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Financing Flight School: How to make it affordable

 

At Flex Air we provide you with several loan and payment plan options so you can pick the best one for your needs. Our team will continue working with you if you’re disapproved for a loan. We also offer free scholarship guides and scholarship application workshops to our pilot candidates. 

Choosing the best way to fund your flight training requires a deep look at your own finances, and a lot of planning. Personal finance is just that… very personal. You have to get smart about your personal budget, maxing out your credit score, and preparing to "sprint".

Flex Air's accelerated flight training programs are affordable because they are accelerated. The faster you finish training, the faster you’ll land your first paid job as a pilot. To make flight school affordable, you need to sprint through it as quickly as possible.

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When you consider the $100,000 initial pay for regional airline First Officers plus the $400,000 salaries for experienced mainline Captains, a training loan for accelerated flight training may make sense.

Student pilots should pick the best loan from a range of great options

There are many different loan features and terms to consider when financing your flight training through student loans. Some schools only offer a single loan option, with low approval rates. At Flex Air, student pilots pick from a range of options.

Here are a few examples of what student pilots should consider in a loan offering:

  1. Cosigner: Some student loans require a cosigner, which is someone who agrees to take on responsibility for the loan if you are unable to make payments. A cosigner can help you qualify for a loan or get a lower interest rate, but it's important to understand that the cosigner is equally responsible for paying off the loan.

  2. Interest rate: This is the percentage of the loan amount that you will be charged in interest. A lower interest rate means that you will pay less in interest over the life of the loan, while a higher interest rate means that you will pay more. Some student loans have fixed interest rates, which means that the rate will not change over time, while others have variable interest rates, which means that the rate can fluctuate based on market conditions.

  3. Repayment term: This is the length of time that you have to pay off the loan. A shorter repayment term will result in higher monthly payments, but you will pay less in interest overall. A longer repayment term will result in lower monthly payments, but you will pay more in interest overall.

  4. Repayment plan: There are several different repayment plans available for student loans, including standard repayment, graduated repayment, and extended repayment. Each plan has different terms and conditions, so it's important to carefully consider which plan is right for you.

  5. Deferment and forbearance: These options allow you to temporarily pause your loan payments if you are experiencing financial hardship or are returning to school. However, interest may still accrue on your loan during this time, which can increase the overall cost of the loan.

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Big Investment for a Huge Payoff

An airline pilot career can yield over $10 million in income, but before you get the big reward you have to land that first airline pilot job.

Financing your training through student loans can be a great way to pay for flight school, but it's important to understand the risks and benefits before making a decision.

One of the biggest benefits of student loans is that they allow you to pay for your flight training now and pay off the loan over time. This can be especially helpful if you don't have the savings or income to pay for school upfront. Student loans can also help you afford a higher quality, accelerated training program, instead of paying for training "a la carte" over many years while working part-time.

However, there are also risks associated with student loans. One of the biggest risks is the potential for high levels of debt. If you borrow a large amount of money for your flight training, you may find yourself with a significant amount of debt after you graduate. This can be a burden, particularly if you end up in a low-paying, non-flying job or are struggling with the airline recruiting and interview process. This risk highlights the importance of a resume, interview, and networking skills for early career pilots.

Another risk of student loans is the potential for high interest rates. Some student loans have relatively low interest rates, but others can be quite high, which can make it more difficult to pay off the loan.

 

Preflight Planning is Important!

It's important to carefully review all of the loan terms and conditions before taking out a student loan. Make sure to ask questions and get clarification on any terms or conditions that you don't understand.

Financing your flight training through student loans can be a helpful way to pay for school, but it's important to carefully consider the risks and benefits before making a decision. Make sure to research the different loan options available and understand the terms of any loan you take out. It's also a good idea to create a budget and a plan for paying off your loans after you finish training.

Our career mentors are ready to help!