Flight School Loans

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Flight school loans are usually private student loans or personal loans that are issued by banks and other lenders. Flight schools are often classified as trade schools, so you may not be eligible for federal tuition assistance, including federal student loans. (To be sure, ask your school’s financial aid office if it administers federal financial aid).

If you qualify, federal student loans are a better option for financing your education. They offer flexible repayment plans and borrower protections like deferment and possible loan forgiveness.

Private flight school loans may be harder to qualify for because they’re unsecured. However, if you need flight school financing and have exhausted all options for scholarships and grants, then a private student loan, personal loan or a combination of the two may be a viable way to pay for flight school.

Flight school loans to consider

Generally, federal student loans should be your first choice for borrowing, as they come with the most repayment flexibility. Since most flight schools aren’t eligible to dispense federal financial aid, however, you might prioritize private student loans and their typically lower APRs over potentially higher-rate personal loans. With that said, it’s smart to shop around to compare different loan types to see which is the most cost-effective for your situation.

Private student loans for flight school

The range of APRs advertised for reputable private student loans are generally lower than those of personal loans. However, if you opt for a longer loan term, you could end up paying as much or more in interest overall than if you borrow a higher-rate personal loan with a shorter term. That’s why it’s wise to prequalify for multiple loan types and compare overall costs and potential monthly payments.

Like with some personal loans, you could also apply for a private student loan with the help of a cosigner if you’re unable to meet credit requirements independently.

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderFixed APRs*Loan amountRepayment term optionsMinimum credit score
College Ave4.41% - 14.49%$1,000 to 100% of the total tuition5, 8, 10 or 15 yearsUnspecified
Sallie Mae4.50% - 15.10%$1,000 to 100% of the total tuition10 or 15 yearsUnspecified

* Rates include autopay discount

Personal loans for flight school

If you have excellent credit or a plan to apply with a cosigner who has a top-notch credit score, a personal loan could yield a single-digit APR. For most borrowers, particularly those with fair or poor credit, a personal loan will come with a double-digit rate and may end up being more costly than a private student loan.

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderFixed APRsLoan amountRepayment termsMinimum credit score
Best Egg8.99% - 35.99%$2,000 to $50,00036 to 60 months600
SoFi8.99% - 25.81%* w/autopay$5,000 to $100,00024 to 84 months680
Upstart5.20% - 35.99%$1,000 to $50,00036 and 60 months300

Other flight school loans

Besides student loans and personal loans, you could look into organizations and financial institutions that offer flight school loans by name. As you’ll see, flight school lenders may not be as transparent about rates, terms and eligibility requirements.

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderAPRsLoan amountRepayment termsMinimum credit score
Aircraft Owners and Pilots Association (AOPA)12.49% - 14.49% (variable)Up to $20,000Varies by amount borrowed660
American Airlines Federal Credit Union5.99% - 10.24% (fixed)Up to $120,000Up to 25 yearsUnspecified
We Florida FinancialUnspecified (fixed rate line of credit)$5,000 - $30,000UnspecifiedUnspecified

How to apply for flight school loans

  1. Check your credit score
  2. Get prequalified
  3. Compare lenders
  4. Gather necessary documents
  5. Apply and get funding

1. Check your credit score

You should know your credit score before applying for a flight school loan. Your credit score will affect both your eligibility for certain loans as well as the interest rates you’ll be charged. The better your score, the better the interest rates you’re liable to be offered. Knowing your credit score will also help you filter lenders as you shop.

It’s common for students to have little credit history and struggle to qualify for credit. If this applies to you, know that flight school loans for bad credit do exist. Some credit unions and banks offer loans designed for students in trade school programs, some specifically for flight school.

Having a cosigner with a strong credit profile, like a parent or trusted friend, can also help you qualify for a better flight school loan.

2. Get prequalified

When you apply for prequalification, you’ll typically submit to a soft credit check with a lender. You’ll need to provide basic information about your financial situation, such as your income, monthly housing cost and any savings.

Using this information, lenders will determine whether you meet private student or personal loan requirements and the types of terms they may offer you. Getting a preview of loan terms can help you choose between several different lenders.

How do I find lenders?

In addition to reaching out to local banks and credit unions, you can also find lenders online. LendingTree is an online loan marketplace that allows you to see personal loan offers from multiple lenders, depending on your eligibility.

3. Compare lenders

Once you prequalify with a few lenders, you should compare flight school loan terms to determine which loan offer is the best for your needs.

  • APR: The annual percentage rate (APR) takes interest charges and certain fees into account to determine the overall cost of borrowing. A lower APR means that the loan will cost you less in interest and fees over the loan term.
  • Repayment terms: A shorter repayment period means higher monthly payments but lower interest charges. A longer term can make payments more affordable, but it can also cost you far more in the long term.
  • Loan amounts: Remember to only borrow what you need and can reasonably repay.
  • Fees: Origination fees are common among personal loans and can reduce the amount you receive. Prepayment penalties, meanwhile, punish you for early repayment.
  • Borrower protections: While not all lenders offer them, features like unemployment protection or forbearance for enrolled students can help keep your account in good standing when you’re in a financial pinch.

Once you’ve selected a lender that meets your borrowing needs, it’s time to move forward in the application process.

4. Gather necessary documents

When you’re ready to formally apply with a lender, make sure you have all necessary documents handy to expedite the loan application process.

Required documents may include:

  • Proof of identity, such as your passport or driver’s license
  • Recent bank statements
  • Tax forms like W-2s, 1099s and/or pay stubs
  • Debt information, which may include credit cards and other student loans

5. Apply and get funding

Once you’ve compared loan terms and have your paperwork ready, it’s time to formally apply. Many lenders offer online applications, allowing you to apply and upload documentation within minutes. During the loan application process, you’ll have to submit to a hard credit check, which will affect your credit score.

It can take anywhere from a few hours to a week or more to receive a loan decision. The speed with which you get your decision and loan funds will depend on the lender.

Once approved, most lenders will disburse your funds within a few hours or business days. Electronic deposit is the fastest way to get funds.

Financial aid for flight school

While many flight students will need to borrow money to fund their education, there are financial aid opportunities to consider before committing to additional debt. Financial aid can reduce or, in some cases, cover the cost of your flight school program.

Flight school grants and scholarships

Flight school grants are an option to help with tuition costs. After you fill out the Free Application for Federal Student Aid (FAFSA), you may qualify for a Pell Grant, which can be worth a maximum of $7,395 for the 2023-2024 award year.

Unlike a loan, the Pell Grant generally does not need to be repaid. Eligibility is restricted to undergraduate students who meet the financial need criteria.

You can search for flight school scholarships and grants via these reputable organizations:

Flight training scholarships are typically offered to students who meet a certain set of criteria, such as a qualifying GPA, demonstrated leadership skills and parent or guardian approval for applicants under 18.

A few notable scholarship opportunities include:

  • The National Air Transportation Association’s Navigate Your Future Scholarship is for $2,500. It can be used for one year of full-time undergraduate study of an aviation-related program at an accredited college or university.
  • The University Aviation Association offers several private pilot license scholarships. For example, the DeVore Freedom of Flight Scholarship awards a $1,000 scholarship to at least one student each year.
  • The LeRoy W. Homer Jr. Foundation awards pilot training scholarships every year to one individual between the ages of 16 to 23 who is studying to obtain a private pilot license on their own.

Airline pilot training sponsorships

There are also programs that can reduce flight school costs through tuition reimbursement and airline pilot training sponsorship opportunities. These opportunities will likely require that you attend an accredited flight school.

  • Students of the AeroGuard Flight Training Center who take a position with SkyWest Airlines upon graduating are eligible for one of their tuition reimbursement programs.
  • American Airlines’ Envoy Cadet School will place qualified candidates in a paid instructor position with a tuition assistance bonus paid when training is completed.
  • PSA Airlines’ Cadet Program offers up to $30,000 in total tuition reimbursement and bonuses for a five-year path to employment at American Airlines.

Federal financial aid

You might be eligible for federal loans if you enroll at an accredited flight school. Federal student loans have notable advantages over private flight school loans, including:

  • They are typically less expensive than private loans
  • Most federal loans also don’t require a credit check
  • You might be able to adjust your payment plan or even be allowed to temporarily postpone or lower your monthly payments
  • You might qualify for a subsidized loan based on your financial need (where the government pays the interest while you’re in school)
Rates for federal student loansFixed interest rate
Undergraduate5.50%
Graduate7.05%
PLUS (parents)8.05%

*For loans borrowed between July 1, 2022 and July 1, 2023

Before borrowing federal loans, however, your completed FAFSA form will also open the door for government grants and work-study programs that could cut the cost of flight school.

How much does flight school cost?

Estimated cost of flight school

Private Pilot Certificate$21,000
Commercial Pilot Certificate$76,000 or $96,995, depending on prior experience
Airline Transport Pilot Certificate$6,000

Source: ATP Flight School

Frequently asked questions

Lenders of private student loans, personal loans and other flight school loans don’t always share credit score requirements publicly. Personal loan criteria are the most transparent, with many lenders calling for at least a fair credit score of at least 600. You might also have the option of applying for flight school loans with the assistance of a cosigner, whose credit score could help you qualify for and secure a lower APR.

Yes, flight school loans generally have few strings attached. You could use them to cover your education and training, along with living costs, especially if your flight school isn’t located where you already live.

Airline and commercial pilots earned a median annual wage of $134,360 in 2021, according to the Bureau of Labor Statistics. There’s a big disparity in pay, however, depending on your exact role and experience level. For instance, the median yearly salary for commercial pilots was $99,640, much lower than the $202,180 figure for airline pilots, copilots and flight engineers.