Do I need to be accepted before I can apply for financial aid at a school?

No. You can apply for financial aid at any time. To receive funds, however, you must be accepted and enrolled at the school.

When does INTEREST start accruing on my Private Alternative Loan?

Interest starts accruing only on the amount of the funds disbursed to the school.

When do I start repayment on my loan?

In most cases, repayment begins six (6) months after GRADUATION. Graduation is when you have received your Multi-Engine Instructor Rating.

Is the interest FIXED or VARIABLE on the Private Alternative Loan?

It depends on the lender of your choice whether the interest will be fixed or variable.

What is an origination fee?

This is a one-time charge that is added to the principle of the loan, which will vary according to the lender you choose.

Is there an origination fee?

This will depend on the lender of your choice.

What is the most I can borrow from a private lender?

Usually the amount you can borrow is the cost of attendance plus living expenses.

What is the term of the loan?

This would depend on the lender, but most lenders write the term for 20 years with no pre-payment penalty.

How is the money disbursed to the school?

All of the lenders make up to four (4) disbursements. Originally these disbursements are set up to be sent to the school every two (2) months. However, you can change the disbursement dates (moving the dates either forward or backward) according to how efficiently you are progressing with your training.

How is my living expense money given to me?

When the first disbursement is made from the lender, you may receive up to $5,000 dollars for living expenses. With each additional disbursement, the amount for living expenses depends on how efficiently you are going through the program.

How much money should I borrow?

You should borrow the estimated cost of your program, plus living expenses, plus twenty percent (20%) of the estimated cost of the program, in the event of over flight.

How long does it take to be approved?

Approval is usually received within 48 hours of submitting your application. The loan companies we work with provide an on-line application process.