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When looking at how to become a pilot, you’re probably wondering how you pay for your training.
Read our full guide all about How Pilots Pay For Flight School.
This is probably the question I get asked the most, and before we get into this chapter, I am not a financial advisor. However, you should always do thorough research before paying for flight training.
I am here to point you in the right direction on how you can find this information and finance your flight training.
You can skip this chapter if you have enough money to pay for your training without a loan or other financing alternatives.
However, most will be keen to understand how cadets can pay this large amount.
You do not need to be rich to become a pilot. I certainly wasn’t.
Flight Schools Are Just Businesses
You must understand the following when looking at how to become a pilot and how to become a commercial pilot.
Training organizations know how expensive their training programs are; therefore, they usually have a finance specialist available to answer questions.
They want you to be able to get the finances. This will allow you to pay them for your training and for them to make money as a business. Remember, you are the customer.
The finance team at each flight school is one of your most significant assets regarding fact-finding regarding financing your training.
Tailor-Made Financing Options
Some larger flight schools now offer financing options tailored to your flight training. These specialized loans should offer competitive interest rates and the option to pay off pilo loans early without penalties.
They will likely offer ‘repayment holidays’ also. This means that from the point you take your loan, you won’t have to pay back the loan until a period has passed.
For example, it might be two years before you need to start paying back your loan, allowing you to complete your training without worrying about repaying your loan while you are not earning any income.
As we will look at in the salaries section, it’s worth remembering that your starting salary won’t be huge. Therefore, considering your loan repayment costs in the early stages of your career is essential.
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