More on Funding for Pilot Training

Students who seek loans from banks can often increase their chances of being approved for a private  loan and getting lower interest rates, if a parent or another creditworthy adult agrees to be a co-signer.

When it comes to student loans, credit requirements and interest rates vary from lender to lender, so that the same person who is denied a loan by one could be approved by another.  So be sure to check with multiple sources -- and don't get discouraged if you are initially denied.   

Though only a very small part of student lending, so-called "peer-to-peer" web sites llike www.fynanz.com, www.greennote.com and www.virginmoney.com have recently sprung up. They offer student borrowers the chance to seek loans from friends, family and even strangers. Students post the amount they want, the interest rate they are willilng to pay and some details about themselves and their studies. In some cases, the "loan" involves money from multiple lenders. In the case of Fynanz, for example, you pay a small fee for processing the loans. Financial industry observers say such lending sites are an interesting option, though most haven't been around long enough to develop much of a track record.  Phoenix East provides this information not as a recommendation or an endorsement, but as one more avenue for students to explore for themselves.

Other resources for U.S. students include Federal Aviation Administration's Aviation and Space Education Outrreach Program Aviation Scholarships, NBAA Scholarships (13 annual scholarships to promote professional development and business aviation careers), Young Eagles and EAA assistance, AOPA Flight Training, and Landings.com (for aviation scholarship links).

To further supplement education funds, many students also work part-time at jobs with some flexibility in working hours, to allow time for ground schools and flight training.

For international students who need financial assistance for flight training in the U.S., checking with banks and government agencies in your home country is usually the best place to begin;  Some provide funding for career education in other countries. Also, if the student has a relative in the U.S. who is creditworthy, that aunt or brother might be able to co-sign with you on a loan to cover flight training and living expenses.

For more information, talk to an Admissions Officer at Phoenix East.  Call 1-386-258-0703 (worldwide) or 1-800-868-4359 (from the U.S.)

Comments

[Chetan R.Godge]

I'm an aspiring Pilot.Help me.

[Rammohan M. S.]

i am a graduate mechanical engineer , 27 years old , Indian national and at present working as a 3rd engineer in a shipping company since 4 years. do i have any chances of getting scholarships. do you provide any placement opportunities to Indian students?

[eric ogbodu]

am eric from nigeria am working in one of the big bank in nigeria as a driver but my wish to be a pilot my bank grant poeple uk education loan but they don grant thoes who want to go for pilot training in the US pls i need assistance what do i do pls you guys should help me .

[Adekoya Babatunde]

My name is Adekoya Babatunde.I am 18years old.I have always been interested in
piloting a plane from my early
years.I graduated from secondary school in 2007.I would like to train as a pilot.Please,I just need your assistance for sponsorship.

[Peter Ang'awa]

I am a Kenyan aged 31 with an air traffic controller's license (aerodrome control rating). Besides, i have a bachelors degree in education and a master of business administration in aviation management. I really desire to be a professional pilot but the costs are very prohibitive. All i want is someone out there who can assist me and sponsor me to realize my dreams. I am ready to do any aviation related work as i train since aviation is my passion. Please, any one out there to assist me? My telephone number is +254 722 645389 or email angawap@yahoo.com

[Commercial Pilot Training]

Aviation training centers provide very food training to the students. Some schools also offer the facility of pilot training loans at low interest rate. These schools offer the ground schools and flight training by the help of special air crafts and helicopters.

http://www.commercialpilottraining.net/

[khalfan hassan]

am looking for someone,organisation or a company to help me with a pilot scholarship I really like being a pilot but I cant afford to pay all the. if their is someone please help me.

[paul]

I'm a kenyan man aged 25years and my passion is to be a pilot. The cost of the training has been a great bottleneck to this. I have a first degree in Geography and i am willing to work as i train. I am willing to get a loan preferably but not restricted to the training institution. Please help. God bless.
kirkin1@yahoo.com

[norman mcdonald]

My name is norman mcdonald i currently work for the power company in kissimmee i am a journyman lineman , i also hold a private pilots license, im a check ride away from being instrument rated , im currently out of money , idesperatley need funding to realize my dream of becoming a professional pilot, i am hard worker, quick learner , and im almost halfway there just nedd help to finish up

[mutua philemon]

this ia a very good idea of launching students loan but, can a foreign student apply for this loan?

[editor]

A foreign student can apply if he or she has a U.S. relative or friend who is credit-worthy and willing to be a co-signer. Often it is easier to get a loan in your country from a bank.

[Arsene Kongolo]

Hi, i am Arsene 21years old congolese living in south africa and holding a private pilot's licence and half way with AME Licence(Aircraft maintenance engineer.i just want to ask for assisstance for the CPL and ATPL as pilot because thats want i am desperate for so please help! 0027-834262816. Best Regards!

[Tatenda Mawanga]

My name is Tatenda Mawanga. Im 23years old, im from Zimbabwe. For the tym being im doing ACCA now in my second part. Im looking for A Sponsorship in aviation training i have always wanted to be a pilot. Please can you kindly help me get a sponsorship.

[Hillary James Nyanhongo]

Hi my name is Hillary James Nyanhongo, i am from Zimbabwe.My dream has always been being a pilot but i am financially challenged.Please assist i am desparatley looking for a scholarship and or sponsorship.God bless.

[editor]

Hillary, please send your email address or if you wish go to www.pea.com and Request Information (and include your email address). An admissions officer will then be able to contact you personally.

[editor]

Tatenda,
Please provide your email address -- or go to www.pea.com to the Request Information form and complete it, including your email address. An Admissions Officer will then be able to privately contact you and answer all your questions.

[Kufre Godwin Ibanga]

Hi, I'm my name Kufre Ibanga and I am a Nigerian.My dream is to be a pilot and that dream just seems to be impossible,because, I am financially challenged.I would be more than grateful if u could help me to revive this dream of mine by any means possible i.e either by scholarship,sponsorship or loan. BEST REGARDS>

[Kufre Godwin Ibanga]

my email is kufreibanga@yahoo.com

[Peninsula Helicopters Northwest]

Unfortunately, Sallie Mae (who funding many student pilots' careers) has virtually stopped lending. The other sources will only work for a few students, and only at a few schools that are FAA Part 141 and/or accredited. However, there are some schools who have in-house financing programs that bypass the banks and major lenders. You have to search around for these schools, and the ones who offer in-house financing aren't likely to be the ones right in your home town, but they are out there. For those of you interested in helicopter training, our school, Peninsula Helicopters Northwest, has been financing our students for several years now. You can find more info about our program at http://helicopterpilotloans.com.