Finance options for flight Training?..

[Simonflyer]

Im sure this will be one of the age old questions regarding flight training, but ive hit the wall financially speaking, and im really frustrated.Im quite close to finishing my PPL, and i want to go on and become and RA instructor while i continue on through the commercial subjects, and then further on down the track again do a GA Instructor rating and so on.basically i do want to go on and work in the field..

 

I guess my question is how did YOU do it, and can you give me any tips on whether its worth trying to finance the whole lot, or slug away at it for the next five years, or approach schools and see if they will offer some form of a scholarship on certain parts of training if i will stay and work for them for a period...From what i understand, even once i get my CPL, i will spend a number of years building experience to work for "real" money..Although thats not why im doing it, it would be just good to see some of the outlay come back into the pocket at some stage as im not in the fortunate position to be supported by wealthy family or work in a current career that is a huge earner...

 

Basically im sitting here with about 3 navs to go before im a PPL grumpy as hell that im grounded.I would love to hear any thoughts ideas or just shared experience..

 

Cheers

 

 

[Guest drizzt1978]

Low interest rates = personal loan ;-)

 

I have many mates in the music industry (tried to be) and have borrowed money to record a cd and never made it big time, At least a personal loan is justified to give you leg up in the direction of your new propsed job....AND but a tats ticket for this weekend!!

 

 

[Guest Brett Campany]

Good luck with it Simon, I know what you're going with. I'm only able to scrounge up spare cash here and there to pay for lessons, that and sell a lot of stuff on eBay!!

 

 

[winsor68]

A bloke I work with has about $35k debt so far towards his CPL...Personally I think you would have to be mad to want to fly as a career...Go to the Dick Smith Flyer pages and read what he has to say about it.

 

BUT...if you are truly, truly passionate about it then good luck...and don't let anyone tell you it can't be done.

 

 

[facthunter]

Ever thus

 

When I did it I spent the equivalent of half a suburban house to get qualified to CPL plus an instructor rating.( even allowing for a Commonwealth Flying Scholarship from the government). This is all with NO certaintainty of any kind of a Job in flying. The job I got was far better than anything that is available today. Flying as a skill is not really an advantage. Anybody who can fly Sim X and remember the emergency checklists and fly by the numbers and not even think outside the SOP's is what they want. Pilots that I talk to all over the world think that they are treated as robots. You never get the chance to actually "fly" the aeroplane to anything approaching its limits. Nev..

 

 

[Guest bateo]

I have just done all the theory for my CPL (H) and only have a few hours left to go before my flight test.

 

My advice to you, is work gradually into the field. UNLESS you are CERTAIN you have a career in the industry as soon as you finish, you will have a 50K plus debt on your hands, with only max. 200 hrs PIC time, you'll be fairly lucky to step straight into a flying job, and even if that happened they are usually paying peanuts.

 

I actually did my course with 2 other students who took out finance, yes they have their licence, but now are unemployed and one is working for a handyman to repay payments.

 

What I am getting at here, is it is a risk taking out ANY loan, unless you have a qualification or work you can fall back on incase there is no flying alternative straight away.

 

I went into a different industry all together to save up the 40K plus I needed to complete my training, its a long haul, but at least I have a licence outright, nil money owing and alternatively used my time and money efficiently in finding a job in the industry :)

 

 

[Mazda]

I had a stack of annual leave saved up some time ago, and asked the company I was working for at the time if they could pay out some of my leave. That paid for some navs.

 

I also did some part time work for a flying school, answering phones, taking bookings, putting aircraft away etc, and I was paid in flying time. Maybe you could try that at your school - say you'll refuel and wash aircraft, sweep hangars, update AIP etc, in return for flying time.

 

 

[Simonflyer]

Thanks for the responses..

 

i guess im in that position that some of you will probably think is crazy, but coming into this industry at 32, i really felt like i should get a move on if i want to have my experience built up enough to get the better paying jobs before im 80 years old.

 

My thoughts were that if i just go hell for leather and finish the cpl within the next 12-15 months, then i can start working for peanuts, and then possibly in a few years be in a position where i can go for slightly better pay and conditions etc.The other side of the coin being that i slug it out for the next 4-5 years, and then end up working for a further five years to be in the same position i just spoke of..its a balance no doubt!And a risk, but it does look like i have instructor work on offer as soon as i can get qualified which is certainly something that is spurring me on..

 

Cheers

 

Simon

 

 

[Guest bateo]

Simon,

 

Dont feel like your too old, I did my CPL course with a 37 and 39 yr old, and don't forget you can get 1000+ hrs in a couple of yrs, it is possible!

 

If you take out a smaller type personal loan to at least get you into RA-Aus instructing, then you will have a qualification to fall back on, and at only a minimal amount finance loaned. This could also give you the chance to clock hrs while doing your CPL and save up $$, as it is a bit of a slog out of your lifesyle while your trying to study and sit exams!

 

After all aviation is a catch 22 system: You need a job to get hrs, but you also need hrs to get a job!