Flight Training is expensive, there is no way around the costs!
Financing options will vary according to the type of course selected. Unless you are fortunate enough to have access to significant funds you will need to obtain some form of financing. In the current economic climate funding options are quite limited and generally security and/or guarantees are required. Here we outline the options available for each type of training option:
Modular training is fully self-funded, and currently financing for this type of training is limited to your personal circumstances i.e. personal loans. However, modular training is usually significantly cheaper than the Integrated Route and you can spread your training over a longer period of time, allowing you to work in between modules and keep debt to a minimum.
A few bursaries and scholarships exist, which may be available to help support you along the way.
The course provider will discuss the options available. Previously, a limited number of banks offered secured loans to students who were accepted on certain Integrated courses. These loans were designed to cover full course fees and up to 18 months payment break after completion of the course. Careful consideration should be given to secured loans. If repayments are not met, the property will be at risk of repossession.
Alternately, an airline may sponsor the cost of a students ATPL training, but these places are extremely competitive and limited.
The Multi-Crew Pilot Licence (MPL) is usually linked to either a full or part sponsored programme with both a specific airline and on a specific type of aircraft and this sponsorship will generally cover some course costs. Currently only a limited number of these opportunities are available and competition for the positions is fierce.
Due to volatility within the aviation market, hiring requirements can change instantly and individuals can be at risk of not completing training. Careful consideration should be given, as this could result in the need to re-train along a different path with another provider, at additional costs.
Never pay for the full course upfront. If the school goes bankrupt, you will lose your money! If you pay with a credit card, you maybe able to get your money back if the company goes insolvent.
