Financial Aid For Pilot Training

[@v8ter]

Hey guy’s and girl’s just wondering if anyone can help me with my situation. For the past year and a half I have been training to become an airline pilot and I past my final exam last week, so now I am in a position to be employed. Here’s the catch as many of you may know training to be a pilot isn’t cheep by any means, before I started I got a loan from the credit union for 20k, sold my car and anything else I could get a penny for. When all that dried up my dad was kind enough to step in and help me finish up. Now that I am finished I want to pay him back everything he gave me and consolidate me loans into one which would total about 65k. Wages starting off as a pilot are pretty good in the region of 60k per annum, I am only 22 years old and before I started training to be a pilot I served a four year apprentiship as an electrician which I am hoping will convince the bank that I have a pretty decent head on my shoulders and that id have the electrical to fall back on if anything happened to my pilots license . So my question to you is what would be the best place to go apply for a loan (public banking, private banking ???) I would appreciate all the help I can,, thanks in advance,,, @V8TER

 

[AlastairSC]

Hey guy’s and girl’s just wondering if anyone can help me with my situation. For the past year and a half I have been training to become an airline pilot and I past my final exam last week, so now I am in a position to be employed. Here’s the catch as many of you may know training to be a pilot isn’t cheep by any means, before I started I got a loan from the credit union for 20k, sold my car and anything else I could get a penny for. When all that dried up my dad was kind enough to step in and help me finish up. Now that I am finished I want to pay him back everything he gave me and consolidate me loans into one which would total about 65k. Wages starting off as a pilot are pretty good in the region of 60k per annum, I am only 22 years old and before I started training to be a pilot I served a four year apprentiship as an electrician which I am hoping will convince the bank that I have a pretty decent head on my shoulders and that id have the electrical to fall back on if anything happened to my pilots license . So my question to you is what would be the best place to go apply for a loan (public banking, private banking ???) I would appreciate all the help I can,, thanks in advance,,, @V8TER

Can you add a little detail, please? Your situation sounds slightly unusual.

Where did you train? Was it full time? With one company? Do you now hold a CPL (commercial pilot's license)? It's a little unusual that a cpl would be obtained without a company holding out employment now you're finished? If the training was full-time i.e. no time for other income, how did you manage to keep up CU repayments? If not, did you have a part-time income? Does your father expect repayment (not from the phrasing of your original post or at least not yet?)

I think any lender would want to know what your expectations of employment were when you began cpl training. Proof of normal earnings would place you in a strong position just to take out a personal loan over a long-ish period to deal with this. (My brother did this). Worst case: what's to stop you doing electrical work between casual piloting jobs if you really have no contract to take up?