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How to finance pilot training

Schwarzenegger

As the title suggests, how does one fund flight training? Does anywhere give out loans? are there any cadet programs ? any anything ?

thanks

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Johngoose

Schwarzenegger wrote: »

As the title suggests, how does one fund flight training? Does anywhere give out loans? are there any cadet programs ? any anything ?

thanks

The oldest profession in the world seems to be the only means of paying for flight training...

Schwarzenegger

Dare I ask what profession this is ?

martinsvi

I finance my training by having a job and making sacrifices, I save, I don't go out, I'm cooking my own food, I turn down the thermostat at home and so on..

I think taking a loan to finance the training is literally the most stupidest thing that one could ever do - rates are high and you will put yourself under a lot of pressure

Schwarzenegger

may I ask how long is the duration of your training gonna be when completed by doing it this way? It is a big sacrifice but rewarding i would imagine

martinsvi

Schwarzenegger wrote: »

may I ask how long is the duration of your training gonna be when completed by doing it this way? It is a big sacrifice but rewarding i would imagine

hopefully long enough for the industry to magically recover and start hiring low-hour pilots, lol

I still haven't fully decided if I want to go commercial route or stick with the GA and fly just for fun, but if I was to continue at this rate, I'd say I would be looking at couple of years. I suppose the biggest concern is not to let ratings expire - upkeep of ME/IR alone costs fortune

Schwarzenegger

after you obtain your PPL would a loan be a wise thing to do to fasttrack your career? I mean, say a 60K loan over 10 years (as if the banks would agree) but for arguments sake, that is 125e + interest a week for 10 years, so say maybe 150e/week. after a few years of flying commercial, building up hours surely your pay will rise and paying it off will be less of an issue? I am just thinking things through. It sounds preferable to part time work for a number of years waiting for a dream to be a reality.

Cessna_Pilot

Left school in 2000, worked solid for 7 years saving money. Then took a loan to top up to what I needed to go full time into the training.

Did some flying out of Weston over the 7 years when I had a spare few quid.

Schwarzenegger

Cessna_Pilot wrote: »

Left school in 2000, worked solid for 7 years saving money. Then took a loan to top up to what I needed to go full time into the training.

Did some flying out of Weston over the 7 years when I had a spare few quid.

May i ask are you a full time commercial pilot now ? and if so would you recommend this route ?

martinsvi

no one will give you 60k without securing it with some sort of a property. Without mortgage, the best you can get is probably 30k for 5 years. So even if you do progress with your studies and career pretty quickly your loan has to be all paid up before the big pay cheques start coming.. a 30k loan is something you can use when you have your CPL/ATPL already and decide to pay for your type rating or something, because it looks like less and less of airlines are paying for it

martinsvi

I'm getting a feeling that for some weird reason you think that after you complete the training, you will get a secure job in the industry just like that.. It's good to be optimistic of course, but please keep in mind that many, many pilots don't get any offers from any western airlines, so they have to either move to Africa/Asia and work for peanuts to keep the ratings alive or quit the dream all together. If you happen to end up doing bush flying in Africa for the time being, you will be utterly happy not having any debts

Schwarzenegger

Very valid points, but isn't it true that no guarantee comes with every field of study? and with regards to the loan, that is a pretty big problem I'd need to overcome. Thank you for your reply

martinsvi

Schwarzenegger wrote: »

Very valid points, but isn't it true that no guarantee comes with every field of study? and with regards to the loan, that is a pretty big problem I'd need to overcome. Thank you for your reply

there are certain fields, especially in engineering and medical where you will be pretty much recruited even before you get your diploma, as long as your scores are good, and keep in mind that most likely the education will be either free or at reasonable cost.

I can't think of any other industry where one could spend 100k on training yet meeting terrible odds in actually securing a job.. maybe some MBA graduates face something similar, but they wouldn't have to cough up 100k

Schwarzenegger

I will have to do a little research on financing myself, career prospects in this field, and how bad I want this. I feel I would love this as a career, but it is high risk and not guaranteed

martinsvi

Schwarzenegger wrote: »

I will have to do a little research on financing myself, career prospects in this field, and how bad I want this. I feel I would love this as a career, but it is high risk and not guaranteed

don't let me discourage you.. your dreams are your own and don't let anyone ruin them. All I'm suggesting is - be patient, don't push yourself in financial difficulties, there really is no fast-track in this career. A lot of pilots start their careers in their 30ties, even later, so there's no need to rush

smurfjed

so say maybe 150e/week

What is the takeoff home pay for a FR F/O?

Unfortunately airlines see the right seat as a revenue earner, so while you have paid 60k for your training, i believe that you will also be expected to pay for the privilege to fly in the right seat.

jamo2oo9

Johngoose wrote: »

The oldest profession in the world seems to be the only means of paying for flight training...

Prostitution?

martinsvi

smurfjed wrote: »

What is the takeoff home pay for a FR F/O?

Unfortunately airlines see the right seat as a revenue earner, so while you have paid 60k for your training, i believe that you will also be expected to pay for the privilege to fly in the right seat.

FR don't do pay 2 fly as far as I know. FO's have to create their own LTD's and contract to agencies that then "provide" them to Ryanair. Quick google search suggest fresh FO's take home about 27k per year, which is not enough to comfortably pay 150e debt every week

Schwarzenegger

It is fair to say becoming a Pilot is not easy by the sounds of it, even before the training. But then again, no job is really easy to get into and starts off with a high salary. Working at a computer screen would be so boring IMO. The big of adventure, while most say will wear off, still sounds appealing

smurfjed

What happened to Shamrocks320 post about Ryanair ??

Schwarzenegger

What did he say?

smurfjed

As I'm subscribed to this thread, i got the posting by email, but if there is a reason that he deleted it, then i don't believe that its fair for me to quote it.

Of it the mods deleted it, then i don't want to upset them by posting it again

Schwarzenegger

I also got an email. Smurfjed what are your thoughts on the email ?

Doyler92

Sorry to bring up this thread from a few years ago but my brother is looking into a number of avenues to secure the cost of training to become a commercial pilot.

Maybe some things have changed since this thread was created so I’m wondering does anybody have any advice.

We are looking at putting the house down as collateral with a bank to secure a loan to get him through.

smurfjed

Why do you think that this would be a good idea in the present climate?

sheesh

would the air corps train you? do a couple of years with them and then go onto commercial flying or Air corps of other countries. Anyone gone down that route?

beauf

sheesh wrote: »

would the air corps train you? do a couple of years with them and then go onto commercial flying or Air corps of other countries. Anyone gone down that route?

Harder to get into the air corps than airlines.

Be interesting which airlines survive this. Airbus making unhappy noises now...

FFVII

smurfjed wrote: »

Why do you think that this would be a good idea in the present climate?

What difference does that make?

billy few mates

Doyler92 wrote: »

We are looking at putting the house down as collateral with a bank to secure a loan to get him through.

That has to be one of the craziest ideas I've ever seen or a total wind up...
Do you have any idea what the future of the airline industry is going to look like after this crisis..?
Do you have any idea of the number of highly experienced, fully type rated pilots he'll be standing behind in the jobs queue when the airlines start hiring again...?
My advice would be to wait a year and see what happens before doing anything like this but obviously you're free to do as you wish, it's your money (and house)...

beauf

FFVII wrote: »

What difference does that make?

You don't see airlines going bust as relevant?

https://www.ft.com/content/30a3a26e-674f-11ea-800d-da70cff6e4d3

beauf

Doyler92 wrote: »

Sorry to bring up this thread from a few years ago but my brother is looking into a number of avenues to secure the cost of training to become a commercial pilot.

Maybe some things have changed since this thread was created so I’m wondering does anybody have any advice.

We are looking at putting the house down as collateral with a bank to secure a loan to get him through.

I think if you have to have restart a five year old thread in the media of worldwide crisis as airlines go to the wall.

My advice would be NO you should not go out on a financial limb for this.

If someone wants to pursue it themselves, then sure why not. Its long hard road, but if you are committed, have the ability and lucky go for it.