Flight School Loans
Flight schools tend to cluster in certain parts of the country, according to an article in The New York Times, as the vast majority of them are located in Texas, Florida, California and Arizona. Here, students can take advantage of a mix of rural and commercial airports in order to learn how to master the controls of an airplane and keep both passengers and cargo safe during the flight. All of these schools may be just a little different, with unique attributes to provide to their students, but they’re all likely to be expensive. Thankfully, flight school loans are available to help students pay for the education they need.
Understanding the Issue
Every time a plane leaves the ground, a trained pilot should be at the helm. These professionals know how to keep a plane in the air, and they know how to steer the plane without hitting any other aircraft or stationary objects. In short, pilots are vital, but they’re also in short supply: the Federal Aviation Administration suggests that the number of pilots in training has shrunk by 2.8 percent between the years 2000 and 2009.
Since pilots are so necessary and there are fewer people stepping up to fill the role, there are a number of grant programs and scholarships open to students in need. These programs allow students to go to school on money provided by an outside entity, and the students aren’t required to pay a dime of that money back. For many students, this is an attractive option. It’s common for grants and scholarships to be small, however, so they may not cover the complete cost of attending flight school.
Those facing a gap between any “free money” aid they’ve received and what they can contribute themselves may be interested in federal student loans, as these loans come with attractive interest rates and flexible payback options that can take the sting out of borrowing money. However, not all flight schools accept federal loans, and not all students qualify for assistance on the federal loans.
Since scholarships might be small and not all flight schools accept standard federal loans, some flight school students may need to explore private funding options. A loan from a private lender could help to fill the financial gap, and while federal loans are more borrower-friendly, federal loans have the following characteristics going for them:
- Personal, with money coming directly to the student as opposed to their school
- Customizable, with students dictating the amount of money they need, in some cases
- Reasonable, as some loans offer fixed interest rates and competitive pricing
Just as students might scrutinize their flight school options before settling on one provider, they should plan to research and compare all available private loan options, just to make sure that they’re signing up for the right product that provides them with the funds they need at a price they can afford.
Comparing loans can be confusing, and sometimes it’s a huge pain to work through different lenders’ sites. Fortunately, we can help you with the whole process of comparison shopping for loans. Our Student Loan Comparison tool allows you to compare your private loan options, giving you the power to look closely at the plans open to you and the amount you want to borrow. It also gives you a sense for what the total cost of the loan will be once you finish repayment, so you might be able to save thousands by using this tool. The tool is free, and it’s easy to use. Try it out!
- Funding your flight school education may seem challenging, but we can help you unravel the loan application process.
- Our free loan comparison tool allows you to take the mystery out of student loans.
- Remember, though, to look to federal aid, scholarships, and grants before borrowing to cover college costs.
Types of Student Loans
- Student Loans Home
- 911 GI Bill
- Alternative Schools
- Credit Union
- For Bad Credit
- For Community College
- For Single Mothers
- Funding Graduate School
- GI Bill
- Interest Free
- Low Interest
- Medical School
- No Co-signer
- No Credit Check
- Obama Loan Forgiveness
- Parent PLUS
- Part-Time Students
- Post 911 GI Bill
- Private Loans with No Co-signer
- Private School
- Subsidized Loans
- Without Co-signer