Are you interested in becoming a pilot but worried about the cost of flight training? You're not alone. Flight training is expensive, and can add up quickly. But don't worry - there are a few ways to finance these expenses, such as loans. This article provides a comprehensive overview of the best options for financing your flight school education, including information on the top loans to consider.
The price of becoming a pilot varies, depending on the certification or license needed. For example, it could cost only a few thousand dollars or upwards of $100,000 if becoming a commercial pilot is on your radar. This estimate covers flight training fees, airplane rentals and testing fees.
Federal loans are available for students attending an accredited program at a university or college. Federal student loans offer flexible repayment plans and lower interest rates.
University and college students who qualify for such loans would fill out the Free Application for Federal Student Aid (FAFSA) form to get started.
These loans are available for students who demonstrate financial need. The government pays the accrued interest while schooling, the first six months after graduation, and during deferment, and then the student would begin repayment after graduation or leaving school.
These loans have significant limits and the extent of your financial need will determine how much you can borrow.
Contrary to subsidized loans, with unsubsidized loans borrowers are responsible for the interest payments from the moment they’re disbursed.
These are available for parents of undergraduate students as well as graduate and professional students. These loans are based on creditworthiness and the borrower is responsible for all interest payments from the moment of disbursement.
If you don’t qualify for federal student loans or need additional funding, private loans can be a great way to supplement the costs of flight tuition.
Skybound offers a unique financing opportunity for students who want to further their education. Through Skybound, students can finance up to 90% of their course tuition, with a maximum loan amount of $100,000. The student is responsible for the remaining 10%. There is a 1% origination fee that can be rolled into the loan amount.
The typical loan term is 20 years, but shorter terms are available upon request.
While the student is training, payment can be deferred for up to 6 months. No payments are due until 60 days after graduation, and interest does accrue during this deferment period.
60 days after graduation, your payments for principal and interest will begin, with a minimum amount of $50.
If you have additional questions about taking out a loan for flight training, contact us. We’ll be happy to help you understand the loan process and what it takes to become a pilot. Our team is here to answer any questions you may have and guide you toward the best financing options available. Contact us today to learn more.