If i could add to the posts by wzz, i feel i must reiterate, you can no longer just walk into a bank (HSBC, BBVA) and tell then you 'got in' OAA/CTC and walk out with a loan of £100,000, without a property as security. You can not go bankrupt as a direct result of such loans, if you were not able to pay the loans back you would LOSE either yours or your parents house. Is it realy worth it?
I believe the self improver route is the only justifiable way to consider doing flight training now or in the near future, even that is a bad idea at this current moment in time. If you are competant and shop around you could go from 'zero to hero' from as little as £35,000, and to do it all in the UK. There are some very good flying schools in the UK that dont bother forcing statistics and propaganda down your throat. They will be honest with you. Im in no way suggesting that the level of training at the intergrated schools is not good, but why pay so much more when you could effectively do it for half the price with the same level of training in many cases.
One thing about the modular route, if you go to the right FTO's you would be surprised how many contacts you could make in the industry. It is a very small community and one which you should strive to at least get a good name for yourself. I have already made some valuable contacts, hopefuly many more to come should i decide to go commercial in the future.
One thing about the modular route, some bigger schools will tell you that it is hard to find a job if you go down that route. This is a misleading statement, at one time it may have been 'harder' to get your first job, as CTC/OAA have links with some airlines like easyjet. This may have been a selling point at some time, but as wzz says, look at what they are doing to those swimming in the hold pool now. It is also worth pointing out that once you have gained experience and have 1500 hours to unfreeze your ATPL you will not be looked at any differently.
A couple of hypothetiocal situations.
Student A; goes to an OAA/CTC open day, believes all of the marketing spin they are being sold, they see a career as a pilot being glamorous and 'sorted for life'. They go to the 'assesment' and get a place on the course, provided they can go and get a big loan to pay for the training. They go off to the bank, secure a small mortgage on their parents house, they are proud, their child is going to Oxford. Student A goes into his/her zero to hero course and comes out the other end, forced to find a job within 6 months before they are due to start repaying their loans. They may get a Ryanair interview (at a cost) and if they get the job (assuming they can get a further £30,000 to pay for Type and line training) they will be sent off on a fairly long and intensive training course where they will be paid nothing and have to find living costs. They would also be most likely training in a foreign country and must find somewhere to live, not to mention uniforms etc... Dont forget they are not getting paid anything at this point. They then enter into an agency comtract with Brookfield where they aill work for Ryanair, being paid by the hour, working from any base in Europe. They are hoping they get as many hours as possible as if they dont get them, they dont get paid. God forbid if they get ill... Should Student A struggle to get a job with Ryanair, and they didnt sign up for the scheme with Easyjet, they apply for all sorts of jobs but keep getting knocked back as they dont have enough experience. They leave the Turbo Prop jobs till last as its sooo below them, only to find the lower pay offered by these organisations would not allow them to pay their loans, and they struggle to get a job with these operators because they are from an intergrated school. Whoops, they didnt even think about a backup career to fall back on. Its back to their parents with their tails between their legs, back to working in Tescos with their parents having to pay out for the most of the loan repayments, their licence lapses as there is no way they can afford to keep current.
Student B; wanted to be a pilot since they can remember, having left school they have been doing extensive research into the route into flying. Perhaps once considered intergrated as a good route in only to find that, after looking around, they could carry on and get a job, perhaps in the aviation industry, make numerous contacts and also get a real feel for the industry. They start saving and fitting flight training around work, paying as they go. They may get stuck for money at somepoint, but its ok because they can get upto £10,000 in a career development loan from the government. They have fun doing their hour building by taking friends and family on cross countryflights at weekends. After some time they complete their training, they still have their job which they quite enjoy, and it pays more than enough to cover their minimal debt. They also have enough left at the end of the month to keep their licence current, plus they can look forward to affording a drink at the weekend with their mates. Through sending CV's out by the truckload, they get an interview with an operator, because student B seems to know alot about the industry he/she is offered a job. The pay is £20,000 per year basic, with some fairly decent perks for a small operator. Student B knows someone who completed training at a similar time at the same flying club, he got talking to a chap who popped in now and again for a coffee, turns out he is the training captain at a localy based airline. He says there is an opening and he should go down for an interview. This guy got the job too. Debt free and no stress, enjoying the job, knowing that when they have enough experience they can go out and apply for any of the major airlines should they want to.
This may be a long drawn out post, and i have not spell checked/proof read it. These are both based on stories i have heard and experiences of friends in the industry.
I know which situation i would like to be in, particularly during these precarious few years. There is absolutely no way of knowing when it will end either...