You don't have to go to a major college or university in order to obtain a student loan. Many trade and business schools also offer loans to their students. If you are planning a career in aviation, here are some steps on how to get a student loan for a private pilot's license.
- Skill level:
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Gather all your financial documents and information such as tax returns, proof of employment and any other documentation that the school or private lending institution may request.
Make sure the flight school you are looking into is accredited, as only accredited schools qualify for student loans. Make sure the school is FAA approved.
Get the school to help you apply. A flight school will be able to tabulate how much money you will need to spend during the flight program. Most flight schools are also happy to process your student loan application online for you. This saves you and the school a lot of time, which in turn gets you in the cockpit sooner.
If you decide to secure financing on your own, check independent lenders like banks and credit unions. Most independent lenders will loan you money to get through accredited flight programs.
You can also see if you qualify for federal need-based loans, such as Stafford and Perkins Loans. Accredited flight school students normally qualify for federal aid just like students at four-year colleges.
Tips and warnings
- Get the school to help you with financing. Most flight schools will help you obtain student loans. This will save you time and get you flying faster.
- Check online for private lending institutions.
- Research scholarships and grants.