Student loans for flight school
Student loans for flight school are a must for some people. If you’ve ever considered going to flight school, you know that the cost of tuition, plus the living expenses, can add up quickly.
Even if you’re not a fan of debt, it might be worth considering student loans to pay for your education. Here’s what you need to know about financing your flight school degree:
Federal student loans are the first place to look for financial aid to pay for flight school.
Most students take out student loans to pay for flight school. There are many options for financing your education, and you should research them all before deciding which type of loan to get.
Federal student loans are the most common type of loan, but there are also private student loans that may be available through your school or other lenders.
Federal student loans have several advantages:
They’re widely available (over 100 million Americans have already taken them out), they’re flexible in terms of repayment options and interest rates, and they can be used at almost any accredited school in America.
They also come with several additional benefits, such as income-driven repayment plans—which enable you to make payments based on how much money you earn after graduation.
Public Service Loan Forgiveness —which forgives remaining balances after ten years if you work in certain public service professions like teaching or social work after graduation or leave school before completing your degree program.
Some good choices to get you started as a flight student.
If you’re looking for student loans, there are many options. As a flight student, though, it can be overwhelming to sort through them all.
If you want to take the time to research all your options before signing up for one of these loans, then go right ahead. We won’t stop you.
But if you don’t have that kind of time (and who does?), here are some excellent places to start:
Federal Direct Loans: These are the best place to start because they offer fixed interest rates and low fees. They also come with no origination fees or prepayment penalties—so if things go south in your career path (or if something unexpected happens), there won’t be any nasty surprises down the road when it comes time for repayment.
The downside? You’ll need a co-signer if your income is too low on its own or there’s no evidence that money will come in eventually (like an inheritance).
Federal Direct Stafford Loans
Direct Stafford Loans are the most basic student loans available. They can be used to pay for any type of education at a wide range of schools, and they make it possible to borrow money while you’re still in school. You can also use them to pay for flight school!
Direct Stafford Loans are one of the few types of student loans that don’t have an age requirement—you can take out this kind of loan starting right after high school graduation (or even before).
Unlike some other types of government-backed student loans, there isn’t an income limit for these funds either.
That means anyone can qualify—so if you want to go back to college or start flight training at age 70 or 80 years old or 100 years old or beyond (yes, there are people who do), then having access to these funds could be a great option for paying your tuition costs as you get started in higher education again.
Federal Direct Grad PLUS Loans
The Grad PLUS loan is a federal student loan available to graduate and professional degree students who have already earned a bachelor’s degree.
As of 2019, you can borrow up to $28,500 each year in Grad PLUS loans depending on your school’s cost of attendance. The maximum amount you can borrow for each academic year depends on several factors:
- Your school’s cost of attendance
- Your grade level (undergraduate or graduate) and dependent status (if applicable)
Federal Perkins Loans
If you’re looking for a loan that will let you pay for flight school, a Federal Perkins Loan might be a perfect choice.
Perkins loans are need-based loans, meaning that if your family is earning less than $60,000 per year (or your total household income is less than $100,000), you’ll qualify for this type of assistance.
Unlike other types of student aid that can only be used for undergraduate studies (and not graduate school), Perkins loans can also be used towards any educational program at an accredited school—even flight school.
Another great thing about this type of federal aid is its low interest rates and monthly payments. The interest rate on a Perkins loan will depend on when you take out the loan and how much money was borrowed; generally speaking, though, it’s somewhere between 5% – 7%. You’ll also have ten years to repay this loan after graduation—that’s longer than most other types of federal student loans.
Other federal student loans for flight school to consider
If you have a child in college, the Federal Direct Parent PLUS Loan might be an option. PLUS Loans allow parents to borrow money from the federal government to pay for their child’s education expenses.
They are also known as second parent loans because they allow a co-signer who is not on the loan agreement to take out the loan with you. If you don’t qualify for other types of student loans, this may be your best bet for financing flight school.
If you have multiple student loans that were taken out separately at different times or with different lenders, consolidating them into one single loan through a federal direct consolidation process can make managing all your payments simpler.
Consolidation also has some tax benefits: It allows borrowers who are consolidating private education loans with any outstanding federal student debt (including Perkins and Stafford) to apply those payments toward their total amount due each month rather than having multiple bills coming due at once each month—which means less paperwork and fewer trips to mail off payments.
Federal Direct Consolidation Loans
If you have multiple federal student loans, consolidating them into one loan can help you simplify the repayment process. Federal Direct Consolidation Loans are another option for flight school students who want to combine their federal student loans into one loan.
With a consolidation loan, you can choose from a variety of repayment plans that best suit your budget and financial situation.
To apply for a consolidation loan, however, you’ll need to have at least one eligible federal student loan with an active balance:
- Stafford Loans (subsidized or unsubsidized)
- Plus Loans (subsidized or unsubsidized)
Alternative loans for flight school students
There are several alternative loans for flight school students.
- Refinance your student loans. If you have other types of debt and are looking to consolidate all your debts into one loan, refinancing may be right for you. Many lenders will offer competitive rates and terms when refinancing student loans.
There are no prepayment penalties or early-payment fees associated with refinancing, so if you have good credit and can qualify for a low-interest rate, refinancing will likely save money over time.
- Get a personal loan from a bank or credit union instead of borrowing from family or friends (or taking out a payday loan). In some cases, lenders will give flight school students lower interest rates than those charged by family members or friends who want to help pay for school expenses but aren’t experts in managing finances themselves—and even if your relative does know about money management better than anyone else in their social circle, he or she might not be able to lend as much as the bank would be willing give them anyway.
That said, there may still be times when taking out an alternative loan isn’t possible due to insufficient funds available at any given moment; so make sure that before applying anywhere else first check with whoever gave permission just now because maybe they’ll reconsider after seeing how hardworking.
Make sure you understand your options for paying for school.
The first thing you need to do is understand your options for paying for school. The second thing? Be sure you know what type of student loan you qualify for.
To help you figure out what kind of loans are available to you, it’s essential to know the difference between federal and private student loans:
- Federal loans are government-backed and offer more flexibility than private ones. They can also be used at a wider range of schools, including professional programs like flight school.
- Private student loans don’t come with as many strings attached as federal ones do, but that means they often come with higher interest rates and stricter repayment plans—and some lenders may even require a co-signer.
There are many options for financing a flight school education, and you’re sure to find one that will work well for your needs. The important thing is to start with the right questions about what kind of loan is right for you and then do some research.
Many resources are available online to help students make decisions about student loans, so don’t be afraid to ask questions.
You can check out my post on biden student loans.
You can check out my post on private student loans without cosigner.