How does financing flight training work in a college program
- Thread starter thehobbit
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p1l07m4n
SF340 Pirate, First Mate
Re: How does financing flight training work in a college pro
Basically, your school should have a financial aid office that will handle all of this. Some schools (mine included) have a separate financial aid office strictly devoted to aviation students. The actual process can depend on the school, but you will have to fill out a lot of paperwork for the funds. At my school, they assign a dollar value for your classes per semester (this includes all non-aviation classes). I will admit, that the amount of money they determine it takes to complete a certificate or rating, rarely matches the actual costs.
Once you have determined what classes you are going to take, the financial aid office will calculate your "cost of attendance." This does include the money for flight expenses. They will then approve/award you the money based on your costs. As a student, you must go accept the awards. This can be done in full, or you can partially accept awards to better reflect your needs.
I know that if you have already paid your tuition for the semester, the money will be sent directly to you. If you haven't paid your tuition, the money will pay your tuition, and the remainder will be sent to you. Also, at my school, if you are accepting any alternative loans, the money is directly deposited into your flight account. There are forms available to withdraw funds from that account if you need money for books, charts, rent, etc.
I know it can seem like a crazy process, but if you talk to the folks in the financial aid office, they can help you out. I doubt I need to say it too, but treat the financial aid people with respect. I have seen many people who demand things from them, and since our financial aid office is at the airport, they haven't been given jobs in our program. It is true that aviation is a small community, and the people who work to get your funds can talk to others about your attitude (sorry a little rant there, I was watching someone who didn't understand that concept earlier this week, and I can guarantee it won't end well for them).
Anyways, good luck with it all, and if you have any questions you can feel free to shoot me PM.
Basically, your school should have a financial aid office that will handle all of this. Some schools (mine included) have a separate financial aid office strictly devoted to aviation students. The actual process can depend on the school, but you will have to fill out a lot of paperwork for the funds. At my school, they assign a dollar value for your classes per semester (this includes all non-aviation classes). I will admit, that the amount of money they determine it takes to complete a certificate or rating, rarely matches the actual costs.
Once you have determined what classes you are going to take, the financial aid office will calculate your "cost of attendance." This does include the money for flight expenses. They will then approve/award you the money based on your costs. As a student, you must go accept the awards. This can be done in full, or you can partially accept awards to better reflect your needs.
I know that if you have already paid your tuition for the semester, the money will be sent directly to you. If you haven't paid your tuition, the money will pay your tuition, and the remainder will be sent to you. Also, at my school, if you are accepting any alternative loans, the money is directly deposited into your flight account. There are forms available to withdraw funds from that account if you need money for books, charts, rent, etc.
I know it can seem like a crazy process, but if you talk to the folks in the financial aid office, they can help you out. I doubt I need to say it too, but treat the financial aid people with respect. I have seen many people who demand things from them, and since our financial aid office is at the airport, they haven't been given jobs in our program. It is true that aviation is a small community, and the people who work to get your funds can talk to others about your attitude (sorry a little rant there, I was watching someone who didn't understand that concept earlier this week, and I can guarantee it won't end well for them).
Anyways, good luck with it all, and if you have any questions you can feel free to shoot me PM.
thehobbit
Well-Known Member
Re: How does financing flight training work in a college pro
Maybe I should have been more specific, I understand that the what ever is left of the pell grants and stafford loans comes back to the student after the classes are payed for. What I am getting at is where do you apply for student loans for flight training and is the loan given directly to you, or the college then to you, or is the loan given to the flight school? Also can the flight training loan come from the stafford loan?
KLB
Well-Known Member
Re: How does financing flight training work in a college pro
It will likely go to the school. Stafford loans paid for a good portion of my flight training. How much you get depends on how "in need" they determine you are. I still had to get additional private loans. My suggestion would be to get as much in government loans as possible because I highly doubt that you'd find lower interest rates anywhere else. They wouldn't give me the maximum in financial aid until my second semester if I recall correctly. The first semester was mostly out of pocket. It gets expensive real quick!
It will likely go to the school. Stafford loans paid for a good portion of my flight training. How much you get depends on how "in need" they determine you are. I still had to get additional private loans. My suggestion would be to get as much in government loans as possible because I highly doubt that you'd find lower interest rates anywhere else. They wouldn't give me the maximum in financial aid until my second semester if I recall correctly. The first semester was mostly out of pocket. It gets expensive real quick!
Chucco
Well-Known Member
Re: How does financing flight training work in a college pro
My pell grants and stafford loans went to the school first, since they were obtained through the school (via FAFSA). What was left over came to me and I put it into my "flight training account". You will definately need supplementary student loans, and those ones were paid directly to me. Go to thier individual websites and compare interest rates and repayment schedules. Their interest rates were not as good as the government ones, but still much better than a regular loan. I currently have supplemental loans from American Education Services and the Utah Higher Education Assistance Authority.
My pell grants and stafford loans went to the school first, since they were obtained through the school (via FAFSA). What was left over came to me and I put it into my "flight training account". You will definately need supplementary student loans, and those ones were paid directly to me. Go to thier individual websites and compare interest rates and repayment schedules. Their interest rates were not as good as the government ones, but still much better than a regular loan. I currently have supplemental loans from American Education Services and the Utah Higher Education Assistance Authority.
scooter2525
Very well Member
Re: How does financing flight training work in a college pro
Don't do it. Pay as you go. Or save.
Don't do it. Pay as you go. Or save.
Autothrust Blue
Welcome aboard the Washington State Ferries
Re: How does financing flight training work in a college pro
While unhelpful/not germane to the OP's question...I tend to agree. If at all possible, avoid being in debt.
While unhelpful/not germane to the OP's question...I tend to agree. If at all possible, avoid being in debt.
Boris Badenov
Fortis Leader
Re: How does financing flight training work in a college pro
Come now, the man asked a question, he deserves an answer.
How does it work? Leaving out the more detailed flourishes, a large bank gives you a pile of money with which to learn to fly. You give this money to a huge "aviation school" which in exchange gives you four years of classroom instruction on admittedly cool sounding but somewhat academically Nerf subjects like "advanced human factors" and "accident analysis". Between rousing games of "Aircraft ID" and marathon "Top Gun" watching sessions, you have additional fun with your buddies by getting drunk as a lord and trying to approach women while wearing a flight suit. Four years later, you have a CFI, no job prospects, and $100k in debt. Assuming you can somehow miraculously land Stafford loans for your program, on your $100,000 in debt, you will pay a debt service of approximately $134,700. That's after you pay back the $100,000. Your monthly bill on your debt will be roughly equal to a studio apartment in a second or third tier US city. Assuming you don't lose your medical, get furloughed, get fired, or any one of a thousand other career-enders, you can expect to emerge from indentured servitude somewhere in the vicinity of your 40th birthday.
But you'll get to fly jets. Rather a lot, it turns out. Good luck, sucker.
Come now, the man asked a question, he deserves an answer.
How does it work? Leaving out the more detailed flourishes, a large bank gives you a pile of money with which to learn to fly. You give this money to a huge "aviation school" which in exchange gives you four years of classroom instruction on admittedly cool sounding but somewhat academically Nerf subjects like "advanced human factors" and "accident analysis". Between rousing games of "Aircraft ID" and marathon "Top Gun" watching sessions, you have additional fun with your buddies by getting drunk as a lord and trying to approach women while wearing a flight suit. Four years later, you have a CFI, no job prospects, and $100k in debt. Assuming you can somehow miraculously land Stafford loans for your program, on your $100,000 in debt, you will pay a debt service of approximately $134,700. That's after you pay back the $100,000. Your monthly bill on your debt will be roughly equal to a studio apartment in a second or third tier US city. Assuming you don't lose your medical, get furloughed, get fired, or any one of a thousand other career-enders, you can expect to emerge from indentured servitude somewhere in the vicinity of your 40th birthday.
But you'll get to fly jets. Rather a lot, it turns out. Good luck, sucker.
thehobbit
Well-Known Member
Re: How does financing flight training work in a college pro
hahaha thats great and its true for most people, but all of my schooling and flight training is being paid for by the new gibill. I'm just interested to know how much of flight training can be paid for using a stafford loans and how that money is routed.
scooter2525
Very well Member
Re: How does financing flight training work in a college pro
:yeahthat: and thats why I say... save, pay as you go, have your parents help you out, something....
:yeahthat: and thats why I say... save, pay as you go, have your parents help you out, something....
Chucco
Well-Known Member
Re: How does financing flight training work in a college pro
Yikes! But how many students emerge from graduation with a high paying job lined up and no debt? Granted flight school isn't really appealing right now from a financial standpoint due to the extraordinarily low pay for many CFIs and regional FOs.
The way I see it, there are few things in life that are worth going into debt for, but your education is one of them. Flipping burgers and paying as you go would take a very long time, no? There may be some other ways of learning to fly without paying so much money, like the military. Not a bad career choice if you ask me. My grandfather was in the air force during WW2. I would be there right now if I hadn't asked my grandmother about it. She got very serious and said, "its a good career, but you wait until I'm dead before you do it. Don't you put me through what your grandpa did, I'll make myself sick with worry every day." It was pretty convincing at the time.
As far as the amount of debt you would incur, I don't know about others but for about $60,000 I got a Bachelor's in Aviation Technology (CFI/CFII/MEI with all those admittedly academically nerf subjects) with a double minor in Human Resource Management and Japanese. I was able to study abroad in Japan for a year studying Japanese and Computer Science (my previous major) on those same student loans. Plus books, and a couple thousand dollars on some other stuff I really shouldn't have bought, like a engagement ring and a scooter to get to the airport with (in retrospect a really bad idea, btw!) I was working as much as I could to help pay for everything of course, but a waiter doesn't make that much money in northern Utah. I'm still bitter about the lousy tippers and $2.15/hr.
Yikes! But how many students emerge from graduation with a high paying job lined up and no debt? Granted flight school isn't really appealing right now from a financial standpoint due to the extraordinarily low pay for many CFIs and regional FOs.
The way I see it, there are few things in life that are worth going into debt for, but your education is one of them. Flipping burgers and paying as you go would take a very long time, no? There may be some other ways of learning to fly without paying so much money, like the military. Not a bad career choice if you ask me. My grandfather was in the air force during WW2. I would be there right now if I hadn't asked my grandmother about it. She got very serious and said, "its a good career, but you wait until I'm dead before you do it. Don't you put me through what your grandpa did, I'll make myself sick with worry every day." It was pretty convincing at the time.
As far as the amount of debt you would incur, I don't know about others but for about $60,000 I got a Bachelor's in Aviation Technology (CFI/CFII/MEI with all those admittedly academically nerf subjects) with a double minor in Human Resource Management and Japanese. I was able to study abroad in Japan for a year studying Japanese and Computer Science (my previous major) on those same student loans. Plus books, and a couple thousand dollars on some other stuff I really shouldn't have bought, like a engagement ring and a scooter to get to the airport with (in retrospect a really bad idea, btw!) I was working as much as I could to help pay for everything of course, but a waiter doesn't make that much money in northern Utah. I'm still bitter about the lousy tippers and $2.15/hr.