Arranging funds for flight training is one of the biggest hurdles for persons who dream of becoming an airline pilot. As a few airline agencies offer a full scholarship for flight training, students themselves have to bear the entire cost of their studies. Despite this, there are several financial options available in the economic sector that can help you realize your dream.
Let us look into some useful strategies that you can utilize to meet your financial needs for this purpose:
Scholarships
Many flight academies offer scholarships to eligible candidates up to $35,000 while taking training at their academies. The major types of them are:
Aviator Scholarship: It is the goal of flight academies that commercial airline training is accessible to as many deserving students as possible. So, they offer them up to $10,000 during their pilot training period to become a professional pilot. Any eligible candidate can apply for this option.
High School Senior Merit Scholarship: This type of scholarship is provided to students who enroll successfully for the professional pilot course. Aspiring pilots from different backgrounds are awarded up to $35,000 to do practice in commercial airline streams.
Veterans Scholarship: Many veterans wish to enter the aviation field to become a professional pilot. Among those who successfully enroll in the flight academy, the professional pilot program can receive up to $15,000 amount to complete their training in this field.
B. Private loan
Another option to cover your education cost of aviation is applying for a private loan. To get this mortgage, you can talk to banks, credit unions, financial institutes, and private lenders. Some common types of such mortgages are:
Bank Loan
Generally, banks offer this mortgage to bear up to 80% of the total studies cost. A student can get approximately $100,000 with a twenty years repayment option.
Family Education Loan
Such types of loans are provided to the students who attend a school out of their states. A person can obtain an amount to the limit of $10,000 per year with a ten years repayment option.
Advantage Education Loan
Persons who join an education institute outside their provinces can get the amount to pay-off the entire cost of their education with at least fifteen years of repayment option.
Advantage Student Loan
Here, individuals can receive money to support their all financial needs for the training period. The repayment is possible to make for fifteen years.
Class Loan
In this option, students studying out of their regions can receive an amount to pay-off all the expenses of their studies. The repayment option is available with 10 to 20 years terms.
Many aviation finance companies even offer up to $100,000 loan with a maximum seven years refund option.
C. Federal Loan
Federal financial support is provided directly by the federal government to the students and their parents/guardians to pay-off their education costs. The interest rate of this loan is often less than a private loan. Students who have poor credit history and have no co-signer can also apply for this mortgage. There are several other benefits of applying for this mortgage, for instance, you can take a peek at This Website to better know the details of each remarkable option under the category. Individuals with extreme financial crises need not worry as they can postpone the payment until the completion of their studies. Some common financial aids offered by this mortgage are:
Stafford Loans
This loan can be utilized both by undergraduate and graduate students. They are mainly of two types: subsidized and unsubsidized. Both of them have different interest rates and the sum of amounts.
Subsidized Loans: Subsidized loan is good for students who are facing financial crises and their families’ annual income is not more than $50,000. The sum of money you receive every year is decided according to your year of studies in the school. The limit of minimum capital is $31,000 and a maximum of $23,000. One needs not to pay it until finishing graduation.
Unsubsidized Loans: This mortgage is provided to all classes of students. Although, the main payment of the loan is postponed until they finish their graduation, yet they have to deposit interest annually. The limit of the mortgage depends upon the study year of the person. However, the total amount for both pass-out and studying students can not cross the limit of $138,500.
PLUS Loans
Students who have earned their degrees and their parents both can apply for this mortgage. Parent PLUS loans are meant for parents of students who are studying in the school and Grad PLUS loan is provided to students who have completed their graduation. The advantage of this loan is it covers even those study expenses which are not covered by other loan programs.
Arranging funds for aviation studies is not difficult, you just need to do a little research and create a plan after knowing the best options suiting your specific financial requirements and goals.
There is a possibility, you may have to utilize the combination of different financial resources mentioned above. However, after completion of your studies, the exciting work options will make the investment worthwhile for you.