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Flight School Loans: The Guide

By Blue Line Aviation on Jan 5, 2023 8:00:00 AM

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.

How Much Does Pilot School Cost

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 for Flight Training

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.

Federal Direct Subsidized Loans

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.

Federal Direct Unsubsidized Loans

Contrary to subsidized loans, with unsubsidized loans borrowers are responsible for the interest payments from the moment they’re disbursed.

Federal Direct PLUS Loans

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.

Private Loans for Flight School Financing

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 Professional Pilot Loan Program

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.

Credit Requirements:

  • Minimum credit score of 680
  • At least 3 years of credit history
  • 1 year of earning history
  • Minimum income is $18,000

Loan Covers:

  • Flight School Tuition
  • Ground School Tuition
  • Housing
  • Training Supplies
  • Checkride Fees
  • Written Test Fees

Have Questions About Loans for Flight Training?

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.

Blue Line Aviation, established in 2012, is one of only a few flight schools in the world to provide quality flight training programs at an accelerated pace. In as few as five and a half months, students can go from no experience to fully confident and certified pilots, fully prepared for a career in aviation. Schedule a tour of our new state-of-the-art facility (located at 3149B Swift Creek Road, Smithfield, North Carolina) and let your new career take flight. For more inquiries and additional information, please visit our website, find us on social media, or contact Ashley Tucker, our Vice President of Sales and Marketing, at (919) 578-3713 ext. 305.