How to Finance Your Helicopter Pilot Training

Okay, you’ve decided that a career flying helicopters is for you. You’ve gone online to see what students and professionals are saying about flight training, you’ve studied the job prospects and you’ve done your homework and found a flight school with a good reputation that meets your personal criteria.

The next step in achieving your goal is to arrange suitable financing for your training. I’m going to take a wild guess here and assume that you don’t just happen to have 70- to 80-thousand dollars in a suitcase under your bed, and, unless you have a wealthy aunt who’s willing to underwrite your training, it will be up to the good graces of a lender to help you get where you want to go.

No matter what various schools will quote on their websites about the total expense of obtaining your private, commercial, certified flight instructor, instrument and instrument instructor ratings, it’s going to cost you about $75,000. No one’s trying to deceive you with low-ball figures: those optimistic estimated costs you find on websites are based on FAA minimums. But the overwhelming majority of helicopter students require more hours than the bare minimums required. Besides, you’re going to need at least 200 hours total time before you can start teaching anyway.

The costs for an R-22, fuel, oil, maintenance and labor do not vary tremendously across this country of ours, so when all’s said and done, most flight schools will cost roughly the same. One school may charge less per flight hour but charge more for other items that make the total expense similar to other schools.

How do you get the $75,000? We’re going to rule out the stocking-over-the-head/handgun solution and suggest that the answer is probably with a lending institution. The more you know about the process the better. And that leads us to...

Step #1: Learn How Different Loans Work

Read and study all that you can to develop a good understanding of the loan and lending process. Will you be able to pay it back? You must be thoroughly familiar not only with the terms and conditions of the proposed loan; you also must have a solid grasp of what will happen if you don’t fulfill your obligation to the lender. Failing to honor your commitment could ruin your credit for years to come.

Step #2: Shop Around for Lenders and Scholarships

Once you understand what it takes to establish credit and how to properly complete a loan application, you’re going to want to shop around to see which lender will give you the best rate and terms. One lender that has proven popular with our students is Sallie Mae, the nation’s leading provider of student loans. Mauna Loa Helicopters enjoys a favored status with Sallie Mae in that they will allow MLH students an extended deferment for payback of the loan. In other words, the lender will allow you 36 months before you must begin repaying the loan; the normal grace period is 18 months.

Naturally, Sallie Mae isn’t the only game in town. It may be that your hometown bank or credit union will lend you the money for less. Another consideration is to enroll in an institution of higher learning, such as Utah Valley University, in order to take advantage of their avenues of financial aid. One nice thing about these loans is that students who remain enrolled can take up to 48 months before being required to begin repayment.

Alaska residents should investigate the Alaska Advantage program for training funds. You also may consider applying for any and all flight training scholarships that you discover. There’s more than one way to skin a cat, so be patient, be creative and consider all your options before making a commitment.

Step #3: Be Thorough in Completing Your Application

When applying for a loan, be thorough and provide as much information as possible in completing your application. Missing information and incomplete applications are the main reasons loans are delayed. Naturally, your lender will request more information and documentation from you if there are any portions of the applications that are incomplete, but it holds up the process.

People often ask me how hard it is to learn how to fly helicopters and I answer, “The hardest part of the equation is coming up with the money to train.” Obtaining financing may be the most difficult maneuver you master, but it’s a necessary step in making your dream come true.

For more about financing options, please visit our Financing Page.