Finance

[rich49]

Hi all,
Having always wanted to be an airline pilot I never thought about going to University, until recently that is. This will allow me a much wider range of options and I already have a couple of places with some Universities. My question is as the title says, finance. The average debt for a university student is now £10,000. Others must have been in my position, how on earth do I pay off my University debt, pay for even a substandard flat, car, food etc AND flight training? Does anybody know how long it takes the average person to pay of a £10K debt, pay for flight training and then hour building? When ever I mention to people that I want to be an airline pilot I am always told that their is absolutly no way because I am not a millionaire! I have up until now dismissed these people and thought them to be ignorant (especially when their next comment is 'yeah but you gotta be really strong to be a pilot!' :mad: Grrrrrrr!!!)

To be honest, I really am starting to get some doubts. Could anyone post their thoughts on the matter?
Thanks

[Bodie]

Hi Rich49

Firstly, don't let this put you off going to uni OR flying. The following post may sound like I come from a privileged background - I don’t. I consider myself an average ppruner.

I am a bsc graduate with a 6k debt. By most student standards this is quite good - I had a well paid part time job (15hrs/week) which kept my debt low.

It's likely that most will use the Students loan company (SLC) because of the incredibly low rates of interest.

Deductions will start around 6-8 months after you complete your course. The amount they take from you depends on your earnings. If you don't earn over a threshold (something like 10k) then you will pay nothing. If you earn more, the SLC will request a deduction direct from you employer BEFORE tax- you cannot escape it!

For me they take 10% of my earnings over and above 10k. So if I was earning 22k they would take 10% of 12k off me each year. Not too bad as it happens. I'll clear by debt at 1k/year so around 6 years to clear this.

I was quite forward thinking when considering paying for my future career, so I opened an ISA account during college so it will provide a small lump sum to pay off debts accumulated from flying.

I am now working towards my ATPL. I managed to save a little at uni too, so I was able to start training for my PPL about 1 month after leaving. I completed my PPL this summer and am now back to studying - this time ATPL with Bristol ground school.

You have to manage your money well - I consider myself pretty good at this, I managed to buy a decent(ish) car outright (worked ar*e off with 3 jobs during uni summer break), so I don't worry now about paying another £150/month to a car loan. I rent a house with a flat mate which works out cheap, and considering the amount I am saving/spending towards flying, is the only real option I have right now.

Unless you have access to large sums of money, expect to go the modular route to training, as am I (and many others). Expect to pay around another 30k for modular training. Remember not all of this has to be debt. I pay as much off as possible myself. When I come to the actual CPL/IR training I plan to apply for a professional studies loan. Uni debt included, I hope to be in no more than 20k of debt by the end of it. I believe this to be quite achievable, however, others may disagree. If so, then I endeavour to prove them wrong!

It's not necessarily the money that stops people from becoming a pilot - it’s the shear bloody hard work involved. I think most wannabes would agree that its really hard work, scary at times, but ultimately very satisfying and provides a real feeling of achievement at each hurdle passed.

If you think you can do it, then you can. Ignore the niggly worries, doubts and doubters - that’s what makes it exciting and all worthwhile.

Best of luck
Bodie