Serious answers where will I get funds from?

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deflux
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Re: Serious answers where will I get funds from?

Post by deflux »

vg6, I have 2 friends who have been laid off from CP as conductors for almost a year and can't find work anywhere in the country. These guys have a couple years experience too.

Not the most sound advice, in my opinion.
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v6g
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Re: Serious answers where will I get funds from?

Post by v6g »

ok - things have obviously changed since when I did my research.

Point taken - my advice should be taken with a huge recession-laden pinch of salt.
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davidv

Re: Serious answers where will I get funds from?

Post by davidv »

I was in a college program before (Conestoga) and it seemed to me it's just a cash grab for the flying club to force you to spend your money as fast as you can('t). It's great getting done fast if you can afford it, but few can, self included so I dropped out when they started demanding timelines.

Your best bet is to do what I'm doing now, get a job and work full time, then only fly as you can afford it. Save up enough for the PPL then do that, save up again for IFR or CPL, do that and so on, doing a bit of flying between to keep the skills up. Don't borrow money, you don't want to start off a flying career with any debt. It will take longer but at least you'll come out of it debt free which will give you more flexibility in your first jobs.
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square
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Re: Serious answers where will I get funds from?

Post by square »

Get a job, go to ma n pa's flight training centre and pay 100 bucks per lesson in a 152.
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Highflyinpilot
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Re: Serious answers where will I get funds from?

Post by Highflyinpilot »

v6g, Just to let you know how the railway industry works(not to correct you or anything,just for information). I worked as a conductor for a railway company(Not cp but Cn) until they started laying off then went back to my old job.But anyways I would not suggest investing in that railroad course they have When you can be a direct hire from the streets, If you graduate from the railway program you still have to take the course offered by the company. They told my group of new hires that the railway pogram is a huge waste of money.

As for schedualing your flying days around the railroading job, GOOD LUCK, not possible. To the original poster, I would NOT take the become a conductor route while flight training. Not a good idea at all. I would suggest that if you get into railroading, do it for the long haul because it will eat up all your time, especially if times are booming(as in a few years ago). But v6g is absolutely right, the pay is really really good.

Get into a construction outfit and hold a slow/stop sign to pay for your training that would be my suggestion.




P.S to pay for my training I went to a subsidized college and got a OSAP loan. Kinda regret it now though.
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ScudRunner
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Re: Serious answers where will I get funds from?

Post by ScudRunner »

Here's another money saving tip that I still use to this day, put all your expenses on a Credit Card with a points program such as Aeroplan or Airmiles. Now I'm not saying put it on there to use it's credit what im suggesting is instead of walking in with a cheque for the flying club put it on the card and use the loan to pay off the card at the end of every month. You might as well get something for your purchase eh.

Now when where talking about thousands of dollars worth of airmiles you will probably have enough to get from YVR to YYZ but DO NOT use it for Flights!! redeem the miles for Gas Cards now you have just paid for a good chunk if not all of your Road trip Gas and being a noob with no money this is HUGE I REPEAT HUGE SAVINGS.
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deflux
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Re: Serious answers where will I get funds from?

Post by deflux »

Thats exactly what I did ... I used an Air Miles Mastercard, 1 air mile for every $20 spent. I have 5 thousand air miles now (although I got alot of them from buying gas at Shell for my job) which is enough for $580 in gift cards for Shell...
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Geko
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Re: Serious answers where will I get funds from?

Post by Geko »

I got a Sony card which was a mistake but I got a PS3 out of it. Now that I have excellent credit I got an Air Miles but obviously I wish I'd gotten one sooner. :(
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ScudRunner
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Re: Serious answers where will I get funds from?

Post by ScudRunner »

I think BMO will give almost anyone a BMO Airmiles Card might have a low limit but if its 1500 buck limit just put 1000 on it and pay it off with the student loan before the due date never let it get to close to the limit and your credit rating will go up.
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SkyWolfe
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Re: Serious answers where will I get funds from?

Post by SkyWolfe »

I thought I would just make a note here since this thread is sticky:

Funding in BC...

If you go through a college program, you can receive bursaries/scholarships...

If completing on your own:
There is nothing from the government for your PPL.
Once you start anything above the PPL, you can go to http://www.aved.gov.bc.ca/studentaidbc/ and get student loans. I got about $9000 from the government. You do not need to repay the loans right away, it can start 6 months later. If your still poor (because you are a pilot after all), you can continue to apply for loan interest relief.
When it comes to the bank, I didn't qualify for a student loan, but I did get 35,000K at 6.5%... Its a long term loan. I did not need a cosigner at 20, but I had been building my credit for a while and a long term RBC customer.

Feel free to PM if you need any more info.

Cheers,

Wolfie
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Phenom
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Re: Serious answers where will I get funds from?

Post by Phenom »

Another option is the ROTP program through the military. The aviation program at Western sponsors pilots - you get around $17,000/year salary and they pay all your flight and school tuition (plus books and stuff). You owe the military time when you're done - but you're not in debt!
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100LL81
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Re: Serious answers where will I get funds from?

Post by 100LL81 »

Umm work your ass off and earn the money you need.
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LousyFisherman
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Re: Serious answers where will I get funds from?

Post by LousyFisherman »

100LL81 wrote:Umm work your ass off and earn the money you need.
+1
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Re: Serious answers where will I get funds from?

Post by co-joe »

Here's an idea.

Image
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westcoasting
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Re: Serious answers where will I get funds from?

Post by westcoasting »

Seriously.... What are you thinking????? Go into debt 40,000+ because you can't wait to start? Heck, if you work at mcdonalds for a year full time and live with your parents I am sure you could save 20,000 in a year. Im guessing you are still young? what is the rush, you are a lot better off just waiting a year, its not going to make any difference in your flying career
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BigglesNBella
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Re: Serious answers where will I get funds from?

Post by BigglesNBella »

v6g wrote:- and don't go to a school that charges GST - some do some don't. 5% of $50k is a lot of money. From July 1st next year, with the HST, that price differential will be 12%.
Schools have to charge GST but you can get it all back if you are doing CPL training or if you sign a statement that says you are planning to pursue a career as a pilot. Get the school to fill out a TL11b.
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star57
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Re: Serious answers where will I get funds from?

Post by star57 »

Work as a Gigallo...work is fun and it pay well :lol: :lol:

Years ago, in the Seventies, I knew a Bartender that entertained well to do Ladies at the Westin Bayshore Inn in Vancouver, paid his mortgage qwick. :roll:

Cheers and good luck
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Ron Mexico
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Re: Serious answers where will I get funds from?

Post by Ron Mexico »

This is not necessarily a suggestion, but this is how I’m doing it;

First I got a job at a bank, which made it very easy for me to get a loan. I argued that the professional student line of credit from RBC should be available to pilots as well as medical, dental and accounting students on the basis that before the high expected earnings of a doctor, dentist or accountant are achieved, they all must first do an internship or article (in the case of the accountant) for a few years. I made the banker believe that after a few years as a pilot, I too could achieve high enough earnings to take care of the loan (crossing my fingers that it's true :oops: ) This netted me 45K so I could eliminate the money factor. I also took advantage of a VISA that offered reward points and now have enough for a flight overseas. (Just pay off the CC every month with the credit line) I was/am working while training so I can pay down the debt as I go, however if you can, I strongly advise getting your training done as fast as possible with as little distractions as possible. Make your flight training your #1 priority and you will save time and money.

Full disclosure:
-the banker wanted to become a pilot (this worked in my favor)
-I quit the bank after 2 yrs for a higher paying desk job
-I’m young and feel I have time as an advantage to carry such debt

Advice: If you go this route, ONLY USE THE LOAN FOR FLYING!!
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BDM
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Re: Serious answers where will I get funds from?

Post by BDM »

Hello All,

This thread regarding where to attain funds for flight training brought memories of my frustration with that issue seven years ago.

We all become pilots for the interest, love and excitement of aviation. If this interest transpires to military aviation then I ask you to consider this. Do you find yourself interested when seeing a Hercules, Hornet or Cormorant etc on an airport ramp? Do you also find yourself interested when seeing a LAV or Warship on the news, documentary or in person?
If you can relate to the above and desire a career in civilian aviation, then perhaps a secondary career in the Canadian Forces Reserve is meant for you.

Seven years ago I was a high school graduate who was medically disqualified for ROTP pilot. I was accepted at the University of Western Ontario with 14 000 yr tuition and limited means to cover that. I enrolled in the CF as a MARS Officer at my local Naval Reserve Division. This proved to be the single greatest life decision I had made.

I graduated debt free with savings, underwent experiences unimaginable in the civilian world and gained a set of life long friends.
There are many possibilities for a career in the Reserves with units located in many populated areas. Whether as an Officer or NCM, the benefits of a secondary military career are endless. Here are a few that relate to being a pilot;

1) We in the Canadian Forces train and operate in a stressful environment. Over time, this experience will increase you ability to handle stress aiding your career in aviation.

2) The Canadian Forces develops its junior members. A junior member will be given responsibilities that an equivalent peer in the civilian world would normally not. You learn to be responsible and accountable at an early stage. To lay blame is unacceptable.

3) We are a team in the Canadian Forces. We understand first hand the synergy of teamwork. This teamwork is developed under stress.

4) You will be debt free, if planned well.

5) You will have a high paying secondary career to fall back on if you are ever laid off as a pilot.

Reserve training is centered on post secondary education with May to August being to peak months of training. Here are some numbers. In the first summer you’ll roughly make 12000 dollars. You do not pay for rent or food and have little expenses. While at school, you parade at your local unit once a week for 3 hours and the odd Saturday. Straight from basic, this will add 250 to 500 dollars a month depending on the amount of weekend training at your unit. I typically average 14000-16000 a year in income with combined summer/weekend training.

Making the decision to join the CF is a big one filled with many unknowns and fears. However any current or prior service CF member will look back in hindsight and find that was not the case.

If you have any questions, contact the kind folks at your local recruiting centre or myself.

BDM
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Vampire44
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Re: Serious answers where will I get funds from?

Post by Vampire44 »

I managed to get a 25K line of credit from RBC at 19 years old with no co-sign required. It all depends on your credit and your collateral. I also got an Avion card and payed off the credit card with the credit line. There is no right and wrong way to do things. If you are in a position where you can work and live for free (ie. Parents basement) then that may be your best option. I did however find that not stressing about where the money is coming from, and being able to fly on a consistent basis really helped in the long run.

Best of luck!
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