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Financing The Training

Old 9th Nov 2017, 19:28
  #21 (permalink)  
 
Join Date: Mar 2013
Location: UkK
Posts: 87
Good post Alex and especially from someone who is in the training industry.

I listened to you at one of Aeros FastTrack days at Gloucester and being an older person, 38, am seriously looking at the viability of training before it's definitely too late. Have wanted to fly for years but cost was always prohibitive and my situation.

Out of interest, what's the oldest person you've had training for fATPL ground school?

I spoke to someone recently who said if you have the conditional job offer, then sometimes the additional £50-70k can be worth it but not so sure myself...

Last edited by BirdmanBerry; 12th Nov 2017 at 09:47.
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Old 27th Nov 2017, 14:25
  #22 (permalink)  
 
Join Date: Mar 2017
Location: UK
Posts: 15
Pegasus Personal Finance

It would appear that a company under the name of Pegasus Personal Finance offer loans for Flight Training, as they put it. Also appears to be in conjunction with a number of schools, Cae Oxford included.

Has anyone had any dealings with Pegasus?

I've not heard of them before but would be interested to hear if anyone's been successful applying for funding through them.
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Old 27th Nov 2017, 15:32
  #23 (permalink)  
 
Join Date: Jan 2016
Location: Manchester, UK
Posts: 38
They have been advertised on several websites, but seem to be a worse option than BBVA, considering their high-interest fee.
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Old 27th Nov 2017, 16:44
  #24 (permalink)  
 
Join Date: Mar 2017
Location: UK
Posts: 15
I was under the impression BBVA had left the pilot loan market altogether?
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Old 27th Jan 2020, 10:50
  #25 (permalink)  
 
Join Date: Sep 2019
Location: Birmingham
Posts: 25
Aeros

Originally Posted by BirdmanBerry View Post
Good post Alex and especially from someone who is in the training industry.

I listened to you at one of Aeros FastTrack days at Gloucester and being an older person, 38, am seriously looking at the viability of training before it's definitely too late. Have wanted to fly for years but cost was always prohibitive and my situation.
Out of interest, what's the oldest person you've had training for fATPL ground school?

I spoke to someone recently who said if you have the conditional job offer, then sometimes the additional £50-70k can be worth it but not so sure myself...
Are you doing the aeros fast track? Im looking to work save and then apply for them....
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Old 27th Jan 2020, 18:22
  #26 (permalink)  
 
Join Date: Mar 2013
Location: UkK
Posts: 87
Originally Posted by Modular Halil View Post
Are you doing the aeros fast track? Im looking to work save and then apply for them....
No, unfortunately I've given up on my dream as I'm now 40 with wife and kids and just can't afford the training. Instead I'm trying to get my microlight license on the Eurostar so i can still fly for pleasure.
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Old 8th May 2020, 20:17
  #27 (permalink)  
 
Join Date: Sep 2019
Location: Birmingham
Posts: 25
Originally Posted by banditb6 View Post
Just curious as to why you need 50k plus if going modular and you already have a PPL? Is that to include a type rating also?
Sorry to revive this, however, where do you get this less than 50k deal?
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Old 8th May 2020, 20:56
  #28 (permalink)  
 
Join Date: Apr 2020
Location: United Kingdom
Posts: 2
Keep an eye out for some scholarships. The Aer Lingus one is ideal, but canít see them advertising any time soon.
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Old 8th May 2020, 21:15
  #29 (permalink)  
 
Join Date: Aug 2016
Location: Europe
Posts: 117
On the subject of dedicated training loans, I imagine that in the coming years those will be non-existent. It's simply too high a risk for the potential lender, especially after a number of cadets from programmes advertised as coming with a secure job in the end got dropped in the past months. Unless the loan is underwritten by an airline and the airline agrees to cover the costs for the lender in case of a hiccup and only then possibly reclaim them from the candidate, it will most likely be a no-go for a long time. And, anyway, why would an airline do that if the supply of either already qualified or self-funding individuals will be more than enough to cover all vacancies for quite a while?

The only wise solution to not having the money for the entire training readily available is good old modular, spread over some years on a pay-as-you-go principle. That option has been around for almost as long as civil aviation has and it has proved to be working for thousands of pilots throughout the decades. For many, that's the only option. For the youngsters it's an especially good option because it will make you stand out as mature and determined in your airline interview. Someone who has actually put some skin into the game will always be more appealing to recruiters than a school kid who simply asked mum and dad for a bag of money to become a pilot. Do not burden yourself with loans and, by all means, never, ever, ever remortgage the family house for something as volatile as flight training! I just can't stress that enough after all the horror stories of schools going under with people's money, cadetships being cancelled at the final stages of training and whatnot else. It's an awful lot better to do everything off your own back rather than take the gamble of borrowing a massive sum of money with no guarantee that you will be able to repay it as quickly and easily as intended.
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Old 9th May 2020, 13:52
  #30 (permalink)  
 
Join Date: Feb 2020
Location: Gea
Posts: 2
Agree with PilotLZ, if you really want to go for pilot training nowdays, modular is the way to go.

Suits your own pace, no big cash upfront, and also let's you diagnose how is the industry moving so you can speed up/slow down training if required depending on market and economic conditions. That's how a rational individual would approach the idea of training. I did it that way, and came out in one of the best moments of hiring in commercial ops (2013), and also debt free.. and with that I mean 0 debt.

Then you can also go out and ask for a 100,150k loan and put whatever assets of your parents as guarantee (good luck with that!), with the associated compromise to repay the loan immediately after training, just to find that jobs as a pilot are extremely limited. It would scare me to put myself into such situation. Be careful and smart!
weimaraners is offline  
Old 9th May 2020, 19:52
  #31 (permalink)  
 
Join Date: Nov 2006
Location: UK
Age: 31
Posts: 128
Originally Posted by PilotLZ View Post
On the subject of dedicated training loans, I imagine that in the coming years those will be non-existent. It's simply too high a risk for the potential lender, especially after a number of cadets from programmes advertised as coming with a secure job in the end got dropped in the past months. Unless the loan is underwritten by an airline and the airline agrees to cover the costs for the lender in case of a hiccup and only then possibly reclaim them from the candidate, it will most likely be a no-go for a long time. And, anyway, why would an airline do that if the supply of either already qualified or self-funding individuals will be more than enough to cover all vacancies for quite a while?

The only wise solution to not having the money for the entire training readily available is good old modular, spread over some years on a pay-as-you-go principle. That option has been around for almost as long as civil aviation has and it has proved to be working for thousands of pilots throughout the decades. For many, that's the only option. For the youngsters it's an especially good option because it will make you stand out as mature and determined in your airline interview. Someone who has actually put some skin into the game will always be more appealing to recruiters than a school kid who simply asked mum and dad for a bag of money to become a pilot. Do not burden yourself with loans and, by all means, never, ever, ever remortgage the family house for something as volatile as flight training! I just can't stress that enough after all the horror stories of schools going under with people's money, cadetships being cancelled at the final stages of training and whatnot else. It's an awful lot better to do everything off your own back rather than take the gamble of borrowing a massive sum of money with no guarantee that you will be able to repay it as quickly and easily as intended.
One of the few logical comments I see. I second this completely. Aspiring pilots now should focus on being smart with whatever money they have for future training, this especially applies to integrated courses with fancy sales pitches and lots of upfront reoccurring costs. None of which will guarantee you a job, especially at the moment.

The smartest way to go for the next few years is modular where you can study as little or as much as you like with the ability to put the financial brake on any commitments.
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