F172Driver

Hey guys, I got another question im hoping to get some help on. Im trying to put together a packet or at least a sheet with some ways to finance flight training for prospective students. So far im trying to call all the local and major banks and im having some luck with banks willing to consider loans for flight training. Im just now getting into the Federal Student Loan Program to research that. Also I've been over pilotfinance.com. If anybody else has any ideas or if your flight school has some kind of way to help students finance flight training I would greatly appreciate any help. Thanks in advance everybody.

RadarContact

There are a lot of scholarships out there. I don't know of any off the top of my head, but a simple google search should turn up a handful and I think AOPA has some info on the subject as well. There is a lot of free money out there for flight training, you just need to look hard for it. I have 4 friends who have had at least one rating paid for this way, and it helps if you are in a minority group ie. WIA and the 99's have a lot of scholarships. Groups at your local airport give out money too, there are always small flying clubs that don't advertise their scholarship very much and there are usually only a couple people competing for it.

Wash and fuel planes, it's a great way to network and you might run into some rich guy who wants to help you out, or a flight school that will cover some of the cost if you agree to sell your soul to them for a few years.

I wouldn't push taking out a loan for flight training. It will bite you in the butt when you have to pay those loans back on CFI or FO pay. Pick up a part time job and use that money to fund the flying...something, anything but a loan. Listen to Dave Ramsey some time.

Gajre539

Pilot Finance is a rip off in my opinion. I have one student that got a $8000 loan for private and another that got a $10000 for instrument and they both have 21%-25% interest on their loans. I have credit cards with lower interest rates than that!

I always suggest all my students to get back in school for a Bachelors or Masters degree to use the financial aid money towards flight training. If you have a student that is starting off fresh and plans to go all out with CFI ratings, ERAU's extended campus gives 36 college credits towards a bachelors degree for students that have 500 hours as a CFI or 1000 hours PIC. I started taking classes with ERAU Orlando campus when I started flight training and had to sign a memorandum of understanding stating that I would get 36 credits to graduate unless I had the flight time requirements above.

RadarContact

Not a bad idea putting it on a credit card. I'd take that one step further though; get one with no interest for the first year, and then at the end of the year declare bankruptcy. (make sure you have your ALL of your training complete by then). You can't escape from student loans, but you can with credit cards. Besides, if you are going to be a professional pilot you might as well get the bankruptcy out of the way early.

cospilot

I didn't plan it this way but it sure worked out.

I enlisted in the USAF in 1988 and signed-up for the GI Bill. At the time, it was $100 from your paycheck for 12 months and they matched it with $800. I'm not sure what it is now. Anyway, I finished my bachelor's degree in Computer Science while I was in the military. They paid 75% tuition. I had to pay the other 25% and cover the books.

After I got out of the military, I started my Master's Degree and used my GI Bill to finance that. Then I went to flight training at FlightSafety Academy. Again, I used my GI Bill. It got me all the way through to my CFI and then I finally ran out of money.

I forked over the bill for my CFI-I and MEI.

I never had to use a credit card or call on a bank. I didn't have to borrow from my family either. I didn't owe anything when I was done.

Like I said, I hadn't planned it to go that way but it sure worked out. Also, I had my Private Pilot while I was in the military and I would fly co-workers around, splitting the cost 50-50, of course, and built my x-country time.

So, I served my country and in a way my country paid me for my service.

Consider it...it's not a bad way to go...flying will still be there when you get out.

Jeffrey