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Paying Back Pilot Loan

Old 31st Jul 2019, 15:55
  #21 (permalink)  
 
Join Date: Dec 2005
Location: UK
Age: 41
Posts: 40
If you're worrying about paying back loans then you probably can't afford to go integrated. Unless you are on a sponsored scheme and guaranteed a job, you'd be daft to go integrated. Modular costs less than £40k. A £25k loan will set you back £300 a month - the rest can go on 0% credit cards.
rudestuff is offline  
Old 31st Jul 2019, 17:03
  #22 (permalink)  
 
Join Date: Oct 2016
Location: Somewhere
Posts: 84
Unfortunately the training is very expensive.
If you take a look around Eastern Europe you can find some schools that start from "0 to Atpl" with a price around 40K; with extra voices you can reach easily 50k. Should be enough if you are a smart person.
My personal experience it's with a modular training: i started with a PPL while I was working, paying step by step (1 year to finish the first license) then i continued with the atpl theory in distance learning and hour building, always while i was working (18 months to finish this stage) a piece in Poland (atpl exams) and an other piece in Hungary (night rating)
For the last stage of the training, the CPL and IR/ME i taken a loan with the bank, around 25k and, if everything goes right, next month I will finish the training (it miss yet the MCC but i will think about it soon when I back to work in October) and now are 3 months that i am not working, i requested holidays with no salary for 3 months to finish the training in Poland.
Of course you need a very well paied job, at least 1500/2000 euro/month, but I did it, living alone and paying a rent for the house where i live.
So, it's hard honestly, you should be ready to cut everything and unecessary things, but I think if you really want this and if you believe it, you can smash the difficulties, reaching your goal.
Anyway you need to plan everything accurately and maintain a correct budget during the training, in my case 3 years.
I don't suggest to take a big loan, taking the risk to lose your home; the banks are full of sharks without mercy.
If you need any suggestion write me, i am happy to help any person.
Take care and good luck everyone!!!

Last edited by inabw; 1st Aug 2019 at 19:30.
inabw is offline  
Old 31st Jul 2019, 17:15
  #23 (permalink)  
 
Join Date: Dec 2004
Location: IOM
Posts: 168
Originally Posted by rudestuff View Post
If you're worrying about paying back loans then you probably can't afford to go integrated. Unless you are on a sponsored scheme and guaranteed a job, you'd be daft to go integrated. Modular costs less than £40k. A £25k loan will set you back £300 a month - the rest can go on 0% credit cards.
Whilst I agree with you there RS, I would add that I feel your figures are a little on the low side.

From personal experience training modular, my total expenditure will come in at £70k. That's for: PPL, night rating, hours building, ATPL course (distance), CPL, MEP, IR, travel, accommodation, all test fees, medicals and equipment. That is however excluding: food/lifestyle costs during training, MCC, JOC and the cost of any type rating bond payment should I be required to pay one. Hopefully not. Whilst I could most likely have cut between 3-5k from that total with some better planning, if you're taking ATPL ground school full time at an ATO that will bring it back up to roughly the same amount, or a little bit over. If you go over minimum hours, also expect to pay more - significantly so if you go over on CPL/IR or have to retake.

A personal unsecured loan from my bank for £25k, taken when the rates were at the lowest they had been for years, is £330 a month for 7 years.

Having almost reached the end of the modular route, would I recommend it to those who can't afford to worry about integrated costs and re-mortgaging houses? Yes absolutely. It's a great way of training which puts the control, timing, and the maturity to manage your own budget, in your hands. You learn a lot when you haven't got somebody spoon-feeding you. I would however caution those that can't budget well. This route will bite you if you don't do your planning and calculations meticulously.
Ronaldsway Radar is offline  
Old 12th Aug 2019, 20:50
  #24 (permalink)  
 
Join Date: Nov 2009
Location: The sky mainly
Posts: 236
Quick question. If you started off on the modular route, and then, after completing your PPL, you wanted to speed things up, could you join an integrated scheme and would they give you a discount?
Sky Sports is offline  
Old 13th Aug 2019, 07:16
  #25 (permalink)  
 
Join Date: Nov 2011
Location: London
Posts: 33
Originally Posted by Sky Sports View Post
Quick question. If you started off on the modular route, and then, after completing your PPL, you wanted to speed things up, could you join an integrated scheme and would they give you a discount?

the discount they would give you would be a fraction of what your PPL cost and you would get reduced flight hours.

Sorry to tell you this but going integrated is not speeding things up. 18 months minimum on the course.

I will have completed my PPL, ATPL’s, Hour building, CPL ME IR, and APS MCC by early January 2020. Start to finish it will have taken 11 months doing it full time. Oh and at a cost of £60,000 not £100k+

I get to choose the best ATO’s for a specific segment of my training and can easily adapt to a changing market (like which APS to go for depending on their links to airlines etc)

There are loads of ways to save money on your training without impacting quality you just have to look past the flashy brochures and do thorough research followed by a clear plan and timeline.

FlyingGreek is offline  
Old 13th Aug 2019, 13:50
  #26 (permalink)  
 
Join Date: Jul 2019
Location: Madrid
Posts: 10
Is that true?
I was about to start an integrated course in January just for the sake of finishing earlier than a modular.
Your case is the first one I find that is shorter via modular course.

Could you recommend what should I take into account to accomplish a modular course so fast?

Thanks
Spid is offline  
Old 13th Aug 2019, 17:05
  #27 (permalink)  
 
Join Date: Nov 2011
Location: London
Posts: 33
Originally Posted by Spid View Post
Is that true?
I was about to start an integrated course in January just for the sake of finishing earlier than a modular.
Your case is the first one I find that is shorter via modular course.

Could you recommend what should I take into account to accomplish a modular course so fast?

Thanks
Most people that go through the modular route do it part time around their day jobs or do it in chunks based on their finances.

You can easily get a PPL at a good EASA approved school in Europe/America within a month hour building can also be done abroad at a significant cost and time saving.
FlyingGreek is offline  

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