Aviation School: Financing Flight Training

Published by Scott Warner on Tue, Jan 22, 2013

Financing Flight Training

  
Learning to fly is expensive. Figuring out how to come up with the money needed to accomplish your dream of being a pilot may not be as hard as you think. Financial aid is a good way to pay for college. Financial aid can be made up of scholarships, grants, work study, federal student loans and federal parent loans, as well as alternative loans. One of the first places you should look is Western Michigan University’s Financial Aid website: www.wmich.edu/finaid/undergrad. This website walks you through the steps you need to take.          

In addition,

  • understand the importance of filing a FAFSA
  • search and apply for scholarships
  • find alternative loans
  • take advantage of the GI bill (if eligible)

Filling out the Free Application for Federal Student Aid (FAFSA) is the very first step to take. This allows you to apply for federal student financial aid, such as the Pell Grant, student loans, and work-study. 

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A Pell Grant is a monetary award that doesn’t have to be paid back to the government. It’s only given to undergraduate students who haven’t yet earned a bachelor’s or a professional degree. The amount you get depends on a number of factors, including how much you can contribute financially to your training, tuition costs, your own financial need and more. There is a maximum amount you can receive per year, but the good news is that you can apply for Pell grants multiple years.

The Stafford Loan is the most popular federal loan program. Stafford Loans are low-interest loans and are for students with demonstrated financial need. These loans have a six month grace period after graduation before repayment begins.

The Stafford program also offers “direct unsubsidized loans” that don’t require financial hardship. The amount available to a student each year is dependent on need and the grade year. These loans also have a six month grace period after graduation before repayment begins. 


The Federal Stafford Parent Loan for Undergraduate Students (PLUS) loan can be borrowed by the parents of the dependent undergraduate student to help pay for their child’s education. The PLUS loan is not based on financial need. The amount a parent can borrow each year is limited to the cost of attendance less other forms of assistance. Repayment on Parent PLUS loans begins 60 days after the loan is fully disbursed.

Federal Direct Loans, like the Stafford Loan, pay out based on need and the grade year.


The Federal Perkins Loan is a federal loan with limited funding. The loan is repaid to the school you attend. This loan has a fixed interest rate and is awarded to students with significant need. Repayment on this loan begins nine months after you are no longer enrolled at least half time. During this time, interest is also deferred.

Once you have exhausted your eligibility for state and federal financial aid and loans, you may need to consider applying for a private educational loan, also called an alternative loan. These loans are not federal student loans. They are offered by private lenders and are used to supplement your financial aid.  

Scholarships are essentially free money. You just need to put in the time to research various sources for scholarships and apply for them. Many scholarships go un-awarded year after year. The College of Aviation has various scholarships available. In addition, there are numerous other sources for scholarships, such as the

Let Google be your friend and do a search for aviation scholarships and scholarships specific to your discipline: flight science, aviation maintenance technology, aviation administration, aviation management. Search on words related to aviation such as part 141, pilot’s license, etc.

What about your parents’ place of employment, churches, organization your parents or other relatives belong to, sports team…think outside of the box.   

ALTERNATIVE LOANS

Once you have exhausted your eligibility for state and federal financial aid and loans, you may need to consider applying for a private educational loan, also called an alternative loan. These loans are not federal student loans. They are offered by private lenders and are used to supplement your financial aid. Every alternative loan program is different. In an effort to help you make informed choices, Western Michigan University has created an alternative lender worksheet, The Bottom Line, which will help you select the private lender that is right for you. 

GI Bill®

If you have done or are willing to do recent U.S. military service, you will be able to fund your flight training via the GI Bill. If you served in the military for at least 36 months after September 11, 2001, you’re eligible for 100% of the benefits of the Post-9/11 GI Bill®. This Bill says that 100% of your tuition will be paid; you will receive a monthly housing stipend and a stipend of up to $1,000 a year for books and supplies as well as a flight-training-only reimbursement of $10,000 per year. If you serve less than 36months, you’re eligible for a percentage of these benefits, based on your time served. Details of the Post-9/11 GI Bill and dependent benefits are available at www.gibill.va.gov.

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Thinking about an aviation career?  This career guide will be a wealth of information to get you up to speed on what an aviation career can do for you!  Inside the guide you will find valuable information on researching the career and even researching aviation schools to get to that career.  Click the button below to view your free Essential Pilot Career Guide!

The Essential Pilot Career Guide

Ready for an aviation career already?  Check out Western Michigan University's College of Aviation's exceptional program by requesting information below.