MAUNA LOA
HELICOPTER
PILOT SCHOOLS

 

Your Financing Options

Helicopter pilot training is an expensive undertaking and few students have the luxury of paying for their training out of pocket. We work with several organizations to provide funding for our students. Here are some avenues to consider:

• Sallie Mae -- Career Training Loan The Career Training Loan is designed specifically to help students finance their training. The loan can be used for the total cost of education and certain related expenses. If the applicant has no credit or a poor credit history they may still qualify for a loan by applying with a creditworthy co-borrower. The minimum loan amount is $1,000. Interest rates are variable (monthly) and based on the Prime Rate plus a spread. The interest rate is determined by the applicant and co-borrower’s credit history. Interest rates start at Prime + 1%.Standard deferment is 12 months. There is the option of making interest only payments while in training and there are no prepayment penalties. Mauna Loa’s School Code for Sallie Mae is 605360; they can be reached at SLMfinancial.com or (888) 272-5543.

• AOPA -- The Aircraft Owners and Pilots Association (AOPA) offers a loan to its members through its affiliated partner, MBNA America Bank. Repayment terms are up to five years. Loans may be used for any flight training expense including aircraft rental, instruction, books, supplies and so forth. For more information, go to AOPA.org/info/flynow or call MBNA Bank at (800) 882-8648.

• Pilot Finance, Inc. -- Pilot Finance offers loans that are limited only by the borrower’s income, debt and credit record. The interest rate is higher than what is offered by Sallie Mae, but Pilot Finance is occasionally more accommodating with loan requests. Several of our students have had good success with Pilot Finance and they are pretty quick with the paperwork. To apply online, go to PilotFinance.com, or call (800) 667-0201.

• Utah Valley State College (UVSC) -- We are affiliated with UVSC’s Global Aviation Degree Program, which means you can earn a two- or four-year degree while learning to fly with Mauna Loa Helicopters. You will attend classes online while concurrently attending flight and ground school with Mauna Loa Helicopters. You will receive credit at MLH for some of the classes you take online and vice versa. It is a bit more of a work load on the student, but if a degree is a part of your goal and/or you are having trouble financing, UVSC may be right for you. The best part is UVSC’s financial assistance program. You can apply online for financial aid (and scholarships) at UVSCAviation.com or by calling (888) 901-7192. Since you are working towards a degree now, you are eligible for thousands of scholarships. A great scholarship resource is Fastweb.com

• Pilot Career Foundation -- This is a nonprofit organization that offers helpful information on career choices, finance options and other useful topics. PCF usually has lenders lined up for applicants for approved schools, including MLH. Visit the website at PilotCareer.org or (888) 356-0260

• Alaska Advantage Program -- This is a unique opportunity for Alaska residents only. The AK Advantage Program offers loans of $6,000 per certificate/ rating starting after the Private Pilot License. This would be a total of $24,000 available for the last four certificates and rating (COM, IFR, CFI, CFII) we provide to students enrolled in our professional pilot program. Funds may be used for anything school related including books, supplies, food, housing, and travel expenses. An additional $6,000 can be borrowed for pilots seeking their ATP certificate. Residents should not apply until they have obtained their Private Pilot’s License. Their website is Alaskadvantage.state.ak.us/ or (800) 441-2962 or (907) 465-2962 in Juneau

Payment

We do not require payment in full prior to your training. There is a $150 non-refundable application fee due prior to the start of your training. This fee secures the agreed start date for your flight training at MLH and also covers some of your student expenses such as computer use, internet use, and copying at the school. All instruction and student supplies are subject to 4.167% state tax. You can pay as you go or set up an account with us.

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