Flight School Financing/Student Loans

 

Wells Fargo

A Wells Fargo Collegiate® student loan may help you pay for the costs associated with your professional and commercial flight training program.(1) Eligible students may receive:

• No payments until you graduate or leave school (2)

No application, origination, or early repayment fees

• Competitive fixed or variable interest rate options

Funds up to the cost of education minus other financial aid (3)

A quick and easy application process

•Wells Fargo’s best-in-class service from initial application through the last payment

A cosigner may help you qualify for a private student loan and potentially get a lower interest rate but is not required to apply.

Borrowers may request an aviation internship forbearance that would temporarily postpone monthly payments while completing their flight training hours (4). Individuals qualifying for the aviation internship forbearance are able to postpone monthly payments up to 24 months after completing school.

When it comes to financing your education, be sure to look at all of your options – including grants, scholarships, and loans from all sources – and make careful comparisons among all your choices. If you determine that a private student loan is right for you, we can provide loans to help meet the needs of nearly every student.

For more information you can call 1-877-451-5039 or visit wellsfargo.com/student/collegiate-loans/

1. Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information and, if applicable, a self-certification form, the school’s certification of loan amount, and the student’s enrollment at a Wells Fargo-participating school.

2. Students are not required to make payments while in school; repayment begins 6 months after you graduate or leave school. The maximum in-school period is 7 years after the date of first disbursement. Interest accrues during any deferment periods, including the in-school period, and is capitalized to the loan upon entering repayment.

3. Loan amount is dependent on the loan product, other financial aid, creditworthiness, and other factors. Aggregate and annual loan limits apply. The cost of attendance is determined and certified by the educational institution.

4. Interest continues to accrue during any forbearance period and will be capitalized to the account upon entering repayment.

Other loan sources:

Fort Morgan State Bank Loan

  • Loan will only cover 80% of total cost of education
  • 20 year repayment term
  • Aggregate limit of $100,000
  • Click here to apply or call 1-800-592-1270.

Alaska Supplemental Education Loan (ASEL)

Alaska Family Education Loan (FEL)

  • Must be an Alaska resident
  • Loan limit of $10,000 per year
  • Aggregate limit of $56,000
  • Repayment term: 10 years
  • Students/Family members click here to apply or call 1-800-441-2962

Kentucky Advantage Education Loan

  • Kentucky residents attending out-of-state schools
  • Borrow up to total cost of education
  • 15 year repayment
  • Students/Parents click here to apply or call 1-800-988-6333

New Jersey Class Loan

  • NJ residents attending out-of-state schools
  • Borrow up to total cost of education
  • Repayment terms 10,15, or 20 years
  • Click here to apply or call 1-800-792-8670

American Airlines Credit Education Loan

  • Must be an eligible member of American Airlines Credit Union
  • Can borrow up to $40,000
  • Repayment up to 10 years, payments begin as soon as funds are disbursed www.aacreditunion.org
  • Call 1-800-533-0035

AOPA Aviation Finance Company

  • Maximum loan amount: $100,000
  • 7 year maximum to repay, payments begin as soon as funds are disbursed
  • Inquire online or by calling 1-800-627-5263

We Florida Financial (WeFly)

  • Must be Florida resident or a member with AOPA
  • Can borrow up to $30,000
  • 6-year repayment term
  • Inquire online or by calling 954-745-2400

Veterans Educational Benefits

  • Veterans who are unsure of their eligibility or have questions about their entitlement should contact the U.S. Department of Veterans Affairs (1-888-GIBILL1). Eligible students enrolled in flight training at Epic Flight Academy must maintain satisfactory academic progress in the program in which they enroll to continue receiving VA education benefits.
  • Flight training is available to eligible veterans and reservists under Chapters 30, 32 and 33, Title 38 USC, Chapter 1606 and Title 10 USC. Only training at flight schools approved under Part 141 are eligible for benefits. Students must hold an unrestricted “Private Pilot Certificate” and at least Class II medical certificate privileges to be eligible for benefits. You must prove Class II privileges prior to the start of each course. Benefits are payable for dual flight, ground school training, and pre/post flight briefings. Benefits are paid monthly following submission by the school of a “monthly certification of training.”
  • Applicants for Education Benefits (22-1990) and Request of Change of Program of Place of Training (22-5495) should be sent to: VA Regional Office, P.O. Box 888, Muskogee, OK 74402-888.