Financing Your Flight Training: 5 Tips for Making It Affordable

If you’ve ever dreamed of becoming a pilot, you know that flight training can be expensive. But you don’t have to let the cost discourage you from pursuing your dreams. With the right plan, flight training can become more affordable than you think. Here are five tips to help you finance your flight training without breaking the bank. 

1. Look for Scholarships

The first step in financing your flight training is to look for scholarships and grants specifically designed for aspiring pilots. Next, research what types of scholarships and grants best fit your needs and any deadlines or eligibility requirements that may apply. Here's a list of some organizations that offer scholarships to aspiring aviators: 

• The Avtrip Scholarship 
• Ray Foundation
• AOPA Scholarship
• The Amelia Earhart Memorial Scholarships
• Leroy W. Homer Scholarship
• EAA Scholarship 

2. Utilize Crowdfunding Platforms

Crowdfunding platforms such as Kickstarter or GoFundMe can be great resources for raising money towards your flight training expenses—especially if you have friends and family members willing to donate to your cause! Just make sure that you clearly outline how the funds will be used (e.g., study material, plane rental fees, checkride fees) so that potential donors know exactly what they’re contributing towards before committing their money towards your dream!

3. Work in Exchange for Flight Time

Another great way to reduce the cost of flight training is to find a flight school willing to give you flight time instead of money for your work. For example, you can offer to wash their planes, clean their facilities, cut the grass, etc. This is how I started my flight training. I worked for a Part 135 operator who also had two Cessna 172 for rent, and I worked 6 hours per week in exchange for 1 hour of flight time.  

4. Start an Aircraft Brokerage

If you are the entrepreneurial type, this could be an excellent opportunity for you to finance your flight training. As you can imagine, you have to build a clientele, which might take some time, but you don't have to invest a fortune to get started, plus you don't need an FAA License. If you want to learn more, check out our last blog post, Five Reasons Why to Start An Aircraft Brokerage, or schedule a free call to chat more about how you can become an aircraft broker. 

5. Consider Low-Interest Loans 

A loan should be your last resort, but if all fails, you can consider taking out a low-interest loan to cover your flight training costs. Depending on your credit score and other factors, there are many different options available, so it is essential to shop around and compare rates before deciding on a loan option. Also, be sure to read all of the fine print before signing any agreements! 

With these five tips in mind, financing your flight training doesn't have to be an unconquerable obstacle standing between you and achieving your dreams of becoming a pilot! From applying for scholarships to utilizing crowdfunding platforms or working in exchange for flight time — there are plenty of ways to make flight training more affordable without breaking the bank! Start researching today and take one step closer to realizing your dream career as a pilot tomorrow. Remember that Aircraft Broker Academy is here to help you if you decide to start a brokerage to finance your dream.