Whether you need money to cover the cost of training for a private pilot license or to get your airline transport pilot (ATP) certification, you can take out loans to pay for your schooling and, in some cases, even your living expenses. The flight school where you complete your training will largely determine what kind of loans you’ll qualify for and how you can use them.
Unlike college students who often pay for their studies with a combination of private and federal student loans, pilots in training may be more limited in their funding options. Many flight school programs aren’t affiliated with a degree-granting college or university, so their students aren’t eligible for federal student loans.
That said, students getting aviation degrees from accredited universities like Embry-Riddle or the University of North Dakota may be eligible for federally subsidized flight loans.
To find out what kinds of loans you may qualify for, speak directly with administrators at your flight school. They will be familiar with the types of funding available to their students.
| Type of flight school loan | What is it? | Pros | Cons |
|---|---|---|---|
| Private student loan | Loan from a private student loan lender to pay for post-secondary education | May partner with flight school for lower rates or other perks | May require co-borrower, often has higher rates than federal student loans and rates depend on your credit score |
| Federal student loan | Loan from the federal government for post-secondary education | Low interest rates, eligibility generally based on institution instead of credit score or history | Only available to students at accredited universities |
| Personal loan | Loan from a financial institution that can be used for a wide range of purposes | May help cover the gap between expenses and income | Few options as most lenders don’t allow loans to be used for education expenses |
You can pay for flight school with a loan from traditional private student loan lenders like Sallie Mae or College Ave, which have low starting rates for borrowers with good or excellent credit. There are also lenders and institutions like the Aircraft Owners and Pilots Association, which specialize in loans for trade school students or pilots in training.
Many private student loan lenders allow you to prequalify for a loan, a process that allows you to check your potential rates and terms without damaging your credit. Be sure to check your rates with several lenders to ensure you’re getting the lowest ones for your flight training loans.
| Lender | Fixed APRs | Loan amount | Repayment terms |
|---|---|---|---|
| Sallie Mae | 3.49% - 15.49% (with auto debit discount) | $1,000 to 100% of cost of attendance | 10 - 15 years |
| College Ave | 3.47% - 17.99% (with autopay discount) | $1,000 to 100% of cost of attendance ($80,000 maximum per loan) | 5, 8, 10 or 15 years |
| Aircraft Owners and Pilots Association | 12.99% - 14.99% | Up to $20,000 | Not specified |
Since many flight schools are not degree-granting institutions that provide college coursework, students may not be able to use federal student loans to pay for flight school. However, if you attend an accredited flight school, you may qualify for federal student aid.
Federal student loans come with several benefits over private loans. Federal student loan interest rates are fixed, meaning they won’t change over time, and you won’t have to go through a hard credit inquiry to qualify (unless you’re getting a Direct PLUS loan). You also don’t need to make payments on your federal loans until you graduate, whereas some private lenders require payments before graduation.
| Loan type | Interest rate |
|---|---|
| Undergraduate loans | 6.53% |
| Graduate loans | 8.08% |
| Parent PLUS loans | 9.08% |
Most personal loan lenders don’t allow you to use your loan funds for school, but there are a few exceptions (shown in the table below).
Personal loans come as a lump sum, and you’ll start paying back what you borrowed right away (even if you’re still in school). Like federal student loans, personal loans have fixed APRs. However, like private student loans, your rate depends on your credit score and other credit-related factors.
| Lender | APR range | Loan amounts | Loan terms | Minimum credit score | |
|---|---|---|---|---|---|
 | 7.99% - 35.99% | $1,000 - $36,500 | 24 to 72 months | 660 | See Personalized Results |
 | 7.40% - 35.99% | $1,000 - $50,000 | 36 or 60 months | 300 | See Personalized Results |
 | 8.74% - 24.99% (with autopay) | $1,000 - $50,000 | 12 to 84 months | Not specified | See Personalized Results |
Please note that you cannot use an Upstart loan for educational purposes if you live in the District of Columbia, California, Connecticut, Illinois or Washington.
Even if a lender doesn’t let you use a loan to pay for school directly, you could consider a personal loan for students to fill financial gaps you have while you’re attending. For instance, you could use a personal loan for a surprise bill like an emergency car repair or everyday living expenses.
If you feel like a personal loan is a good fit for you, here’s how LendingTree can help you find the lowest rates.
