Understanding the Basics of Student Pilot Loan
By Anthony Geraci, Esq
If you’re an aspiring pilot, getting a student pilot loan can help finance your flight training. What types of loan are accessible and how do they function? Let’s break it down.
Types of student pilot loans available
Most students are aware of the basic Federal student loan options that are often obtained by college students attending universities with flight training programs. Most flight school training programs do not qualify you for federal loans, unfortunately. Should you just give up on your aviation dreams?
Never. There is another option and that is private financing such as the flight school loans offered by Stratus Financial. Tailored solutions can help you obtain your wings without the weighty cost burden upfront – Stratus Financial programs focus on private financing exclusively for prospective pilots’ tuition and other fees when applied to an approved flight training program.
Eligibility Criteria and Application Process for Private Student Pilot Loans
If you’re dreaming of the skies, private student pilot loans can give your ambitions wings. But to get a loan, there are some boxes you need to tick first.
Stratus’ Proprietary Score: The Strata Score
We know you’re not a number, and we do not treat you as one. Our Strata score incorporates more than just your numbers. We look at the whole aspiring pilot and make a decision from there. We also of course consider (as does every other lender) traditional metrics which we outline below:
Credit check requirements in private student loans
Your credit score plays a significant role when applying for Stratus student pilot loan. It determines not only your eligibility but also how much you can borrow. Let’s see what this means in real terms:
â—Ź A top-notch credit score of 761 or better? You are amongst the strongest applicants we get and depending on several other factors, you could get the best rate we offer.
â—Ź Got a good-but-not-great rating between 721 and 760? Depending on your overall financial picture, you may be able to still get the loan amount you require at a slightly higher interest rate.
â—Ź Sitting at or below the average mark of 720 or lower? You may still qualify for a loan with the help of a co-borrower.
Maintaining an excellent credit history is crucial if becoming a pilot has been on top of your dream list since childhood.
Income and Repayment Requirements in Private Student Loans
In addition to your credit score, many programs offered by Stratus have income requirements by you or your co-borrower. In short, Stratus requires borrowers to have enough income to pay their basic bills as well as enough to pay for your student loan. Note that it does not have to be the Borrower as we know you will be in school during this period.
The application process: Simplified
Filling out forms doesn’t have to feel like navigating through turbulence. With Stratus Financial, it’s straightforward. All they ask from aspiring pilots like yourself are basic details such as name, address, Social Security Number (SSN), date of birth (DOB), and employment information along with financial documents proving their ability to repay the flight school loans.
Alternatives to Private Financing in Flight Training
Beyond private student loans, aspiring pilots have more options for financing their flight training. These alternatives often come with unique benefits and might be just what you need.
Stratus Financial Launches its First Scholarship Program
Scholarships are a great way to finance your pilot training without the burden of repayment. Many organizations offer these awards specifically for aviation students. At Stratus Financial, we believe in helping dreams come true for aviation enthusiasts. We will be launching a $5000 scholarship for both current and new Stratus Financial clients to use toward their flight school training. To learn more about the eligibility requirements, click here.
Airline training tuition reimbursements
If you’re committed to working in the airline industry after graduation, tuition reimbursement programs can help fund your education now while promising employment later.
Airlines like SkyWest Airlines and ExpressJet Airlines invest in future employees through such schemes. They offer generous airline training tuition reimbursements which not only eases out-of-pocket costs but also ensures job placement upon successful completion of your flight school courses.
These methods may require some extra legwork compared to traditional loan applications from places like Stratus Financial, but the benefits they offer make them worth considering. Remember, your journey to becoming a pilot is an investment in yourself, so explore all available avenues for funding it.
Your dream deserves wings; take these insights, buckle up and start soaring!