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Learning to fly can be super expensive as flight training costs from as little as a few thousand dollars to as much as $100,000. We understand most students can’t afford flight schools and find it challenging to pay for aviation training. As it is a highly rewarding career, therefore it has some challenges because big challenges always give the best rewards.
So, if you’re dreaming of becoming an airline pilot but you have no idea how you are going to pay for flight training, this blog post is especially for you.
So, what are the best ways to pay for your flight training?
Luckily, there are some ways to receive financing to cover flight school expenses. It’s time for you to discover how to get that money for your fight training. Keep scrolling and reading to learn about these opportunities to finance your dreams. In this article, we’ll unpack the best ways that will help you make your dream true. Let’s get started and look at each option in detail!
Federal student loans are lower interest loans with flexible repayment plans offered by the Federal Government. If you qualify for federal student financial aid, you’re required to fill out the Free Application for Financial Student Aid (FAFSA). However, it is only available to accredited flight schools, and only those schools can get federal financial aid. Therefore, it is best to ask the school you are considering if they are qualified for federal financial aid. Below are the federal student loans you could get for your flight training.
Students who have financial needs proof and are undergraduates can apply for this loan. You can borrow up to a certain limit, and the Department of Education will pay the interest on the subsidized loan during your schooling, the first six months after graduation, and during deferment. Moreover, its annual limit is from $3,500 to $5,500, and the interest rate is 4.99%.
For this loan, there is no requirement to show financial need. Here, the interest will accrue, and you will be responsible for paying interest. The annual limit for this federal loan is from $5,500 to $7,500, and the interest rate is 4.99%.
This type of federal loan is available to parents of accredited flight school students. Parents can take this loan to help their child cover his flight training costs. They can borrow the amount which is enough to cover the cost of tuition. Also, the credit check is compulsory to qualify for a Direct PLUS loan. Currently, the interest rate for this loan is 7.54%.
There you have it-federal student loans to finance your flight training. Now, let’s take a look at the next way to pay for your flight school.
Students who don’t qualify for federal student financial aid can take out private student loans for their flight training. Private lenders and financial institutions offer private loans. It’s important to note that not all private lenders offer loans for flight schools. However, some banks, online lenders, and credit unions offer specific private loans for flight schools.
Here, we’ve reviewed the best private loans depending on their rates, term lengths, fees, amounts, and reviews. Let’s jump right into their details!
This longest-running lender provides affordable loans to students enrolled in flight training at accredited flight schools. The provider offers Career Training Student Loans for pilot students.
Interestingly, Sallie Mae provides many benefits like low rates, no application & origination fees, and access to three repayment options. In addition, the loan is approved after evaluating your credit history. However, the borrowing limit is determined by the total tuition cost of a student.
Another largest financial institution that offers a huge variety of student loans. Their loan, Wells Fargo Student Loan for Career and Community Colleges, applies to students attending flight training at licensed flight schools. For this loan, students can choose from variable and fixed interest rates. Also, good credit history is required to be eligible for the loan.
In addition to these loans, there is another affordable private student loan offered by our company to cover the cost of your flight training. Here is the detail:
Apart from the above-mentioned private loans, there are other private loan programs offered by our company to get you financial aid and help you succeed in your aviation career. AGA Academy is partnered with Meritize and Stratus Financial to help students cover their education expenses.
Furthermore, if you need a loan for a Private and Commercial Pilot course, reach out to the We Florida Financial company, which is specially designed for student pilots. Unlike other private lenders, Stratus and Meritize Financial offer many perks and give you the best possible deal.
So, if you need financing for the Airline Pilot Program and want to reduce your cost burdens to concentrate fully on your career, check out our financial programs. Click here and get to know all the financing information you need to know about these programs.
Paying for flight training is 100% possible - read our guide, create a plan, step up, and put it into action to make your dream of flying true.
There are many creative ways to cover flight training expenses, from federal student aid to private student loans. With these available resources, anyone can do flight training. Thus, look into all options carefully and choose what suits your budget. By researching all options, you can choose the best financial program for your goals as a pilot.
No doubt, a career in the aviation industry is a challenging path due to the high cost of flight schools. Still, it is the one that offers excellent rewards, exciting work, and financial stability and all these perks make it worthwhile.
Do you want to share anything or need any help related to financial and training programs? Feel free to share your thoughts and queries in the comment section below or reach out to us here.
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