How to Finance Pilot training?
It's the age-old problem for anyone interested in pilot training... "How can I get money for flight training?" At Aviation Schools Online, we've been connecting prospective pilots with flight schools since 2001, and this question is always at the top of the list for anyone wanting to learn to fly, whether for a career, commuting, traveling or just for fun. In the past few years, we've seen several major sources of money for flight training completely dry up. But have no fear, pilot-to-be, there are still many ways to find money for flight training. Here, we offer you our Top 10 Ways to Pay for Pilot Training:
1. Attend an aviation college or university that offers financial aid programs
Aviation colleges and universities are a great path for aspiring airline pilots and commercial pilots for several reasons:
- Most airlines and many other pilot employers require a college degree.
- Federal student loans and grants are available to those who qualify.
- The pilot training you'll receive will be top-notch.
Colleges and universities that participate in federal financial aid programs are called Title IV schools. Title IV schools can offer many types of federal loan and grant programs, including Pell Grants, Direct Loans, and Perkins Loans. Schoold can assist a student or potential student apply for these loans, making the process much less painful. Many of the Featured Schools listed on this site offer Title IV grants and loans. Get more details regarding Federal Title IV Programs that can help pay for your flight training and education.
The University of North Dakota's John D. Odegard School of Aerospace Sciences offers students a variety of financing options, including VA benefits. Click here to contact UND regarding financing and training programs.
Spartan College of Aeronautics and Technology also has a wide variety of financial aid programs and options. Most Spartan aviation courses are approved for veterans by the Oklahoma State Accrediting Agency. You can use the Pre- and Post-9/11 G.I-Bill, V.A Rehabilitation, or the Tuition Assistance Program for your studies at Spartan. All of Spartan's aviation technical courses are covered under these programs. Also included is their Associate of Applied Science Aviation Maintenance Technology degree. Click here to contact Spartan about financing and training options.
8. Get a private loan from a bank, credit union, person-to-person lender, family member, or friend
You'll need a strong credit rating or a solid co-signer to get a loan from a bank or credit union, but a private loan may not require a credit check at all. Private education funding from banks is tough to get these days, but qualified borrowers can usually make it happen. Getting a loan from family or friends can be much easier IF you know the right people, and these loans often have much better interest rates than banks. The growing market for person-to-person loans is yet another option, with lending sites such as Prosper and Lending Club matching individuals who need small loans with willing lenders.
9. Get a credit card specifically for pilot training
Today, most flight training students use a credit card for at least some or all of their flight training financing. Many credit cards have advantages over traditional loans, including zero-interest-rate introductory periods ranging from six months to more than a year, cash-back offers on certain types of purchases, and programs for people with bad credit or no credit. You also have the flexibility to use your credit any way you choose. If you decide a credit card is right for you, be smart about it and avoid high-interest rates and pay down your balance as quickly as possible. If you have a history of not paying off your credit cards, stay away from this option.
10. All of the above
Chances are you may need a combination of the resources listed above for your flight training financing. There's no need to limit yourself to only one source of funding if it makes better sense to tap multiple options. Grants and scholarships are highly sought after because they don't have to be repaid, but this free money is rarely enough to complete your flight training goals anyway. So carefully review and consider all of your funding options. And look for helpful advice wherever you can find it, from flying clubs and flight-training centers to aviation supply shops and flight magazines. The bottom line is that if you really, really want to learn to fly, you'll do whatever it takes to earn your wings. And that's a good thing, because nothing is sweeter than achieving your lofty aviation goals. So go out there and make it happen!
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