It's a good time to go to
flight training school. The economy is improving and the commercial pilot job market is opening up. Sp what are you waiting for? Here is a list of 8 ways to get
financing for your flight school if you are not a U.S. veteran. If you are a veteran, the post 9/11 G.I. bill is your best bet.
FAFSA - or Free Application for Federal Student Aid - is your first step in the financial aid process for your
flight training. 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.
1) 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, half time, etc.)
2) Federal Stafford Loans (FFEL): Amounts may vary each year and are dependent on need and the grade year of the student. Federal Stafford Parent Loan for Undergraduate Students (PLUS): The FFEL PLUS loan can be borrowed by the parents of the dependent undergraduate student to help pay for their child’s education. The PLUS loan is not based on financial need. The amount borrowed each year is limited to the cost of attendance less other forms of assistance.
3) Federal Direct Loans: Amounts may vary each year and are dependent on need and the grade year of the student.
Federal Direct Parent Loan for Undergraduate Students (PLUS): The Direct PLUS loan can be borrowed by the parents of the dependent undergraduate student to help pay for their child’s education. The PLUS loan is not based on financial need. The amount borrowed each year is limited to the cost of attendance less other forms of assistance.
4) 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.
5) Federal Supplemental Education Opportunity Grants (FSEOG): Grants through this federal program are available to a limited number of students who demonstrate exceptional financial need. Priority is given to students with the greatest need.
6) Federal Academic Competitiveness Grant (ACG): This federal grant is for full-time, undergraduate, Pell Grant-eligible U.S. citizens who have completed a rigorous High School curricula 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.
There are also a few traditional
student loan providers that now offer professional or trade school loans - perfect for a
flight training school.
7) Sallie Mae’s 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.The Career Training Loan from Sallie Mae is one of the most practical loans for students pursuing a trade program. It allows applicants to apply with a co-borrower if necessary, borrow up to the full cost for the program along with all related expenses and still benefit from flexible repayment terms and interest rates.
8) A small number of lenders have created a new brand of private student loan that fills a vacuum for flight 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 kind of loans.
There are plenty of ways to get
financing for
flight training school. You made a good choice for a career. Good luck and happy flying!