Yes , that's true ! KLM want you in it's Cockpits ! That is to without burdening you in the training years with large bank loans and repayment woes !!
KLM is offering prospective pilots who are going to study at the KLM Flight Academy (KFA) a new opportunity to finance the training costs. This means that a graduated pilot only has to repay the training costs when he or she starts working for KLM.
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— KLM (@KLM) December 27, 2021
But, to get inside the KFA, candidates must first go through a strict selection. If this is successful, the student and KLM agree before the start that the student will enter into service as a pilot within a maximum of five years after completing the training.
The costs of the training are advanced and partly paid by KLM. At the start of the programme, there are therefore no costs for the student, and even in the period between graduation and employment, the loan does not have to be repaid.
Also, no interest is charged. Only when employment starts, the loan arises that will be repaid by the pilot to KLM in the following years.
Bart de Vries, Managing Director KLM Flight Academy:
'This approach of KLM enables our students to finance their training in a good way, ensures that it is accessible to everyone and ensures that we can continue to train KLM pilots at a high level and as sustainably as possible.'
Vincent van Hooff, Executive Vice President Flight Operations KLM:
'It is of great value for the future of KLM that the most suitable and motivated young people at the Flight Academy can continue to be trained as KLM pilots, and they can continue to provide us with this.'
The new financing option is necessary because it is increasingly difficult for banks to provide large financing to students without a permanent employment contract. This approach does, however, entail a higher complexity for KLM. That is why we continue to look for improvements that guarantee broad accessibility for students.
The total training costs amount to € 122,000. KLM makes a financial contribution to these costs, which means that the total training costs for you as a student amount to € 101,500. It is possible to finance these costs from KLM.
If you are allowed to start the training after successfully completing the selection, you can take out a conditional loan with KLM with the aim of joining KLM as an airline pilot after successfully completing the training to become an airline pilot at the KLM Flight Academy.
The loan becomes unconditional from the moment you actually start working for KLM as an airline pilot. Only from that moment you start repaying your debt.
During your time at the KLM Flight Academy and any waiting time from the moment of graduation from the KLM Flight Academy and joining KLM, you have no debt, you do not pay interest and you therefore have no payment obligation.
If you are relieved of the training or you become medically unfit before you start working for KLM, the conditional loan will lapse. So there is no question of a debt. This allows you as a student to follow the course financially risk-free.
From the moment you start working for KLM as an airline pilot, you start repaying the debt. Your loan then becomes a so-called 'employer credit'.
You then repay your debt, including interest, to KLM in equal monthly instalments over 15 years. If you have not been offered a job in the cockpit at KLM within 5 years, the obligation to enter into service with KLM will lapse.
You can finance the training costs from your own resources, you pay this in 3 installments while following the training at the KLM Flight Academy.
If you pay for the training from your own resources, the guarantee fund applies to you; if you are relieved of the training, you become medically unfit or you have not been offered a job in the cockpit within 5 years after completing the training, the guarantee fund will refund the instalments of training costs paid by you.
This way you can follow the training at the KLM Flight Academy without any financial risk.
The Aviation Medical Center conducts the first three phases of the selection study. It takes three non-consecutive days. After each phase, it is determined whether you will continue to the next phase, before getting inside the KFA (KLM Flight Academy) .
Source : KLM Flight Academy.