A Huge Financial Gamble For My Dream Job, What Would You Do?

[TW]Fox;18723113 said:
He might as well have when he has a £75k debt. Thats many peoples mortgage!

He needs to discuss his aspirations with people with credible experience in the same thing. It's all very easy to sit here and go LOL MATE JUST DO IT LOLZ but the reality is that getting a good job as a pilot is far from assured even after training.

Go and ask the questions on a credible pilots forum - the advice they give is far more relevant than what we can offer.
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That's less than what the majority of university students will be saddled with after leaving university from 2012 onwards. Seems to me that being a certified/qualified commercial pilot would also provide a much more feasible career path than simply being a graduate.

You're right, OP should seek advice from much more clued up people, but for the purposes of this being a thread in GD, I'd say go for it. Criminy, I'm only 21 and there were opportunities presented to me when I was his age that I wish I'd snapped up instead of being stuck here writing multiple theses for a degree that has yet to provide me with any solid avenues towards employment! :p
 
Theophany said:
That's less than what the majority of university students will be saddled with after leaving university from 2012 onwards.
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It's completely different because it's a commercial loan and thus conventional debt.

From other discussions about being a pilot £75k seems quite low for the costs involved. There are a few pilots on here - hopefully they can pop in and offer some calm, measured advice amongst all the 'DO IT' from people who, like me, don't really know.
 
Is it only difficult to find work after qualifying as a pilot because of the current economic climate, though, or has it always been that way?

In ten years time, would you still have the same difficulty in securing the role you want? It sounds like a golden opportunity, and I'd personally take the gamble.
 
IF you're guaranteed a job with a salary so high that £7500 a year is a negligable amount, then go for it.

But you're not going to be. Times are harder and you don't start off on anywhere near as much money as you might think. UK graduate careers website cites starting pay as low as £18,000 and I'd bet that pilots usually start that low. A company selling training will of course make it out to be silly money and massive perks for hardly any work - they want you to buy their training. They're not a reliable source of information.
 
The aviation industry isnt in a great way at the moment, jobs are very hard to come by and i know quite a few pilots who can't find work. Throw in on top that the starting wage might not be as good as you think it will be. Ive heard stories of pilots paying to fly just to gain experience. £75000 is a lot of money and you really should try to talk to a lot of people in the industry. Personally i would wait a few years to see where the industry goes. You are only 17 so have plenty of time still, don't rush into anything.
 
[TW]Fox;18723159 said:
It's completely different because it's a commercial loan and thus conventional debt.

From other discussions about being a pilot £75k seems quite low for the costs involved. There are a few pilots on here - hopefully they can pop in and offer some calm, measured advice amongst all the 'DO IT' from people who, like me, don't really know.
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True, but the new student loans will accrue interest too and the repayment period is much longer. I'm not saying that they are the same - clearly they are different beasts and the pilot loan will very likely be much more regressive on one's income - but nothing comes for free these days.

If the gamble involved has odds stacked in your favour, let the chips roll. I've racked up £40k of debt at least in the last three years trying to give myself an entry route into my dream job and it's been an uphill struggle the whole way. But you can't catch a fish if you haven't got your line in the water, paying for education will always be a gamble to a certain extent, if you're confident in your own abilities and, more importantly, this is something you are determined to see to the very end then it is likely worth it.

As long as you don't get 30 weeks into the course and think "actually, I'd rather be a doctor" you should be alright.*


*these are my personal opinions, my knowledge on pilot training courses, being a pilot and the lifestyles and earnings of commercial pilots is as extensive as somebody who has taken many flights as a passenger. ;)
 
[TW]Fox;18723113 said:
He might as well have when he has a £75k debt. Thats many peoples mortgage!

He needs to discuss his aspirations with people with credible experience in the same thing. It's all very easy to sit here and go LOL MATE JUST DO IT LOLZ but the reality is that getting a good job as a pilot is far from assured even after training.

Go and ask the questions on a credible pilots forum - the advice they give is far more relevant than what we can offer.

If it was as simple as taking an easy to get loan you dont pay back for ages and swanning off to Florida dont you think we'd all be doing it? ;)
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True, however to be able to even obtain your PPL at 17 you've obviously not got money worries at the top of your agenda :)
 
Theophany said:
True, but the new student loans will accrue interest too and the repayment period is much longer.
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The repayment period is only longer because you pay far, far less off each month. And the interest is negligable - at the moment its significantly below inflation!
 
I know someone who has his airline license and he can not find a job at all :(

He gets chuffed when he gets contracts for single flights :(

He did get offered Malta --> Veitnam and back 3 times a week.
 
Why is it £75k? I though it was more like £40k. That and / or you could reduce the training by spending so many hours (300?) in an aircrafy as Co Pilot

Personally, I'd do it. Florida = WIN! Also, keep your nose to the ground re private pilots. Friend of mine just scored Mark Webbers pilot contract. He's 22 :)
 
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MattU said:
Who is the loan from and what is the interest rate?
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Why can you do him a better deal??:confused:

Efour2 said:
Do it im sure mummy and daddy will bail you out if you fail.
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Awww sounds like your a bit jealous there ;).



OP id do it within a heartbeat...i always wanted to be a pilot but i wasnt any good at school and studies so i soon gave up that idea.

Im pretty sure Blinkz, a member on here is a commerical airline pilot...perhaps he will pop his head in and give you some sound advice....but seriously id do it, you will ony regret it if you dont give it a shot...
 
I would find out exactly what your commitments are with regards to the repayments. Look into the job market, make calls/send emails and weigh up whether the outlay is likely to be worth it in the long run. Not much point paying £75k for a qualification that's not worth the paper it's printed on.
 
[TW]Fox;18723728 said:
The repayment period is only longer because you pay far, far less off each month. And the interest is negligable - at the moment its significantly below inflation!
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Theophany said:
I'm not saying that they are the same - clearly they are different beasts and the pilot loan will very likely be much more regressive on one's income - but nothing comes for free these days.
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We agree, vociferously. ;)
 
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