Dilemma - dream job in jeopardy due to finances

sky_rat

Apologies if this is the wrong group, I don't think there is a group for the financial dilemma I have...

For the last 20 years my dream has been to become a commercial pilot, but the training cost is £100,000 and I don't have that kind of money !

I have applied for sponsorship training twice in the past but the selection process is very tough and the competition is very fierce, so I was not successful.  Typical figures are 20,000 applicants and only 200 of those are selected.  Until recently the airline industry drasticaly reduced the sponsorship programs.

I have applied again and making more progress this time, its still early days and I'm waiting to hear if I have progressed on to the next phase.

Howver, I keep asking myself whether I should continue and once again it's all down to finances.  

The issues are:

1. The training takes 2 years so during this time I would have no income.  I have a mortgage and bills to pay and my 19 year old daughter lives with me full time (she's about to start a full time job, providing she passes her training for cabin crew).  My 5 year fixed mortgage comes to an end in October and I'm very worried how much my repaymets will increase.
2. The training is described as "fully funded", but this is not the case.  You have to pay the traning cost back over 6 years, which means your salary will be severly reduced for the first 6 years.  The starting salary would be 58% of my current salary.  And If you leave within those 6 years, you still have to pay the traning costs back. 
   

This is likely to be my last chance of achieving my dream job because I am aged 49 (the age requirements for sponsorship is 18 to 55).

I have some savings, but with no income they would be gone in about 6 months.

I am desperate for a career change, my existing career has been going no where becaiuse I'm not interested and I'm fedup with it.

Before throwing in the towel, I thought I would ask on here in case anyone has any suggestions.

elsien

If you don’t have the money for your mortgage and living expenses while you are training, I’m not sure what answers you hope to get from people? is Are you able to seriously budget now to chuck a lot more money into your savings? 

Can you survive on the starting salary in the future if it’s a lot less than you are earning now?

It may be your dream, but that is also the reality that you have to have plans for.

What is it about being a commercial pilot that particularly appeals to you, and are your expectations of the role realistic?

Archergirl

Unfortunately sometimes dreams have to stay just that.....if it's not financially viable you shouldn't do it.

Devongardener

I think you’ve answered your own questions, without another source of funds, you can’t afford to do it.

Wyndham

I appreciate that it's difficult, but sometimes our dreams are just not possible.

On a more practical note, have you had any feedback on previous applications? Do you know what is different this time? Do you know what wasn't there before which you either now have or can prove in a better way? With the figures you mention, anyone would need to be not just good, but exceptional, in order to get the funding.

Is there something you could do which while it wouldn't be the dream job, would at least be closer to it, and enough to get you away from your current role?

LightFlare

Maybe try and get the best of both worlds and do your private pilots licence so you can still get the fun out of flying without it costing you an arm and a leg.
Plus, it’s a good 1st step and might lead to further aviation opportunities/ideas

(it’s still not cheap, but nowhere near 100k)

lincroft1710

What "suggestions"?


Either continue or give up.and logic would say give up as you just can't afford this

SiliconChip

I've got a suggestion, but it's not very helpful: start a lot earlier, for instance by joining the RAF 30 years ago. Sorry, but I just don't think it's feasible now.

Voyager2002

So your chance of acceptance is around one per cent, which is significantly better than that of an applicant for the Civil Service Fast Stream, or many other worthwhile careers. Anyway, it would be a great opportunity.

By the sound of things your daughter is about to become financially independent, so that would give you far greater flexibility with finances. Could you charge her a commercial rent for her room? Or if she moves out, take a lodger at a realistic rent? And do you have much/any equity in your house? Suppose that you were to sell it and just rent a room somewhere, would that make it possible?

Marcon

sky_rat said:

Apologies if this is the wrong group, I don't think there is a group for the financial dilemma I have...

For the last 20 years my dream has been to become a commercial pilot, but the training cost is £100,000 and I don't have that kind of money !

Why is it your dream job? Have you ever flown a plane? Are you sure it isn't a fantasy rather than a dream - which might in truth turn into a (financial) nightmare all too readily, not least when the next pandemic grounds the industry once more. I meet so many people who tell me they dream of becoming a lawyer, but spell out the realities to them (ridiculously long hours and heavy pressure being top of the list), and suddenly they realise that what they imagine a job will be like is nothing like the reality.

Glamour, status and high income can exact a huge price and many sacrifices, often with no guarantee that the hard-won prize will come close to living up to expectations.

See https://forums.moneysavingexpert.com/discussion/comment/81197229#Comment_81197229?utm_source=community-search&utm_medium=organic-search&utm_term=pilot and in particular the post by flatfacedcat on 2 January, which might be a reality check worth taking now.

Instead of fantasising about a career you are never likely to pursue, why not try and improve your prospects or look for another career avenue based on reality? 

Mands

There's quite a lot of numbers in your post so let's put them into a timeline.

• You are 49. The course (which hasn't started yet) takes two years. You'll be 51, at best, when it finishes
• You will have zero income during those two years so will need to live off savings
• When you qualify your starting salary will be 58% of your current income
• But you'll need to start paying back the finance at, say 20k a year
• You will be 57 when the finance is due to be paid off
• Commercial pilots can not fly beyond 65

Do you think that is manageable?