What about the finances ?
This part is another important step in your decision making process. A solid education is priceless but unfortunately it does require a great financial commitment on your behalf. There are various possibilities to get you thru your training. Some solutions are free like obtaining a scholarship or grant like the “Pell Grant”, or taking the military route which will avoid the financial burden completely. For the rest of you, future pilots, there are a lot of institutions willing to loan you money. From banks to private lenders specialized in education loans or even aviation. Before you start asking for quotes, you need to assess your financial needs. This include how much you will need to complete your training, will you need to pay for housing, how much do you need for your daily expenses if you have to quit your job or go part time or how much can you repay every month. Once you have figured this out, add 10 % to the total. It is a lot to think about but by taking the time to answer those questions you will be upfront about your possibilities and avoid any major surprises. Some companies like AOPA will only lend you a certain amount like 25000 dollars. Some others only finance the training per say but not the books or other materials required by the program. These options would be good if you have some savings to cover the rest. You will find a wide range of interest rate out there, from 5 to 20 %. That’s right 20 % ! You should also look into the repayment terms and decide if you want to start repaying during your training or defer it. The last possibility is if financing is available thru your flight school. They sometime can assist you in securing the necessary loans. One last advice, by any means, avoid unspecialized credit cards.
For possible scholarships and grants click here
For access to AOPA's financial services, click here
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For possible scholarships and grants click here
For access to AOPA's financial services, click here
Previous : Type of flight school / Next : Type of medical certificate