Hello.
I am currently contracting for a gases plant to earn money for my flying training. I have since continued my PPL training, and having had my first solo recently, feel like i am making good progress. Its just a case of getting a more permanent job with more money, and keep saving like crazy. I hope to be there in a couple of years!!!
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Old 15th Sep 2008, 17:48
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Join Date: Nov 2006
Location: Europe
Posts: 628
Don't borrow money to pay for flying. If you loose your medical then you are realy in the sugar. And it does happen even to 20 year olds.
That's what insurance is for dear boy.

In regards to the OP, they only answer for young people getting onto ANY kind of flying course, integrated or modular, is either savings/inhertiance or a secured loan.

That means 99% of us are buggered.

That being said, in the distant future maybe CTC will get the unsecured loan (offered up until a few weeks ago) back up and running.
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Old 15th Sep 2008, 23:19
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Join Date: May 2006
Location: EGKB
Age: 36
Posts: 132
Loved flying since 6 years old.
Started building models at 12.
At 14 worked as a builders assistant building new hangar at local airfield thanks to that I got my PL(G) at 16, two years of gliding some competitions run out of money and job prospects.
Graduated with good grades, found job in aircraft engineering at 19, got PPL at 20 (being part paid by my employer [overtime]) managed to meet loads of friendly people(networking is vital).
Sometimes working up to 14 hours a day and 7 days I week I got in to aerobatics and that's how I built my hours saving up bit by bit.
At 22 got a new office job still flying, studied for ATPL after work, worked my ass off with exams and flying.
Now 25 pretty fresh ATPL with prospect of A320 flying, if not some instructing.
My parents paid very little towards my training, thanks to hard work and great love of flying I got where I am, I have no debts even some saving if FI rating needed.
If you want it you'll get it!

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Old 19th Sep 2008, 13:18
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Join Date: May 2003
Location: ???????
Posts: 157
I started flying in the Air Cadets aged 14. Between 16 and 18 I used my life savings (2.5K) and a part time job to pay for a PPL. During the same period I became a gliding instructor in the Air Cadets. At 18 I got my first job in Aviation with a ground handler, working for a year I saved up to go to uni. I went to University at 19, graduated at 22 with a first class honours degree. Whilst at Uni I was on a university air squadron so the queen paid for my flying, unfortunately I did not quite make it into the royal air force. Upon leaving uni I got a well paid job in business aviation. I decided to start my ATPL exams in April, I have passed the first six so far and I hope to have them all finished by next summer. I have no flying debts, but I have been flying for nine years now. Many of my friends took the plunge with the 70k loan and made it, I often look back and wonder if I should have taken the plunge at 18. However I had a great time at Uni and the royal air force has been my focus until recently. I don't know many PPL's that can put aeros, formation, low level, Hawk (just the once),Grob tutor, Viking, B737 (sim), B707 (sim) to there name, so I think its been worth it. I have no flying debts and as a result of the fact that I started my career early I now earn more than many of my fellow graduates, in short my flying pays for itself! I would not be where I am today without it!
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Old 20th Sep 2008, 00:01
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Join Date: Aug 2008
Location: ireland
Age: 38
Posts: 25
From Ireland (27) and looking to start a flying career, work full-time 20k per annum, have 15,000 saved, no bills and still living at home, am I in a good position cos am wanting to go to OBA Florida for my PPL to start next year?

Thanks
Francie81 is offline  

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