6 ways to pay for your Flight Training
How do you plan on paying for your flight training? That’s the magical question. Learning how to fly is definitely not cheap, but well worth it. If you’re just planning on getting your Sport Pilot License or Private Pilot License, plan on spending anywhere from $6,000 to $10,000. If you want to work for the airlines, plan on spending upwards of $70,000 for all your training.
I’m going to go over a few different ways that you can finance your flight training.
1. Low-Interest Credit Cards
The most popular method for paying for your flight training is by using a credit card. This is how most people pay for their flight training. Apply for a low-interest credit card is by far the easiest and fastest way to get your training done. If you’re planning on becoming an airline pilot then your training will cost upwards of $70,000+. That’s a lot of money to put on a credit card. You’re eventually going to need a different way to pay for the rest of your flight training.
2. Cash is King
Well, I guess if you have cash saved up then you probably wouldn’t be reading this post. If you have the money saved up then you’re all set.
3. Flight Training Scholarships
There are a lot of organizations that offer (FREE MONEY) flight training scholarships. Most people don’t take the time to fill out a scholarship application because they think they will not win the money. You’d be surprised how much money you could potentially get to use towards your flight training. Take some time and fill out a few scholarship applications that are geared towards you. You can find a list of aviation scholarships by clicking here.
4. Federal Pell Grant
Get up to $5,900 each semester from the federal government that you do not have to pay back. If you’re going to attend a University for your flight training, make sure you apply for a federal pell grant through the FAFSA Application.
5. AOPA Flight Training Financing
The Aircraft Owners and Pilots Association offers flight training financing. You can get a loan up to $100,000 to pay for all your flight training. You can get your Private Pilots License for around $100 to $200 a month for 84 months.
6. Career Training Smart Option Student Loan
These types of loans are specifically used for technical training at non-degree granting schools. So you could basically use this loan to pay for any of your flight training. They currently have a variable interest rate between 5.50% and 12.62% APR. These rates are much better than most credit cards. You can find more details on the SallieMae website.