Student LoanThere are a number of ways to get financing for your aviation school training. Most students apply for government loans whether they are veterans or not. There are many banking institutions that will provide assistance and plenty of scholarship providers, too. Here is a list of loans and scholarships you should know about if you plan to finance your flight school training.

FAFSA

FAFSA stands for Free Application for Federal Student Aid – it is the first step in the financial aid process for your flight career. Use it to apply for federal student financial aid, such as the Pell Grant, student loans, and college work-study. Most states and schools use FAFSA information to award their financial aid. Visit their website for more information. If you are a veteran go directly to the Department of Veteran Affairs website at www.va.gov

Federal Loan Programs


Federal Stafford Loans
Amounts may vary each year and are dependent on need and the grade year of the student.

Federal Direct Loans
Amounts may vary each year and are dependent on need and the grade year of the student.

Federal Perkins Loan
This low-interest loan is dependent on availability of funds each year and must be repaid to the flight school you are attending. The loan accrues no interest while the student attends school or during the nine-month grace period.

Pell Grants
This need-based award varies. The award amount is directly related to the student’s expected family contribution as determined by the FAFSA form and the student’s enrollment status (full time or part-time)

Federal Supplemental Education Opportunity Grant

Grants through this federal program are available to a limited number of students who demonstrate exceptional financial need.

Federal Academic Competitiveness Grant
This federal grant is for full-time, undergraduate, Pell Grant-eligible U.S. citizens who have completed a rigorous high school curriculum and are in their first two years of study. ACG grants are for first and second-year students with a grade point average of 3.0 or higher.

Sallie Mae Career Training Loan

This loan may be able to provide you with all the benefits of a traditional alternative student loan. It can fund up to the full cost of the flight school, non-degree seeking program, full-time or part-time participation, and flexible repayment terms.

Scholarships

Here is a list of some top scholarship providers for flight training schools:

  • AeroClub of New England's Scholarship Program
  • Aircraft Owners and Pilots Association (AOPA)
  • Amelia Earhart Memorial Scholarships & Awards
  • Astronaut Scholarship Foundation
  • AvScholars
  • Boeing Scholarships
  • LeRoy W. Homer Jr. Scholarship
  • University Aviation Association (UAA) Aviation Scholarship Guide

Private Loans
A small number of lenders have created a new brand of private student loan that fills a vacuum for trade school students. Trade and technical school loans feature high loan limits and flexible repayment plans, many of the same features of more traditional private loans. Check with any local bank for more details about these kinds of loans.

These are the various ways you can get financing if you want to become a commercial pilot.