Boeing’s recent 2020-2039 market outlook states a need for 763,000 new pilots over the next 20 years.
Sallie Mae offers private student loans that can potentially be used for flight training, depending on the eligibility of the flight school and the nature of the program. Here’s a general approach to how you can use a Sallie Mae loan to cover your flight training expenses:
1. Check Eligibility of the Flight School
First, make sure that the flight school you're attending is eligible for Sallie Mae loans. Sallie Mae typically partners with schools that are accredited and approved. Contact the flight school or check on Sallie Mae’s website to see if your specific school qualifies.
Commercial flight training school Eligibility
U.S. commercial aviation pilot school with primary focus on training commercial pilots
Provide the most recent three years of audited financials prepared according to U.S. GAAP standards
Have at least a 70% placement rate
Have an FAA license and Part 141 Air Agency Certificate
Select a Potential Part 141 Flight School Before Beginning this Process !
2. Explore Loan Options
Sallie Mae offers various types of student loans. You’ll need to apply for a loan that aligns with career training or professional certification programs, like flight training.
Common loan options include:
Career Training Smart Option Student Loan: This may be a good fit for flight training since it’s aimed at professional or trade certifications.
Undergraduate or Graduate Loans: If your flight training is part of a degree program, these loans could also apply.
3. Determine Loan Amount
You can borrow up to 100% of your school-certified cost of attendance, which can include tuition, fees, supplies, and other costs such as housing.
Make sure to factor in the entire cost of your flight training program (generally $100,000 plus).
4. Co-signer and Credit Check
Sallie Mae loans are credit-based, so if you have limited or poor credit, you might need a co-signer with good credit to secure the loan and get a better interest rate.
They’ll conduct a credit check, so having good credit or a co-signer can impact your loan approval and interest rate.
5. Apply for the Loan
After selecting the right loan option, you can apply through Sallie Mae’s website.
You’ll need to provide details such as the cost of your program, the duration, and personal financial information.
How to Apply
Click here to open a new tab on Sallie Mae’s website to start the application process.
Select "Career Training Student Loan" and then "Get Started" which will take you to the online application.
Select Student or Cosigner
Select Undergraduate students.
Application Sections require basic information that will include:
General Student Information including your social security number
You are applying for a Certificate of Study for an Airline Career – Full-Time or Half-Time based on your program.
Your Loan Period Begins Date is your course start date
Your Loan Period Ends Date is your expected graduation date.
Your Anticipated Graduation Date is the date you expect to complete your training.
Loan Amount Section
Cost of attendance
This includes your tuition, living expenses and pilot supplies
Complete:
- Employment Information
- Financial Information
- Personal Contacts
- You can Add a Cosigner (optional)
- Review your application documents
- Select your repayment option
Submit your application
After you submit your application no further action is necessary. Sallie Mae will be in touch with you shortly regarding your loan application approval status.
6. Understand Repayment Options
Sallie Mae offers various repayment options such as immediate repayment, interest-only repayment, and deferred repayment (where you start paying after finishing your training).
Be mindful of how interest accrues on the loan, especially with large amounts like $120,000.
7. Disbursement
Once approved, the funds are typically disbursed directly to the flight school based on the cost of attendance.
You’ll need to coordinate with both Sallie Mae and the flight school to ensure proper fund allocation for your training.
Alternatives:
If Sallie Mae doesn't meet your needs, you could also explore other student loan providers or lenders who specialize in financing for aviation training, such as AOPA Finance, Wells Fargo, or Meritize.
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