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5 Helpful Tips For Flight School Financing

School FinancingNow is the best time to go to flight training school. The economy is improving and the commercial pilot job market is opening up. By 2011, experts predict the commercial aviation business will be booming again. So what are you waiting for? Here are the best ways to get financing for a flight school and make your dream come true.

FAFSA – or Free Application for Federal Student Aid. This is your first step for flight school financing. Use it to apply for federal student financial aid, such as the Pell Grant, student loans, and college work-study. Most states and schools use FAFSA information to award their financial aid. Visit their website for more information.

1) Pell Grants: These are one of the most popular government loans. The award amount is directly related to the student’s expected family contribution as determined by the FAFSA form and the student’s enrollment status.

2) Federal Perkins Loan
: This low-interest loan is dependent on availability of funds each year and must be repaid to the flight school you are attending. The loan accrues no interest while the student attends school or during a nine-month grace period.

3) Federal Stafford Loans (FFEL)
: Amounts may vary each year and are dependent on need and the grade year of the student. The FFEL 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 borrowed each year is limited to the cost of attendance less other forms of assistance.

4) Federal Academic Competitiveness Grant (ACG): This federal grant is for full-time, undergraduate, Pell Grant-eligible U.S. citizens who have completed a rigorous High School curricula and are in their first two years of study. ACG grants are for first and second-year students with a grade point average of 3.0 or higher.

5) Sallie Mae Career Training Loan:
This loan may be able to provide you with all the benefits of a traditional alternative student loan. It can fund up to the full cost of the flight school. The Career Training Loan from Sallie Mae is one of the most practical loans for students pursuing a trade program. It allows applicants to apply with a co-borrower if necessary, borrow up to the full cost for the program along with all related expenses and still benefit from flexible repayment terms and interest rates.

There are plenty of other ways to get financing for flight training school. These are five of the best government loan programs. Get your financing, get your training and good luck with your new career.

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