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.
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.
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.
| Lender | Fixed APRs* | Loan amount | Repayment term options | Minimum credit score |
|---|---|---|---|---|
| College Ave | 4.41% - 14.49% | $1,000 to 100% of the total tuition | 5, 8, 10 or 15 years | Unspecified |
| Sallie Mae | 4.50% - 15.10% | $1,000 to 100% of the total tuition | 10 or 15 years | Unspecified |
* Rates include autopay discount
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.
| Lender | Fixed APRs | Loan amount | Repayment terms | Minimum credit score |
|---|---|---|---|---|
| Best Egg | 8.99% - 35.99% | $2,000 to $50,000 | 36 to 60 months | 600 |
| SoFi | 8.99% - 25.81%* w/autopay | $5,000 to $100,000 | 24 to 84 months | 680 |
| Upstart | 5.20% - 35.99% | $1,000 to $50,000 | 36 and 60 months | 300 |
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.
| Lender | APRs | Loan amount | Repayment terms | Minimum credit score |
|---|---|---|---|---|
| Aircraft Owners and Pilots Association (AOPA) | 12.49% - 14.49% (variable) | Up to $20,000 | Varies by amount borrowed | 660 |
| American Airlines Federal Credit Union | 5.99% - 10.24% (fixed) | Up to $120,000 | Up to 25 years | Unspecified |
| We Florida Financial | Unspecified (fixed rate line of credit) | $5,000 - $30,000 | Unspecified | Unspecified |
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.
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.
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.
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.
Once you’ve selected a lender that meets your borrowing needs, it’s time to move forward in the application process.
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:
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.
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 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:
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.
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:
| Rates for federal student loans | Fixed interest rate |
|---|---|
| Undergraduate | 5.50% |
| Graduate | 7.05% |
| 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.
| 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
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.