Pilot Loan - CTC Wings Cadet

sfakman

Do try hard and get some decent grades. CTC has very stiff competition and you will need to get through a rigorous selection process. Understanding your maths and science will be a good start as there is a fair bit of geometry and trigonometry in the ATPL theory course. Getting good grades will simply prepare you for what is to come.

However, don't be put off if you don't get decent grades. It simply means you need to work harder to achieve your goal.

In addition, there are no "official" minimum grades required to be an airline pilot. That will be down to an individual employer. If the employer has half a brain they will judge you on the type of person you are, your ATPL grades and your flying experience.

Don't get too hung up on going the integrated route (CTC, Oxford etc). There are other methods. You can go modular with a flying school of your choice and do it in chunks.

- Class 1 CAA Medical (Don't do anything until you pass this)
- PPL
- ATPL Theory
- Hour Building
- CPL/Multi Engine rating
- Instrument Rating

Check out Flying Time - they're based in Shoreham (South of England) and all the prices are there. That will give you an idea of cost. I can't post links but Google them.

It may take longer but gives you the flexibility to save and "pay-as-you-go". That way you can avoid big loans and you have the ability to either save or take out smaller loans to cover each section of your training. It should be a bit cheaper too. The advantage of going integrated (via CTC etc) is it's all done in one go and they have good connections with airlines plus very good training. If you're lucky you could land a role at EasyJet straight after your course. I have friends that have gone in to employment with both Oxford and CTC and I also have friends who haven't found employment. The industry is very poor at the moment (but slowly improving) so don't be led astray in the belief that going integrated guarantees you a job. It doesn't.

Don't let anyone ruin your dream. I have the same aspirations as you but I'm doing it modular. I've done my PPL and I'm doing my ATPL as we speak. I don't have good grades but it won't stop me achieving my goal.

PM me if you have any questions and good luck.

Mands

drew2k9 wrote: »

the CTC scheme has a 40,000 guarantee thing in the event of not being able to complete the course for various reasons (death included) and also the loan through the BBVA bank says it has life insurance included at no extra cost, presumably due to the nature of the huge loan and the fact that it is mostly secured by houses not owned by the applicants.

What do you mean by "a 40,000 guarantee thing"? They write off £40k of the cost if you don't complete? If so would you not still owe £40k plus the interest on the original £80k but without the benefit of a potentially high-paying job?

Do you have a link to the agreement or scheme?

If this is your dream then by all means pursue it but you really need to understand what you are getting yourself, and your parents, into.
Mands

drew2k9

Mands wrote: »

What do you mean by "a 40,000 guarantee thing"? They write off £40k of the cost if you don't complete? If so would you not still owe £40k plus the interest on the original £80k but without the benefit of a potentially high-paying job?

Do you have a link to the agreement or scheme?

If this is your dream then by all means pursue it but you really need to understand what you are getting yourself, and your parents, into.
Mands

yeah on one of my previous posts i have a link up, but its only for the BBVA finance bit, the CTC website has the bit about writing off the 40k, but then the other 40 k would be a lot easier to pay off in the ten years they give you to do so, its a very very worst case scenario that i hope i will never have to come across!

does anyone on here with knowledge in loans and pilots licences think that my best stepping stone would maybe be to get a small loan (eg 2000-3000ish over about 3 years) to start me off with lessons and getting my PPL first? my local flying club will put me through it for around 6000ish, and i am taking a 2nd job in january anyway, and its a work when i want to job which i used to do, im going back to earn the extra cash, so it would go towards paying off the loan and excess would go towards more lessons and the rest of the costs of a PPL? just a thought!

Loanranger

Have you considered saving up for the cost yourself?

I really think you would have a better understanding of the effort your parents made to provide you with a good home, which you feel able to put at risk, if you took responsibility for yourself and for your aspirations by saving.

drew2k9

yes of course i have considered saving myself, thats partly why i am taking a 2nd job on top of my full time job!

the small loan would be to get the ball rolling so to speak, as with a lot of these schemes, and even the armed forces routes, age is a huge factor, im nearly 22 already, and 24 seems to be a maximum for a lot of places!

and i really do appreciate what my parents have done for me im not taking any of this lightly at all.

babyshoes

My OH is about to do the final part of her (self funded, piecemeal) training; the instrument rating. She is doing it on helicopters, which cost twice as much to fly as fixed wings, and the final salaries are lower - if you can even get a job as a low hour pilot!

She was getting a bit old for the military when she decided she wanted to fly helicopters, but they would have given her a chance if she hadn't had hayfever. It is worth going through the military selection process before you make any decisions to see if you have the aptitude and health to get into the RAF or Navy as a pilot. If you do, then it is almost certain you will pass a class 1 medical, and if they invite you to join up, you may just decide it looks like fun, or you may not. Either way, going through the process does not commit you to joining up, it just gives you another option.

She is proof that with a decent (non flying) job and the persistence to keep flying on every spare penny, you can do it all from scratch yourself. The instrument rating is the most expensive course of the lot at around 40k if you do it in the UK. It is a bit cheaper elsewhere in Europe, which is what she is doing. Most of the cost she has managed to raise through savings and share schemes over the past few years. The small loan she is taking for the rest is one we could easily repay in a year or two, without scrimping, even if there is no job forthcoming afterwards.

If you send me a PM, I will let you know her username on Pprune, coz I know she did some research a few years ago into loans etc. I am sure she will be willing to chat to you about how she has done it, and maybe point you in the direction of others who know more about fixed wings.

Good luck with following your dream!

sfakman

drew2k9 wrote: »

does anyone on here with knowledge in loans and pilots licences think that my best stepping stone would maybe be to get a small loan (eg 2000-3000ish over about 3 years) to start me off with lessons and getting my PPL first? my local flying club will put me through it for around 6000ish

Rather than get a second job, you could do what I did and that is work at a flying club on your days off. Don't get paid in cash but in flying hours.

Spend an afternoon visiting your local flying clubs and ask them if they have any spare "Ops" jobs going. I paid half of my PPL doing that. The other half I paid myself.

You could also try GAPAN (Google it - still can't post links!) where they offer PPL (and other) scholarships. Competition is high but you've got to be in it to win it.

Where are you based in the UK? If you're down South, I can always put a good word in with my flying club as they do take on Ops staff from time to time.

Budget about £8-10k for your PPL. It's unlikely you'll do it in the minimum 45 hours so you'll need a bit of contingency. Your class 1 medical is about £350. There's nothing stopping you from paying as you go either but you must try and fly regularly so it sinks in.

kalkenbrenner

Hopefully this should provide a few answers.

CTC is a good scheme and assuming you make it onto the cadet scheme, is a good way of financing it is saving up for it is not a realistic option. If I was you, I would apply and then hopefully you will be invited to the asessment day. This costs about £200. Assuming your successful, then do the CAA Class 1 which costs £340 and another trip to England. I'd do it this way as you have spent less money if you dont pass the asessment. Go to the open day if you can wait that long, but you will love it there. They let you play with the flight simulators and you can see it is a professional looking place. They are trying to sell you their product but they provide honest answers to questions. Regarding the financing, the only bit that I was unclear about when I initially applied was the additional cost of the New Zealand foundation course. This costs New Zealand $17,400 on top of the £69,000 for the course. This puts the cost at around £80,000 and then budget £10,000 for living expenses over the 2 years or so the course takes. No one can predict what the airline industry will be like in 2 years time so that is entirely your gamble (although it does look fairly positive at the moment. bring on the retirement bubble!). The company director told me that no one has defaulted on their loans, this is probably because the parents have paid the repayments before their house goes. If you and your parents can honestly afford this possibility, then i'd say go for it. The £40,000 training failure insurance is a good thing and comes free of charge. If you were to begin training, you would need to take out various insurances, this would include life insurance which (if chosen carefully) would cover the outstanding loan. Also you would need loss of medical insurance (this is expensive, abotu £1000 a year).

Its up to you, PM me if you want any further info.

drew2k9

thanks for your info!

i have decided to take the long self paid route, doing each step at a time, and saving up for each bit before i need to pay it, i decided that in the long run i dont want to risk getting into that amount of debt, its just too big a thing to risk in the current climate.

but thanks again!

geoffky

a good decision that you will look back on with pride and relief..good luck,,chocks away and all that..