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Funding the School!

Old 4th Jul 2019, 16:41
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Funding the School!

Hi Guys,

So I passed all my interviews and selection days for L3, and they've basically said great, you're in, but first you gotta sort out the money on your own. Me/ my family are in a position where we can't remortgage, so I need a finance scheme/ loan/ anything, where it can be paid back after the year and a half course (about 90k needed).
Has anyone solved this issue? As when I ask L3, they just say they aren't financially trained, and therefore can't help me.
Paynep929 is offline  
Old 5th Jul 2019, 02:45
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If you don't have the money DONT get a loan for it ...
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Old 5th Jul 2019, 13:07
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It's actually pretty easy. You're not going to L3.
You can get an fATPL for 40k if you go modular.

Get a day job, then get a weekend job or deliver pizza in the evenings. Give up smoking and drinking. Move in with your parents. Don't have kids or expensive hobbies. Get a few credit cards but clear them every month. In 24 months you'll have half the money. Borrow the rest. You'll be an interesting candidate at interview.

If you're really smart, use those 24 months to pick up your PPL and ATPLs via distance learning.
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Old 5th Jul 2019, 18:41
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Originally Posted by rudestuff
It's actually pretty easy. You're not going to L3.
You can get an fATPL for 40k if you go modular.

Get a day job, then get a weekend job or deliver pizza in the evenings. Give up smoking and drinking. Move in with your parents. Don't have kids or expensive hobbies. Get a few credit cards but clear them every month. In 24 months you'll have half the money. Borrow the rest. You'll be an interesting candidate at interview.

If you're really smart, use those 24 months to pick up your PPL and ATPLs via distance learning.
Could not agree more! Even contemplating taking on that sort of loan with no guarantees of a job is baffling. Work hard, save some money, go modular!
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Old 12th Jul 2019, 10:28
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I kind of agree with some of the responses but then they're a bit harsh.. if you can find family that can help you with that 90k, do it. It's a great opportunity, BUT it's not the only way into a cockpit. Modular is cheaper and gradual, and you won't have nearly as much debt.

If you have a good credit rating, banks will lend you up to around 30k unsecured with a decent interest rate, but you'll need to find someone to pay the loan off for you until you're a salaried First Officer. If you can avoid getting into debt, i.e. go modular, do that. I will.
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