Flight School Loans & Flight Training Financing

Types of Flight School Loans

Flight school loans are most often private student loans or flight training loans issued by banks and specialized aviation lenders like Meritize and Stratus.

When it comes to aviation training, there are different types of student loans available to finance flight school. These include federal student loans, private student loans, and specific loan options offered by bank and other institutions.

Setting Up Your Pilot Training Loan: Every Pilot needs a Checklist

We have provided information here to help you in this process. Please research all options and plan accordingly when setting up a student loan account. Some students are interested in consolidated loans. You can discuss options with these lenders. They will check your credit score when you apply. Many student loans do not expect you to begin making payments until you graduate and begin your career.

Am I eligible for the Stratus Student Loan?

The most important eligibility requirement is that you need to hold a current and valid FAA Class 1 medical. This is an important step in making sure you can hold down a job as a professional pilot. See our guide to obtaining a FAA Class 1 medical. If you have questions or concerns about how to obtain your medical, we recommend Dr. Bradley Harrison and Kansas Aviation Medicine for all your FAA medical certificate needs. He's a former US Army doctor, is a Flex Air alumni, and can do remote consultations.

Schedule a Consultation for your FAA Class 1 Medical here.

Why we love Stratus Financial

Stratus Financial was founded by FAA Certificated Flight and Ground Instructors passionate about helping others achieve their aviation dreams. This is why flight students can rely on Stratus Financial. They know it’s not just about achieving your dreams (because they looked up in the sky every time they heard an airplane, too!), but funding your family’s dreams as well.

With Stratus, you’re not just a number. They look beyond the typical credit scores and see you as an aviator. Their goal is to set you up for success before you even apply with them. Stratus lending packages include:

• A great rate to take you from zero to hero
• Full financing for your entire flight training and more
• Pay for living expenses, housing, and student supplies using your loan no maximum loan limit
• Affordable payment options, including deferment for 12 months while you complete your training AND find a job
• And, you can pay off your loan any time you want with no consequences or penalties whatsoever.

Can I use loan funds for living and housing expenses? 

Yes! Stratus Financial loans can fund living expenses, including housing. Contact our career mentors for a personalized Training Proposal that will lay out all your school-certified costs of attending Flex Air. Flex Air provides housing at its Kansas bases, and you can use loan funds for housing expenses. 

Flex Air uniquely offers a Pro Tools Program for loan-funded students. Your loan funds can also be loaded onto a student expenses card at Flex Air that you can use to purchase student materials, pay for living expenses, or whatever other assistance you need during flight training.

What are the loan limits? 

The maximum loan size for Stratus is unlimited. This allows great flexibility for you to accommodate living expenses and housing during training.

Stratus Career Resources:

• Counseling with their team of flight and ground instructors to support you through flight training, check rides and even interviews with airlines
• Resume reviewing, editing, and building
• AMA phone calls with pilots in the 121 and 135 industry

The process is simple, and you can get started now. If you have limited credit or low income, you may need a co-borrower to apply with you.

Apply for Your Stratus Financial Flight School Loan

Contact information:

Students can contact lending@stratus.finance or call (855) 301-3335.

Are there other loan sources to pursue training for a career as an airline, cargo, or charter pilot?

Yes! Many other lenders support pilot training. For instance, you can contact your personal bank to see if they provide student loans. Similarly, there are certain lenders that offer students loans for specific criteria. In other words, lenders may have residency requirements. We have listed several options below that might work for you.

An additional benefit of these other lenders is flexibility. The loan funds are disbursed directly to you, not Flex Air.

What Are the Types of Loans Available for Flight Schools?

Flight school loans are most often private student loans or flight training loans issued by banks and specialized aviation lenders like Meritize and Stratus.

When it comes to aviation training, there are different types of student loans available to finance flight school. These include federal student loans, private student loans, and specific loan options offered by bank and other institutions.

Federal Student Loans for Flight Training

Veterans may be eligible for GI Bill® for flight training. Students participating in joint degree programs with accredited universities may be eligible for federal student loans. You can choose from a range of college-quality lenders AND you can attend college courses through our college flight training programs. Federal student loans typically include flexible repayment terms and low interest rates. The most common type of federal loans includes direct subsidized and unsubsidized loans. These loans are made available to students based on financial need.

Direct Subsidized Loans vs Direct Unsubsidized Loans

Direct subsidized loans are need-based federal loans, where the government covers the interest while the student is still in school. On the flip side, Direct Unsubsidized loans accrue interest from the time of disbursement, which the student is responsible for paying. Both types of loans can help students pay for flight school.

Private Student Loans for Flight Schools

Private student loans for flight training are the most common financing option. Private lenders like offer aviation loans specifically designed for pilot training. These loans often have varying interest rates based on the student's credit score. Flex Air Flight School works with all of the following:

• Meritize - Many Flex Air Flight Training students apply for and receive student loans from Meritize. To qualify, a borrower must be a U.S. citizen, permanent resident or hold an Employment Authorization Document and meet Meritize’s underwriting requirements. You are more than your credit score. That’s why Meritize Loans look beyond FICO and use previous academic or military achievements to enhance your credit evaluation and potentially improve your loan options.
• Stratus Financial - Stratus was founded by FAA Certificated Flight and Ground Instructors passionate about helping others achieve their aviation dreams. There is a maximum of $115,000 (California) and $110,000 (Kansas). Also, Stratus reserves the right to approve a lower loan amount than the requested amount.
• PenFed Credit Union - PenFed Credit Union membership is open to anyone. The personal loan limit is up to $50,000.
• Wings Credit Union - Personal loan, open membership. Offers a fixed rate and a predictable monthly payment. 48-, 60-, and 72-month terms available.
• AOPA Aviation Finance - Must become an AOPA member, but membership is open to all. The maximum loan amount: $20,000
• We Florida Financial (WeFly) - You must be Florida resident or an AOPA member. You can borrow up to $30,000. There is a 6-year repayment term.
• American Airlines Credit Education Loan -  Open to eligible member of American Airlines Credit Union, AA or air carrier industry employees and their families are eligible.  The loan limit is $40,000.
• BECU - Formerly the Boeing Employees Credit Union, now a non-profit and open to everyone. The personal loan limit is $30,000
• Navy Federal Credit Union - Open to military-affiliated members. The personal loan limit is up to $50,000.
• USAA - Open to military-affiliated members. Their personal loan limit is up to $50,000.
• Alaska Supplemental Education Loan (ASEL) - These loans are open to Alaskan residents or someone training in Alaska. Also, you must be a U.S. citizen or eligible non-citizen.
• Alaska Family Education Loan (FEL) -  You must be an Alaska resident. The loan limit of $10,000 per year with an aggregate limit of $56,000

How to Apply for a Flight School Loan?

The application process for a flight school loan isn't complex. It involves determining your financial need, selecting the best loan options, such as Meritize and Stratus flight school loans, and ensuring your credit score meets the lender's requirements. If eligible, consider federal loans before opting for a private student loan for a flight training.

Financial Need and Credit Score: Key Factors to Loan Approval

Loan approval primarily hinges on demonstrating financial need and having a good credit score. Lenders take into account your personal and family income, the total flight school cost, and other financial commitments. Credit score normally used for determining interest rates and repayment terms.

Understanding Repayment Terms for Flight School Loans

Before you take a loan, understanding its repayment terms is important. Different student loans offer diverse loan terms with variables including interest rates, repayment period, and potential forgiveness options, especially when discussing federal student loans versus private ones.

Exploring Flexible Repayment Options for Aviation School Loans

Flight school loans come with different repayment options, offering flexibility tailored to your financial situation, like Sallie Mae's student loans for flight school. This could mean lower payments initially, with an eventual increase, or a fixed amount throughout the loan term.

How to Determine the Costs for Flight School and Training?

Understanding the costs associated with flight school and training is crucial. From school cost estimation to private pilot training fees, every financial aspect must be taken into consideration.

Estimating the School Cost for Becoming a Pilot

The total school cost to become a pilot can vary greatly based on the chosen training path. Factors such as the type of pilot license (private pilot or commercial pilot), the flight school's location and prestige, and the type of aircraft used during training can all influence the overall costs.

 Want a detailed and personalized estimate? Contact our career mentors for a personalized Training Proposal that will lay out all your school-certified costs of attending Flex Air.

Understanding the Costs Associated with Private Pilot Training

Private pilot training costs can also vary based on several factors, including the duration of the course, the type and condition of aircraft available for training, and instructor rates. Our best advice is to thoroughly research and compare training programs to find the best financial fit.

Additional Financial Aspects of Commercial Pilot Training Programs

Besides the course fee itself, prospective commercial pilots should also consider additional costs such as exam fees, flight gear, and check ride fees. These costs can quickly add up and become a significant part of training financing.

Flight Training Fees: A Key Factor in Training Financing

Flight training fees form a significant portion of the overall cost to get a pilot's license. These include classroom instruction fees, aircraft rental fees, and instructor fees. Future pilots must budget for these expenses while planning their flight training finance.

Exploring Other Financing Options for Flight School

Besides loans, there are other financing options available to pay for flight school, like financial aid, scholarships, grants, and personal financing. Each option has its benefits and limitations, so it's important to thoroughly analyze which alternative is most affordable and beneficial for your circumstances.