Financing Your Training
Learning to fly is extraordinarily rewarding,
challenging, and exciting. For many, it is a lifelong dream. It
is also an investment in time, effort, and money.
We understand that the desire to fly can
burn deeply -- in fact, sometimes the desire to fly exceeds a person's
financial resources. Therefore, we at Horizon Aviation have established
a number of solutions to this problem by creating relationships
with financial organizations which finance flight training.
Each of the following options has its strengths
and weaknesses. Also, every time you apply for a loan, the financing
company will check your credit. If this is done too many times in
too short a period of time, your credit rating may suffer so you
will want to try and determine which loan program is best for you
and apply only to that one.
Horizon Aviation cannot function as a bank
or credit counselor, but chances are we've seen someone in similar
circumstances to you. We'll help you the best we can to find the
Contact us to
find out the latest information we have and read on to see if one
of these programs is right for you.
Pay As You Go
The first thing to understand is that
Horizon Aviation does not require you to prepay for flight training.
The only requirement is that each individual flight is paid the day it
occurs. Most students pay as they fly, one lesson at a time. This way
you can fly as often as your schedule and budget permits. If that's
once a week, great. If it's once a month, that's O.K. too.
The only downside is that you will retain more from lesson to lesson
if you fly more frequently. Ideally, you should schedule at least once
a week to get the most from your flight training dollars.
However, for some paying "out-of-pocket" is simply not an option
(including the owner of the company; it took him three years to get his
license flying once a month!). If you would like to fly more often than
your current budget permits, there are a number of companies that
finance flight training.
Finance is a private company based in Illinois that provides financing
to flight training students all over the country. Many students at
Horizon Aviation have used Pilot Finance over the past half-dozen
years. The application can be completed very quickly and once approved
you could be flying in less than a week. If you do choose this option,
we will have to help you complete your application because there is
detail required about your flight training program. Visit their website
to learn more about their specific programs. You will also find details
about interest rates, citizenship requirements, and the amount of
Historically, PF has been able to provide financing for one license
per student. They have required students to repay at least half of
their initial loan before lending additional funds for another license.
Therefore, Pilot Finance has been a great solution for students who
only want to get one license but students pursuing multiple licenses
have sought other solutions.
AOPA Flight Training Funds
The Aircraft Owners' and Pilots Association
(AOPA) is a not-for-profit organization that serves and protects the
general aviation community. AOPA has created a program with MBNA Bank
to provide up to $25,000 in financing for flight training. This is
typically enough to get a student through several licenses. It is very
similar to a credit card in terms of credit requirements and the
approval process. Visit AOPA's website at http://www.aopa.org/info/certified/funds.html to learn more and complete an application.
Veterans' Administration / GI Bill Benefits
Horizon Aviation is the only fixed wing
flight school in New England that is approved by the VA to accept
flight training benefits. If you are entitled to VA Benefits and you
were separated from the service less than 10 years ago, you may well be
able to use these benefits to receive advance flight training at
Horizon Aviation. Please note: these benefits can also be used if you
are eligible and still on active or reserve duty.
The VA will require you to pay for the Private Pilot License yourself.
In short, they want you to have some "skin in the game."
After that, the VA will reimburse you (monthly) for as much as 60%
of your eligible flight training expenses. The other 40%, plus the
cost of the Private Pilot License and incidental expenses, can be
paid either directly by you or through a combination of theVA Benefits
with another of the loans described above. Either way, the VA will
pay for an extraordinary amount of flight training if you're eligible.
Direct Student Loans and Grants from the U.S. Government
If you are enrolled in our college program,
with either CCRI or Utah Valley State College, you may be eligible
for U.S. Government Stafford Loans and Pell Grants. Once you've
applied to CCRI or UVSC, you can apply for federal student aid.
Over the course of a four year Bachelor Degree, this can be as much
as $35,000. Approximately $18,000 of this amount will be used for
academic fees (paying for you credit hours) at UVSC but the balance
can be used for flight training or as you see fit.
US Bank Student Loans
For students enrolled in the Associate
Degree or Bachelor Degree program with UVSC, there is another private
bank to which you may apply for financing: US Bank. To qualifying
students, they provide Alternative Student Loans which are administered
by UVSC. If you're enrolled at UVSC, these loans can be used for your
flight training at Horizon Aviation. We have seen US Bank loans as
large as $40,000 which will cover almost all of the estimated flight
training costs of our Career Pilot Program. After you have applied to
UVSC, you may apply to US Bank online. The only downside to a US Bank
loan is that there is an intermediary, UVSC, through which all funds
must flow. Sometimes this process can take longer than desired and
we've seen students get frustrated. For that reason, most of our recent
students have chosen to use SLM.
Regardless of why you want to fly, chances
are there is a scholarship for which you are eligible. There are two
problems: finding these opportunities and completing the application.
While we can't complete the application for you, we do have a few
suggestions on how to find scholarship opportunities.
Once again, the best resource is AOPA. Unfortunately, you have to be a member
of AOPA to access their resources. The good news is that it's well
worth it: $39 per year the last time I checked. Give it a try and
join them at www.AOPA.org.
Once you're a member, just type "scholarship" in the search
section. There were 25 specific scholarships listed with links to
the appropriate organization.
If you don't want to join AOPA, then try searching on Google for
"aviation scholarships" or "flight training scholarships."
If you're a member of any particular group or minority, try using
that description as well. For example, try "women in aviation
scholarships." Get creative; you might be surprised by the
number of opportunities available.
A scholarship application will often ask for a letter of reference
from someone in aviation who knows you. While we couldn't complete
such a form for someone we've never met before, we certainly can
if you've been flying with us for a little while and we've gotten
to know you.