Failing a sponsorship Do you have to pay back and how hard is it on interest rates
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Cadet schemes
Hi i was looking at airline cadet schemes and i was worried that if i took their course and failed halfway through would i have to pay anything back.
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Failing a sponsorship Do you have to pay back and how hard is it on interest rates
i didnt get a proper reply on the jobs thread so i just need to ask a sensible question on here.
Sorry
I was looking at airlines sponsorship stuff and i was wandering what happens if you fail half way through. i know if you leave you have to pay the whole lot back but what about the other scenario.
Thanks
Sorry
I was looking at airlines sponsorship stuff and i was wandering what happens if you fail half way through. i know if you leave you have to pay the whole lot back but what about the other scenario.
Thanks
Warning Toxic!
Disgusted of Tunbridge
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Phil, there was probably no answer because people felt that you could get the answers in the Wannabee Forums. There are a lot of subjects in there, so be sure you wade through them for a few weeks, and try several different Search terms to see what comes up too. Then tell people 'you have tried and could they still answer this please?'. Then I bet it will come up. Maybe the Wannabee is a better forum for this question?
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The chances of obtaining a sponsorship are very small and as a result most wannabees are faced with the prospect of having to borrow money from commercial sources. One thing I can assure you, is that if you quit, fail or whatever, the lender will most certainly want repaying and with interest as well !
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If you consistently fail to meet the sponsoring airlines standard during training they will (and have done so) drop you. However I know guys who have been dropped by their sponsoring airline and continued on the course independently and are now flying professionally (with a different airline). You would then be in the same situation as every other self funded student. It's just a matter of getting on with it.
Bear in mind that achieving a place on a sponsorship scheme is no easy task and you would be very fortunate to do so. Chances are that if you make it through the selection process you have what it takes to make it through your flight training.
Bear in mind that achieving a place on a sponsorship scheme is no easy task and you would be very fortunate to do so. Chances are that if you make it through the selection process you have what it takes to make it through your flight training.
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Plus i'm guessing if you fail something half way through you get re-sits even if it is at your own expense.
so hopefully they don't say complete this in this exact time frame or your out.
so hopefully they don't say complete this in this exact time frame or your out.
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Old sponsorships - depends upon the arrangement
New 'sponsorships' i.e. training with an employer's name on it, or CTC; both with commercial loan behind them - usually have to repay. Depends upon how heavily-selected you were in advance, and what training guarantees are made.
New 'sponsorships' i.e. training with an employer's name on it, or CTC; both with commercial loan behind them - usually have to repay. Depends upon how heavily-selected you were in advance, and what training guarantees are made.
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Having looked at the financial bond details, certainly if you get chopped for whatever reason (remember it isn't just flying ability they're assessing), for example from the CTC scheme, you will have to pay most of the money back.
CTC are cunning - the money is actually drawn down in varying amounts from the bank at various times during training. Therefore if you fail, you owe the bank whatever money has already been paid to CTC on your behalf - it is always more than the value of training you have received by that point. CTC (at their sole discretion...) may give you a refund of up to £30K.
eg. Scenario: 8 months into training, CTC has now drawn down the full 60K. You then 'fail'. At that point you owe the bank £60K plus interest. CTC 'may' give you back up to £30K. At that time you have 100 or so single engine hours (depending on the infamous training delays with this company) and ATPL mod one passes - effectively that may have cost you £30K, and that's the best case scenario whereby CTC decided to give you back the full £30K refund.
Obviously there is an inherrent risk with most of this flying training malarky - you risk your money anytime you do a flight test! Sometimes, on the other hand, if you limit your risk you limit your opportunities.
Hope this helps - I can't speak for other sponsorships, I haven't looked into them in as much detail.
bks
CTC are cunning - the money is actually drawn down in varying amounts from the bank at various times during training. Therefore if you fail, you owe the bank whatever money has already been paid to CTC on your behalf - it is always more than the value of training you have received by that point. CTC (at their sole discretion...) may give you a refund of up to £30K.
eg. Scenario: 8 months into training, CTC has now drawn down the full 60K. You then 'fail'. At that point you owe the bank £60K plus interest. CTC 'may' give you back up to £30K. At that time you have 100 or so single engine hours (depending on the infamous training delays with this company) and ATPL mod one passes - effectively that may have cost you £30K, and that's the best case scenario whereby CTC decided to give you back the full £30K refund.
Obviously there is an inherrent risk with most of this flying training malarky - you risk your money anytime you do a flight test! Sometimes, on the other hand, if you limit your risk you limit your opportunities.
Hope this helps - I can't speak for other sponsorships, I haven't looked into them in as much detail.
bks
