Flight School Loans
 

I am looking to take out a loan to supplement a part 141 flight school. The amount of the loan will most likely be between $50-$70k. So far I have only heard about Sallie Mae, but have read on this forum the interest is particularly high. Does anyone have any experience with different lenders? Has anyone used Sallie Mae and refinanced the loan through someone else?

Sallie Mae is pretty much the only player in the game now. There were others, but they pulled out of the flight training lending game a long time ago. The problem now with the flight training loan racket is that you'll be hit with a double whammy. Not only are you paying high interest rates, but the few schools that offer financing through Sallie Mae charge you a premium for the actual training...

Has anyone used federal loans (Stafford, etc.) for flight training? I am trying to find the cheapest way to borrow money.

Flight Training Affiliate Program | School of Aeronautics | Liberty University

The program makes traditional student loans and grants available for flight training as part of their degree program. There are currently 50 partner flight schools nation-wide.

The cheapest way is to borrow it from yourself, your parents, or don't borrow in the first place. You are probably young, and by young, I mean 25 or younger. You should not be taking out huge loans at that age. You think you know the repercussions, but many people have been down that road and understand it a lot better than you do, and they are offering their advice. Realize that you end up paying a lot more than the actual cost of the loan, because of interest. Set up a savings account and scrounge work to fill it. You are not losing out on anything by taking a couple years to get your certificates. There is no hurry, no bus leaving the station, no flight you have to catch. The idea that you need to "get done real fast because there's a hiring wave" is complete BS that's been propagated from the beginning of this industry by the people that want your money.

Well, honestly speaking, before taking any loan, I would recommend to read and understand how payday loans work in real life. You always have a possibility to take it. But once you are in, there is no going back. So think wisely about it!