What are my funding / scholarship options?
Flight training requires a significant commitment of time and money. It is important you have clear expectations on how much to budget and methods for using your time efficiently. One issue you want to avoid is beginning your training only to pause later while saving funds to finish. This results in additional time and cost as you will likely need to review previous progress before finishing remaining lessons. You can avoid this setback with proper planning and considering additional sources of funds.
While not ideal, borrowing money may save you money. It is usually better to secure a short-term loan and complete training while your knowledge and skill is fresh. If you have assets as collateral such as a home, secured loans generally offer lower interest with flexible payment terms. A home equity line of credit or second mortgage are offered by most lenders with reasonable rates. An unsecured bank loan or credit card are also options. Just make sure you understand the terms and total cost to borrow.
You may be surprised at the variety of scholarships available for flight training, even if not pursuing as a career. Often ranging from a few hundred dollars to several thousand, scholarships can be found from endowments, trade organizations and even social groups. You may think these are very competitive, and some are, but many have few applicants or none at all. The hardest part is usually finding these scholarships and sifting through eligibility requirements. We post a list of many popular scholarships and many more can be found with some online searching. It may take some effort but what is better than free money?
If you find yourself running short of funds communicate with the flight school early. They can help identify training resources, adjust your schedule and assist developing a plan so you don’t fall short nearing checkride.