1. You don’t have to stay with your VET Loan CPL school for your MEA Class Rating & Instrument Rating training. Many of these schools try to lock you into a “double diploma” (CPL & MEA/IR) to keep your money in their system.
2. Your VET Loan course is structured to extract the maximum amount of revenue from your pocket that is possible under the VET Loan cap. These courses are rarely structured around your training needs or with your budget in mind, they are frequently designed around the flight schools requirement to generate revenue and maximise profit margins from the funding available under the loan cap. They will often use the cheapest training aircraft and the cheapest (which means least experienced) instructors, again to maximise their profit margins. They will often price their course costs so that the total cost comes in at the maximum amount that is available under the loan cap – you may not even know the hourly rate you are paying for your training (and you probably don’t want to know!!).
Remember that they are spending your money – you will eventually have to pay the amount they have spent on your behalf (indexed to inflation, with an extra 20% loading for the government on top!).
3. MEA/MEIR training doesn’t have to cost $40K-$50K. It can be done for $30K or less, even using well-equipped Barons and experienced instructors. If you are paying that much for your training, you are paying a heavy premium that is partly covering the heavy administrative costs of the Diploma/VET Loan system, partly covering the intensive marketing that these schools need to utilise to remain in business, and partly enrichening the shareholders of these large businesses!