Student Loans Arent the Only Way to Fund Your Training

Many say the finances don’t add up to being a pilot; there are other ways to fund the pursuit.

If traditional numbers don’t add up, you might have to use some different methods to get yourself trained. [File photo: Adobe Stock]

Two of the dominant responses to our recent pilot shortage series surrounded the affordability of training and pilot pay entering the workforce. Many experts suggested that the numbers were just off.

For many who decide to go on this worthwhile pursuit of becoming a professional pilot, student loans offer an opportunity to pursue their dreams. Indeed, they seem quite generous. Between private and federal lenders, new students can get almost unfettered access to cash.

But should you fund your training only through student loans? Students attending colleges/universities enjoy the benefit of applying for federal and state financial aid grants (including federally backed student loans) for paying for tuition https://getbadcreditloan.com/payday-loans-oh/, books, and other fees. Elsewhere, pilots have options to complete all their flight training with companies that can take you from zero to hero in less than nine to 12 months that covers costs using a personal loan that starts accruing interest (often at significant rates unless collateralized by a home or other assets) with payment schedules that begin the moment the money is accepted. Read more

When you apply for student loan consolidation, multiple loans are combined into a single loan

If you want to make just one monthly payment for all your student loans, consider consolidating them. In order to give you a simple single monthly payment, student loan consolidation may also allow you to extend your repayment period, access additional repayment plans, and switch all your loans to a fixed interest rate.

Find out which loans are eligible for consolidation, and get the information you need to decide whether it’s a good idea for you to consolidate your loans.

Which Student Loans Can be Consolidated?

• Direct Loans (Subsidized or Unsubsidized).
• Direct PLUS Loans.
• PLUS loans from the FFEL Program.
• Federal Stafford Loans (Subsidized or Unsubsidized).
• Federal Perkins Loans.
• Loans for Disadvantaged Students.
• Supplemental Loans for Students.
• Health Education Assistance Loans.
• Health Professions Student Loans.

Direct PLUS loans received by a parent to help pay for a student’s education can’t be consolidated with loans received by the student. Read more