Paying the Piper

Unless you happen to have a rich uncle or are lucky enough to win the lottery, the daunting task of paying for too much flight training with too little money is a problem most aviators and aspiring aviators will face at some time during their careers.

Here are a few useful financing tips to help win those ratings:

Decide how much training you can afford in time and money BEFORE you begin. It will take much longer - and cost more, often as much as 30 percent more - to finish any course by scheduling just two or three lessons per month, than if you try two per week.
Divide finance issues into smaller, more manageable parts. It can be much easier to track down $5,000 for a private license than $50,000 for a career course.
Take a personal or home equity loan for flight training, if possible. This solution can provide all the funds and a possible tax break, to move through a program quickly and save cash at the same time. Check resources like www.pilotfinance.com that specialize in flexible flight training payment plans. Visit Sallie Mae - www.salliemae.com - a quasi-governmental organization that focuses on student loans and loan advice for students too.
Avoid paying for training on a credit card, where interest rates can often reach 20%. If you make only the minimum payment, you can easily surpass your ability to ever pay off the loan and continue on.
If your goal is an aviation career, the curriculum is important. But a school’s ability to locate financing you can live with might be the factor that makes one school more valuable than another. If you’re a veteran, ask how the Veterans Administration may help finance some of your training.
Finally, never, never, never pay for an entire course before you begin. Once you hand over your hard-earned cash, you also give up most of your leverage should a problem arise later.

Do your financing homework and never give up.