Financing Your Training

[xrkyle]

I'm curious to know how you people who have completed your CPLH training raised the money.

 

Did you go to the bank?

Did mommy and daddy give it to you as an RESP, long term loan or otherwise?

Did a friend or relative leave you an inheritance?

Did you work a job that involved lots of overtime for a season (oil and gas exploration, commercial fishing, forest fire fighting, etc)

We're you formerly working in a well paying position?

Did you save every penny since you were 12 and live like a monk?

We're you **** bent on saving up a down payment for some property and decided to spend it on training at the last moment?

Did you win the lottery?

A combination of the above?

 

Share your stories and experiences that enabled you to afford flight school.

[Nolan.]

Well, i guess ill kick it off here :up:

 

It was a combination of those student loans (BCSAP and Canada Student Loans), money I have saved up since I was little, my own scrounging (most times, somtimes i caught myself slipping ) and saving for the past year doing a trade, and then being fortunate enough that my parents can help me out with a long term loan that i will pay back. That tuition still makes me sweat though.

[Cole]

Looking like I will be headed to the oil patch regardless, unless I get awarded a bursary that I have been waiting on hearing about for a while now, but it wasnt looking so promising last time I heard (some tough competition, plus a few of my courses are veiwed as 'lower' [Physics rather then some other sciences]).

 

So it looks like a year or two in the patch following the footsteps of some friends. I have alot saved up, but I made one (not going to call it a mistake, I have a whole lot of fun doing this) choice (thats the word I was looking for) that has sucked quite alot of money out of my poor wallet (and will do for a little bit longer, getting VERY colse now, lacking 2 tests, thats all).

 

After that I dont know exactly what the plan is, Ive got it narrowed down to one or two options, but they both lead to the same place.

 

I think this had been brought up befor, but Ive been around the site for a while now and think it may have been befor the CAaviation transition, mabey give it a search, also try the 'why flight' forum, there was alot of stories in there that could give you an idea.

 

Cole

[Helijason]

I did 50% bank loans, 25% Canadian govenment student loans, and 25% Alberta government student loans. I tried to save money prior to going but it didnt work out so well.

[helicopper]

RBC... owed my soul to the company store ever since!!!

[xrkyle]

I think this had been brought up befor, but Ive been around the site for a while now and think it may have been befor the CAaviation transition, mabey give it a search, also try the 'why flight' forum, there was alot of stories in there that could give you an idea.

 

Cole

 

I too remember seeing posts related to the subject but never a topic dedicated to it which is why I raised it. I also did some quick searches to verify and didn't find anything of great relevance.

 

That said, I'm more interested in hearing people's stories just for interest sake as opposed to gathering ideas for myself. I'd like to hear about the guy who worked ****** jobs, night and day and lived on KD to the point that he got cholera. That sort of epic tale

 

Personally, I've already got and am well into implementing my financial plan to raise the money for flight school, but if others can benefit from the stories of others all the more reason for others to pipe up.

 

I suspect the topic has received little feedback so far because it isn't controversial enough (like asking why pilots have to wash machines and then backpedaling like Greg Lemond on rewind). Maybe Cole, if we start slinging #### at each other more people will participate

[Cole]

Nah, no need for doin the whole slaggin crapflingin BS.

 

Just wait, they'll be here.

[Ryan]

I used a L.O.C. to pay for my training. Interest rates aren't as bad as a straight up loan, and you can take your sweet *** time payingt it back.

 

Helps keep the repo man off my lawn. :up:

[Spitzair]

I worked for a grumpy old stone mason for years and when I got close enough I got a Line of Credit... To pay it all back I did every odd job I could get my hands on! Good thing about the line of credit is once it's paid off you can use it again any time you like, that's how I managed to finance my Engineer's training.

Hope this helps!

[rainman]

I worked for 3 years in the logging industry and saved half the required money. (Kinda did live like a monk come to think of it) The other half was a co-signed loan that was paid off in 6 years. No easy solution unless you've got rich generous family or win the lottery.

 

In hind-sight, I think having most of the money debt free in the beginning would be the best way to go to relieve your financial burden as a junior pilot( Low paid)

 

I made $840/month take home for the first 9 months. Loans are hard to pay off at that rate.