Another blog post by an semi-international student!
My dear readers, I’ve experienced that awesome feeling when everything is set up for you to start your training. But then, there is one BIG last hurdle to overcome before you can start flying: How will you finance the training?
I’ve been there folks, and the struggle was real! But I made it.
In this blog I’ll give you some tips and tricks on how you can greatly increase the chance to get that financial support (plus some research I did for you too). This is my story of how I got financial support, which will hopefully inspire you to go for it.
Here’s the good news: There are so many different ways you can get financing! Think personal loans, banks, student banks, family members or some people forget you can even finance flight training yourself! So what’s the bad news? Well, for some people getting finance will be a breeze and for some -like myself- it was a real hassle. But trust me, if I can do it you can too. In my opinion all these options come down to two things: not giving up and persistence. In case one option doesn’t work out for you just keep on trying, you’ll get there.
For more information, visit Financial Aid & Scholarships for Flight Training
So let’s take a deeper look at some of these options:
Personal loans and student banks are the most logical way to go in case you want to get money for your flight training, which means there is a lot of competition for you to get it.
But there are ways you can truly stand out from the crowd and greatly improve your chances of getting that loan and to start your training! This is how you can get it done.
The classic way
Research your school, call up and talk to the admissions team with all your questions and make a budget. What you want to have is a lot of information about the cost of the training and how long it will take you from start to finish with a minimum and maximum time & price. Keep in mind housing, TSA costs, insurance, monthly costs for food and maybe even transport. Put all of this in a spreadsheet, print it out and give it to your bank. Trust me, you’ll be one of the only ones who has done it this way and it does not only show that you know what you’re getting into, but also that you’re serious about becoming a pilot, which is what the bank wants to see when they are going to loan you about $60K.
But what if this doesn’t work out? And the bank says that you’ll need a cosigner because you don’t earn enough money? Don’t worry, I got you!
Didn’t you know you were my favorite uncle? It’s always great to have family! And family is there for eachother right? Maybe you can ask one of your family members to help you get that loan and to be your co-signer. And in case he’s hesitant and wondering how much it’ll cost. Show him your budget!
Related Article: How Much Does it Cost to Get a Professional Pilot License in the U.S?
I’ll do it myself
If you really want to become a pilot, you’ll get there guys, although it’ll certainly take a lot of work (I finished my bachelors degree first and after that I focused on becoming a pilot). So, find a job, put money on the side or finish your degree and then start your training. In case the other options don’t work out it doesn’t have to be the end of your dream. I started flight school when I was 26. The sky’s the limit if you really work for it and are persistent.
Some more options
I know that most of the readers who are checking this blog are from United States & Latin America, so I took some time to research some loan options. Here is what I found out, just contact them and see what they can do for you. Or just go to one of your local banks:
For my American fans;
For my Panamanian amigo’s;
This bank actually has a full-student loan for you.
For my Colombian chamo’s;