Flight Training Financing Options

We all have to pay for flight school some day. Whether we have savings, loans, or are paying as you go. I wanted to make a list of different Financing options for everyone interested in flying. It can seem like a daunting task to pay for flight school but with the right resources it's easy. The following are some options that I have found scouring the internet for financing options. I am not affiliated with any schools or programs but, want to let everyone know my personal opinion.

Also if you have any other financing options that you know about please let me know and I will add them to the list!

1) Attend and Aviation College or University that Allows Financial Aid

There are many Colleges and Universities out there offer a degree in the Aviation field. Benefits of attending a College or University are:

• Many Airlines love to see that you have a degree in the aviation field

• Most Colleges and Universities allow students to apply for Federal financial aid which makes it easier to afford college and training up front.

• In addition to receiving your Pilots License you will be learning Classroom Skills that can benefit your future.

There are many Colleges and universities out there which allows many options to choose from. In addition to obtaining your degree you will be able to train and live with other students going through the same programs allowing for many resources to be available.

2) Attend an Accredited Flight Program that Allows Private Financing

In addition to Acreddited colleges and universities there are many "For-Profit" schools out there that allow students to acheive the same goals without going through the "School System". This type of program is popular for students who want to reach a specific goal in flight training and learn in a quick paced environment. Benefits include:

• Accelerated Training program that allow students to achieve the goals they want in a short amount of time.

• Private financing allows students to apply for loans so that they can afford training up front.

There are many programs out there that allow for students to acheive the same goals without obtaining a degree. This may be a great option if you already have a degree or want a fast pased learning environment.

3) Get a loan with Pilot Finance inc.

Pilot finance is a great option for student who are looking for a loan but are not in an accredeted program that allows financial aid. Pilot Finance inc. is a lending institution that allows student to apply for a loan to pay for some or all of their flight training. They do give loans based on you credit and the interest rate is based on credit also. Most part 61 and part 141 are supported by Pilot Finance inc. Check them out and see if that is something you are interested in. 

4) Get a private Loan with a Bank or Credit Union

Many banks and credit unions allow private loans for people who are approved. This option is similar to Pilot finance but is not flight training specific. Many banks or credit unions will give loans to people with good credit. Downside is if you do not have a co-signer or good credit you may have a higher interest rate or be unable to receive a loan.

5) Join the Military

Many people say that one of the best ways to become a pilot is to join the military. The military is a great option because it allows potential students to use their GI-Bill to pay for certain flight schools. The downside to the military is that you will have to serve a minimum term to receive this bill. Another option is to become a pilot in the Military. the only downside to being a military pilot is there is a long term commitment when becoming a pilot. If your goal is to become a commercial pilot then you may want to research other options before choosing the military. As of 2008 only 28% of pilots had a military background and that number is decreasing every year (sources: http://www.pilottrainingsandiego.com/).

6) Apply for a Scholarship or Grant to become a pilot

There are many Grants and Scholarships out there that allow students to recieve financing for their training. The nice thing about grants and Scholarships are that you can combine as many of them together as you want. There is a wide range of grants and scholarships available ranging from $50 to $10,000. Here are some links to get you started:

• Aircraft Owners and Pilots Association Flight Training Scholarship Program
• Experimental Aircraft Association Scholarships
• National Air Transportation Foundation Scholarships
• National Business Aviation Association Scholarships
• The Ninety-Nines Section and Chapter Scholarships
• The Ninety-Nines Amelia Earhart Memorial Scholarships & Awards
• AeroClub of New England's Scholarship Program
• Aircraft Electronics Association Scholarships
• Astronaut Scholarship Foundation
• The Douglas Youst Memorial Aerobatic Scholarship

7) Pay for Flight School as you go

This is the option that I have chosen. Unable to receive any financial aid or loans I have decided to work while in flight school. This can be a hard route but there are many ways to accomplish your goals while working a full time job or part time job. Many flight schools have financing options to either pay as you go or place an amount of money in an account. Many people think that flight school will cost thousands of dollars upfront but if you talk to your flight school and can cost as little as $200 each time you train. I plan on putting together a finance guide that will help if you plan on a pay as you go training program.

If you have any other options let me know!

As always Fly Safe

Chris E