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70K loan

my friend wants to be a pilot, he has cleared the entrance exam and now requires a 70k loan to continue his training? know where he can ge this kind of money? thx

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A bank.

£70,000 for tuition? That puts our student loans in perspective, lol

Reply 3

Bulbasaur

Warned post?!??! WTF! Its a decent question. Its a lot of money and would be hard for a student to get that much as a loan.

Reply 4

super_dry

i always get warned

any institutions etc that provide this kind of money?

Reply 5

tigermoth99

I think it'd be extremely difficult to find a bank that would lend this amount to a student. If he had any collateral worth upwards of £70 k then perhaps it might be possible.

Reply 6

maxfire

I think if you apply for aviation engineering and pilot studies at Brunel, they help you pay for a lot of the flying/pilot stuff.
Not too sure tho, look on their website or their prospectus...

Reply 7

Ronar

Wow, that's LOADS!
:| I feel lucky all of a sudden lol

Reply 8

Kabeer

Why not try getting sponsored by an airline, or join the RAF?

Reply 9

brokenangel

Bank loan in his parents name

Reply 10

Captain Biggles

Em...is the entrance exam he sat and passed run by a training company or something?? I only know of the aviation schools that, if selected for training, actually go about setting up a specialised loan to pay for the training with some sort of credit agency for what I think is the full amount (perhaps minus a deposit for a few thousand pounds). I think Cranfield are one such school in the UK.

Reply 11

Alastair904

Kabeer

Why not try getting sponsored by an airline, or join the RAF?

As far as i'm aware, easyjet were the only ones doing sponsorship, which stopped when the recession kicked in. The RAF is extremely hard to get into, particularly to be an officer/pilot.

Reply 12

Alastair904

brokenangel

Bank loan in his parents name

This. You can get 100% of the course financed by certain FTO's such as Flight Training Europe. Most of the FTO's use a spanish bank called BBVA, but ofcourse, to get a loan for 100% of the course (£81k inc accomodation) then you need collateral as security against the loan, such as your parents house. The loan cannot exceed 60% of the value of the property, so if you're after a loan for 70k then the value of the property must be more than £117k.

Reply 13

Alastair904

maxfire

I think if you apply for aviation engineering and pilot studies at Brunel, they help you pay for a lot of the flying/pilot stuff.
Not too sure tho, look on their website or their prospectus...

If i remember correctly, that course offered by Brunel/Kingston only takes you up to PPL (private pilots license). If one wants to fly commercially as a career you need to get a fATPL (frozen airline transport pilots license). If you were to get a PPL directly then it costs about £7k depending on how fast you learn and how many hours you need. So arguably, such a degree is not worth it if you persue a career in flying, although you do have a degree to fall back on if it all went pear shaped.

Reply 14

Sk1lLz

The market is saturated with pilots. I'd think carefully about this.

Reply 15

Isherwood

Yeah. It's the dream job of those that don't want to go into uni. It's so expensive and theres going to thousands in excess, especially as we've seen BA, Easyjet and Virgin's profits drop significantly. They won't be looking for new pilots.

Your friends got to ask himself; is £70k really worth it?

Without a sponsorship or a direct PPL, he's really going to find it hard.

Reply 16

Alastair904

I'd recommend your mate considering the RAF, i've got family friends very high up in BA and they all advised me against self-funded flight training at the moment. The majority of commercial pilots are ex-RAF. There's a minimum term of service for pilot in the RAF of 12 years, but you can usually get out after 8. Not to mention, if your friend were to go the RAF route, he wouldn't have to pay a penny for training, the RAF would be paying him! However, competition to get into the RAF, especially to be a pilot, is very fierce. I'd advise him to only consider this route if he's got the right intentions, if he wants to leave the RAF to go commercial, recruitment officers at officer and aircrew selection centre will see this a mile off.

Simon cowell?

A building society or bank?

Reply 19

Vokes

I know a pilot and getting the funding isnt easy but is possible. You will have to apply for a career developement loan (I think!) and it is presented much like a business proposal. They will have to convince the bank that its a good investment. They may also require a guaranteur.

Remember they will be paying this off until they are about 30+, even on the 50k odd wages of a co-pilot that is a hefty chunk, but an awesome payoff in the long run!

Good luck :smile: