CAE, the world’s largest flight crew training organisation, has launched an initiative intended to help aspiring pilots secure financing for the cost of their training.
Financing for students whose parents can afford to provide loan security has never been a problem, but this limits training to those from prosperous backgrounds.
The Canadian firm is partnering with a number of banks and financial institutions to provide financing packages to those who are not able to fund themselves from private means. “With this initiative, CAE is connecting aspiring pilots with banking partners that offer specific financing solutions for pilot training, making the profession more accessible to those who wish to pursue their dream of flying for a living,” it says.
Despite the destabilising effect of the coronavirus pandemic on the airline industry and its recruiting, CAE says it “foresees significant demand for new commercial pilots over the next 10 years”.
Meanwhile, it adds a caution: “Successful applicants that have passed assessment may access a funding solution with one of our approved partners. As with any financial solution, terms and conditions apply.”
This highlights a problem for those wanting to apply for financing in the near future while Covid-related uncertainty still plagues the industry, because even students assessed as certain to win their commercial pilot licence cannot be guaranteed a job at the end of their course.
Unsecured loans, repayable only when the student finds a job and is able to repay might be the solution, but, with the airline sector shedding rather than taking on pilots, at least for the immediate future, that might be a lot to ask of lenders.