Flight School Loans

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Flight School Loans

Postby rayray311 » Sat Mar 27, 2010 10:48 am

Hello

I have been digging and digging through the internet trying to secure funding for flight school. There are no loans out there. Sallie Mae used to have a Career Training Loan , but they stopped that recently. All loans I come across require a University or 4 year program to get the loan. Problem is flight schools aren't that. They are typically just businesses at an airport. Although, to get all my certifications to be a helicopter pilot it costs about $60,000. ANyone know any options for me?

Ray
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Re: Flight School Loans

Postby ejacobs » Mon Mar 29, 2010 9:56 am

Hi Ray,

Embry-Riddle University in Florida has a pretty amazing aeronautics and aeronautical science bachelor's program that would definitely cover the type of stuff you are looking to learn. As far a smaller, more private flight school... you probably would have to go with a private student loan or private loan.

The reason I would suggest somewhere like Embry-Riddle is the fact that they are an accredited university and eligible to receive federal funds. This means that if you decide to go there and are accepted, you can file a FAFSA and potentially receive low-interest loans or even free grants depending on your income.
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Re: Flight School Loans

Postby RJboulette » Tue Apr 06, 2010 10:32 am

There still are a few flight schools that offer Sallie Mae loans. Now they are Student Smart Option Loans. Our flight school continues to offer Sallie Mae Student Smart Option Loan. You just have to look hard, there are only a small handful of us left.
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Re: Flight School Loans

Postby PHNW » Sat Apr 09, 2011 9:47 am

Hi Ray,
Sallie Mae, and many other sources for flight training loans, curtailed loaning after a major flight school went bankrupt (leaving many students heavily in debt, with no training that would help them ever pay it back). As others mentioned, you can try going to an accredited school and getting a degree at the same time. This is not a bad idea, if you don't have a degree and want the education. It will cost you much, much more than straight flight school alone, but the degree might help you out down the line.

When Sallie Mae cut back on loans, our school started providing financing for students. Usually they are competitive with what Sallie Mae was offering. We're doing it because we think the economy will come back, leading to many boomers exiting the industry as their retirement accounts rebound. That's going to start the hiring process up again for new helicopter pilots. You can get info on our financing and loan program for helicopter flight training at helicopterpilotloans.com.
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Re: Flight School Loans

Postby pat » Mon Jun 27, 2011 4:57 pm

Regarding loans for flight training, yes, it's tough. However, there are a few flight schools that are accredited and have access to Sallie Mae loans...Phoenix East Aviation in Daytona Beach, Florida, is one. Great school. Everything from PPL through type-ratings available. Financially secure and has been training pilot candidates for airlines since 1972.
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Re: Flight School Loans

Postby damith13 » Sat Nov 12, 2011 3:27 am

Hi im from sri lanka my dream is to be a professional pilot. but i need some financial aid $40000-$50000 is it possible to get a loan
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