On Instagram, I received a lot of questions regarding bank loans. The bank loan you might need if you don’t have rich parents to pay for your flight school.
Bank loan: I started my flight school in 2007, the whole school was 110.000 euro at that time. As my parents didn’t have the money to assist me. I had to go to the bank for a loan as well. My parents were able to help me with paying for food and let’s say my daily allowance so I didn’t have to take more money than the school actually costs.
I took a bank loan of 110.000 and the deal was to pay it back in 18 years. Just remember I was 18 years at that moment. I would be done paying when I would be 36 years old. 216 months of paying 509,25 per month without the interest of the bank. Also about 750,- per month. So every month for the next 216 months to come I have to pay about 1259,- to the bank. If I would work in a supermarket I would make about 1081,60 per month so I wouldn’t even have money to survive.
My parents helped me and I was able to get a lot of small aviation jobs that didn’t pay well but at least I had some important flight hours. When my parents couldn’t help me much longer also my financial situation came into trouble. I went to the bank and they reduced the interest from 750,- to 200,- per month. So the total amount came down to 709,25 per month. In any other job, this is a load of money. I knew when the market collapsed that it would be difficult to get a job but there was no way back.
So, before you start flight school, think about how much it will cost you and what would it do with you if you can not find a job in aviation? What if you have to work in a restaurant for the rest of your life?
This blog was not to demotivate anyone but it is important to realize that it could happen en even with the messages online about a pilot shortage there is a chance that you will not find a job.
I hope this blog was helpful. If you have any questions feel free to send me an email.