Until the global economic downturn of 2008, if, like most people, you did not have eighty thousand euros in your bank account, finances could be secured with an unsecured loan from several different banks. Unfortunately, banks now require collateral for such a loan in the form of one or more assets such as property.
For many people who wish to start their training, such assets are not easy, if not at all accessible. This has made the industry somewhat elitist, as it prevents those from a less privileged background from obtaining the resources necessary to start training. Some people are fortunate to have parents who may be willing to guarantee the loan in terms of family housing, but that in itself is an extremely risky undertaking.
If you could not find a job after completing the training and, in addition, (you or the guarantor) were not in employment, which would guarantee a repayment of the loan of between 600 and 1400 € per month for ten years, the guarantee placed on the loan can be taken over. This has happened in the past and will continue to happen in the future, and that is why it is essential to have a backup plan before making such a huge commitment. Even if the finances are in place, you need to think long and hard about the prospect of parting with 100,000 € to pursue a dream that may never happen.
This is a sobering perspective, but still there are people who adopt the attitude “this will not happen to me”, only to find themselves paralyzed by debt. The fact is that there are more FATPL holders than commercial pilot jobs.
The current situation caused by the coronavirus, keeps us from an uncertain and more than improbable future …