It’s important to first evaluate each pilot rating and the cost and time needed to obtain the rating or license. Write down cost, time and funding source for each rating. You can use Pay as You Go too, which simply means you estimate a per week expense like $400 and put aside or make $400 each week to pay for your training. More on that in the next lesson.
Generally, it’s a combination of funding sources that will fully fund your professional pilot career. Funding that may come from savings, work, extra part time work, scholarships and grants, Federal loans, Private loans and Military VA funds if you’re prior military
Here are 7 ways to fund your training
1. Scholarships and Grants
Numerous organizations offer scholarships to aspiring pilots. For instance, the Aircraft Owners and Pilots Association (AOPA) provides various scholarships for flight training. Additionally, companies like Clay Lacy Aviation offer scholarships through institutions such as the University of North Dakota and Orange Coast College.
2. Federal Financial Aid
Enrolling in an accredited Part 141 flight school, aviation college or university allows you to access federal financial aid programs, including Pell Grants and Direct Loans. These institutions often participate in Title IV programs, enabling eligible students to receive financial assistance for their training.
3. Private Loans
Specialized lenders offer loans tailored for flight training. Organizations like Stratus Financial provide loans that can cover training costs, living expenses, and more, with flexible repayment options. Similarly, AOPA offers flight training financing with competitive rates.
4. Flight School Financing Programs
Most Part 141 flight schools have in-house financing or partnerships with financial institutions to assist students. These programs may offer payment plans or deferred payment options until after training completion. For example, some schools collaborate with lenders to provide tailored financing solutions for their students.
5. Military and Veterans Benefits
If you have military experience, programs like the GI Bill can help cover advanced flight training costs when pursued through approved institutions. Active service members might also be eligible for the Tuition Assistance Program.
6. Flexible Part Time Work to Pay for Training
There are easy driving apps or food delivery services that you can work on your own time and use the money to pay for your training. For Instance, if you need $400 per week to pay for training, you can use any of the jobs below and work 3 hours per day or work 8 hours on weekends to earn the extra money to pay your training. Plus, these jobs are flexible so you can work around your schedule and availability. Here are companies to consider:
Door Dash, Uber Eats, Grub Hub, Uber, Lyft
You can also work part-time package delivery on your time at Amazon Flex and Instacart
If you really like pets and live in a big metropolitan area you can join dog walking apps and dog walk for extra money to fund your training at Rover and Wag
7. Personal Savings and Budgeting
While it may require time, saving personal funds can reduce reliance on loans and minimize debt. Creating a dedicated savings plan can help accumulate the necessary funds for training.
It's essential to research and combine multiple funding sources to effectively finance your pilot training. Each option has its own eligibility criteria and application processes, so thorough preparation is key.
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