MAUNA LOA
HELICOPTER
PILOT SCHOOLS

 

Your Financing Options

At Mauna Loa Helicopters we try to be very upfront about cost. Many schools do anything they can to make their programs look cheaper than they really are. But at MLH we believe that it is more beneficial to the student if they know the real costs in advance and are not surprised later.

Helicopter pilot training is an expensive undertaking and getting all your financing can be tricky, but do not be discouraged, we will do everything we can to help. We don’t require payment in full prior to your training. You can pay as you go or set up an account. However, we do strongly recommend that you have your finances secured before starting school. We work with several organizations to provide funding for students who qualify. Here are some avenues to consider:

• Sallie Mae -- Offers Career Training Loans. 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. Interest rates are variable (monthly) and based on the Prime Rate plus a spread. Interest rates start at Prime + 1%. Standard deferment is 12 months (possible 36 months for MLH students). 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 www.salliemae.com/ctl or (888) 272-5543. Click here to download our instructions on applying online with Sallie Mae.

• 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 can be 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 UVU’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.. 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, UVU may be right for you. The best part is UVU’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

• 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.

• Helicopter Foundation International -- Offer a variety of scholarships for helicopter pilot and technician training, as well as pilot resources, mentoring programs, educational seminars, internships, and more. Visit their website at http://helicopterfoundation.org/

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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