Student Loans Aren’t the Only Way to Fund Your Training

There are other ways to fund the pursuit.

Tuesday, January 25, 2022 at 09:51 AM ET

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If traditional numbers don't add up, you might have to use some different methods to get yourself trained. [File photo: Adobe Stock]

Key Takeaways:

Pilot training is extremely expensive, often leading to substantial student loan debt ($200,000+) with long repayment periods and significant financial strain for new pilots despite future earning potential.
The article advocates for diversifying one's education and career path, suggesting pilots pursue a complementary degree (e.g., in tech or emerging aviation fields) alongside flight training to provide a financial safety net, better upfront income, and reduce reliance on a single, potentially volatile career.
Alternative financing and training strategies are recommended, such as saving to pay for training sessions to increase efficiency and avoid debt, or even buying a training aircraft (potentially with a partner) to reduce costs and accelerate flight hour accumulation.

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Two of the dominant responses to our recent pilot shortage series surrounded the affordability of training and pilot pay entering the workforce. Many experts suggested that the numbers were just off.

For many who decide to go on this worthwhile pursuit of becoming a professional pilot, student loans offer an opportunity to pursue their dreams. Indeed, they seem quite generous. Between private and federal lenders, new students can get almost unfettered access to cash.