How have you financed your training?
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Join Date: Apr 2023
Location: Cheshire
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How have you financed your training?
There's not much mention on PRPUNE about funding Professional Pilot Training.
How are you or did you pay for your training?
Most of us would have borrowed the money - was it the bank of Mum & Dad? Was it a loan from a Bank? Was it by remortgaging your home?
What terms were offered? - Interest Rate - Arrangement Fees - Term of the loan? - Any easy payment terms?
I'm a retired Airline Captain with lots of previous experience in the world of finance and I'm working on a new idea to provide funding which may be of interest to some of you.
I need the feedback first so lets get the thread started - I'm sure we will all be interested in everybody's individual story!
How are you or did you pay for your training?
Most of us would have borrowed the money - was it the bank of Mum & Dad? Was it a loan from a Bank? Was it by remortgaging your home?
What terms were offered? - Interest Rate - Arrangement Fees - Term of the loan? - Any easy payment terms?
I'm a retired Airline Captain with lots of previous experience in the world of finance and I'm working on a new idea to provide funding which may be of interest to some of you.
I need the feedback first so lets get the thread started - I'm sure we will all be interested in everybody's individual story!
Join Date: Mar 2023
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I worked and saved up for it. In my early 30s now with PPL, NR, a fair amount of hour building and the ATPL exams done with enough money saved for the CPL/ IR and MCC.
Not the most glamorous way perhaps, but the most realistic for those without a) rich parents willing to bankroll you or b) a significant asset you can sell/ secure financing against.
Not the most glamorous way perhaps, but the most realistic for those without a) rich parents willing to bankroll you or b) a significant asset you can sell/ secure financing against.
Join Date: Jun 2020
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Negative, when I decided to go all in for it in my mid 20's I moved to better paying country, working all the extra days I was allowed legally and save as much as possible, in 3 years I saved around 90k and was able to work just 50% to be able to study/fly more time.
I would never put myself in high debt situation in this unpredictable industry by taking loans etc
I would never put myself in high debt situation in this unpredictable industry by taking loans etc
Join Date: Jun 2017
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I worked as a quantitative analyst in London for 3 years (worked as a quantitative analyst for 5 years altogether after "qualifying" 2 years into work). Was able to save for modular. I did my PPL over 2 years whilst studying for exams, then night rating and hour building (one month unpaid leave). Saving for a CPL, MEIR, APS MCC course in the sunshine.
Am I crazy for giving up that career for this? Probably, yes. But I can't stand the corporate world and bringing work with me everywhere on my laptop of doom!
Also I would be against taking a huge loan to finance flight training - my job and previous life experience I imagine stands me in great stead for the future, and I wouldn't have taken an airline job at 20 years old instead even if you offered it to me now.
I think the hardest part for young people is that "delayed gratitude" - you want to become a pilot and want it now. I say go to university, travel, work, save up and do it that way. Of course a loan towards the latter half may be necessary.
Well done for trying to tackle this!
Am I crazy for giving up that career for this? Probably, yes. But I can't stand the corporate world and bringing work with me everywhere on my laptop of doom!
Also I would be against taking a huge loan to finance flight training - my job and previous life experience I imagine stands me in great stead for the future, and I wouldn't have taken an airline job at 20 years old instead even if you offered it to me now.
I think the hardest part for young people is that "delayed gratitude" - you want to become a pilot and want it now. I say go to university, travel, work, save up and do it that way. Of course a loan towards the latter half may be necessary.
Well done for trying to tackle this!
Last edited by SliabhLuachra; 14th Aug 2023 at 12:41.
Join Date: Jun 2020
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Loan through my parents, with some of it backed by the airline (did an airline based fATPL). Yup, I'm one of those guys.
Worked out well with high risk, high reward. Started in covid with people calling me crazy and very low demand for airline training, so essentially I got a fast track with some obstacles such as online training instead of onsite, almost zero social contacts and me slowly going insane at home, doing question banks 24/7, not even able to change the scenery by going to a cafe and studying there as those were closed.
Would I recommend it? Not sure. Debt always sucks, however doing something for 10 years that doesn't make you happy either kinda sucks too, so in my mind you might as well try, take a well calculated route and hope it works out. If it doesn't, then maybe your problem solving abilities that you've obtained throughout your flight training will help you find a solution. Jumping blindly into things isn't a great idea in any case though, so evaluate the options you have and then decide based on a pro/con list or something.
Worked out well with high risk, high reward. Started in covid with people calling me crazy and very low demand for airline training, so essentially I got a fast track with some obstacles such as online training instead of onsite, almost zero social contacts and me slowly going insane at home, doing question banks 24/7, not even able to change the scenery by going to a cafe and studying there as those were closed.
Would I recommend it? Not sure. Debt always sucks, however doing something for 10 years that doesn't make you happy either kinda sucks too, so in my mind you might as well try, take a well calculated route and hope it works out. If it doesn't, then maybe your problem solving abilities that you've obtained throughout your flight training will help you find a solution. Jumping blindly into things isn't a great idea in any case though, so evaluate the options you have and then decide based on a pro/con list or something.
