With a Smart Option Student Loan®, you can get the money and resources you need to attend flight school and launch your career as a pilot.
Lowest rates shown include the auto debit discount. Only the most creditworthy applicants who choose the interest repayment option may receive the lowest rate.
With a Smart Option Student Loan®, you can get the money you need to pay for your flight school program. Cover everything included in your school’s cost of attendance from tuition to housing to travel, and even your training materials, equipment, and test fees.footnote 2
There’s no origination fee or prepayment penalty,footnote 3 and you can repay with the option that works best for you.
Since most students have little or no credit history, they were nearly 3X more likely to be approved with a cosigner last year!footnote 4 A cosigner is usually a parent, relative, or other responsible adult with good credit, and having one may help you get a better interest rate.
Your interest rate is the amount you’re charged for borrowing money. It’s based on factors like your borrowing/repayment history and your amount of debt.
With a Smart Option Student Loan, you can choose an interest rate type that’s variable or fixed.
Lowest rates shown include the auto debit discount.
How it works
Your interest rate does not change over time.
This might be right for you if
You want a predictable monthly payment to make budgeting easier.
Lowest rates shown include the auto debit discount.
How it works
Your interest rate does not change over time.
This might be right for you if
You want a predictable monthly payment to make budgeting easier.
Lowest rates shown include the auto debit discount.
How it works
Your interest rate may go up or down as the loan’s index changes.
For more information about the index of your loan, refer to your promissory note. Changes in the financial markets may cause the index to rise or fall.
This might be right for you if
You're ok with more uncertainty. Keep in mind your payments may vary over time.
Keep in mind
Your payments may vary over time. If you’re looking for a predictable monthly payment, a variable rate might not be for you.
Lowest rates shown include the auto debit discount.
How it works
Your interest rate may go up or down as the loan’s index changes.
For more information about the index of your loan, refer to your promissory note. Changes in the financial markets may cause the index to rise or fall.
This might be right for you if
You're ok with more uncertainty. Keep in mind your payments may vary over time.
Keep in mind
Your payments may vary over time. If you’re looking for a predictable monthly payment, a variable rate might not be for you.
How the interest repayment option works:
You pay your monthly interest while in school and during your 6-month grace period to lower your loan cost.footnote 1
Your grace period is the amount of time after you’re no longer enrolled in school and before principal and interest payments begin.
This may be right for you if
You want to reduce your interest rate as much as possible and can afford to pay more each month.
Keep in mind
Your loan payments will likely be larger while you’re in school and in your grace period than with our fixed or deferred options.
How the fixed repayment option works:
You pay $25 a monthfootnote 5 while in school and during your 6-month grace period to lower your loan cost compared to the deferred repayment option.footnote 1
Your grace period is the amount of time after you’re no longer enrolled in school and before principal and interest payments begin.
This may be right for you if
You want to reduce your total loan cost and can afford to pay $25footnote 5 every month.
Keep in mind
Your interest rate will be less than with our deferred option, but the unpaid interest will be added to your principal amount at the end of your grace period.
How the deferred repayment option works:
You don’t make your first payment until both your time at school and 6-month grace period have ended.footnote 1
Your grace period is the amount of time after you’re no longer enrolled in school and before principal and interest payments begin.
This may be right for you if
You want to have as much money available to you while you’re in school.
Keep in mind
You’re likely to pay more for the total cost of the loan compared to the other repayment options and the unpaid interest will be added to your principal amount at the end of your grace period.
It’s easy, just follow these steps:
We’ll need some basic information from you (and your cosigner if you’re applying with one) like your name, address, and date of birth, along with some details about your school.
After you’re approved, pick the repayment option and interest rate type that work best for your budget.
Be sure to review all loan documents so you understand your responsibilities. Once you’ve decided to borrow from us, just e-sign, accept loan terms, and provide any other requested information. We'll work with your school to take care of the rest. That's it!
Private student loans are credit-based, which means we will check your credit when you submit your application. Last year, students were nearly 3X more likely to be approved with a cosigner.footnote 4 A cosigner is an adult with good credit, usually a parent, who shares responsibility with you for paying back the loan.
You can apply just once a year with a single credit check and funds are sent for each term directly to your school. You can cancel future disbursements as needed with no penalty. No interest is charged until money is sent to your school, so you can relax, knowing you've got the funds when you need them.
It takes about 10 minutes to apply and get a credit decision. After you’re approved, you choose your loan rate type and repayment options, accept your loan disclosure, e-sign and provide any other requested information, and the loan is certified by your school. We send (disburse) the funds directly to the school. The process takes 10 business days or less from application to disbursement.
Whether you study online or on campus, you can borrow to cover the costs at a participating institution, even if you're not a full- or half-time student. The loan's flexibility makes it a good choice for many situations:
With the Smart Option Student Loan, you can select from three repayment options. While in school, you can choose to make monthly interest payments or fixed $25 payments,footnote 5—or you can choose to defer payments until after school.footnote 1 The repayment option you choose applies during school and for six months after you leave school (your grace period). After that, you begin to make principal and interest payments.
When you apply, we look at your history of borrowing money and paying it back on time. Lenders want to know how responsible you are with credit before approving your student loan application.
Many college-bound high school students haven’t had time to build up their own credit. That’s why they apply with a cosigner, a creditworthy adult who shares the responsibility of the student loan.
You and your cosigner will want to have your school information, amount needed (remember, you can use it to pay for school-certified expenses for the entire year) as well as your cosigner’s financial and employment information. Providing your social security number is optional. You or your cosigner may start the application, however, should your cosigner not be with you, we can send along an email with a link to their section of the application so they can fill it in later.
Not all flight schools are eligible for this loan. Only schools that meet certain eligibility requirements qualify. Reach out to your flight program for more information.
Need assistance? We’re here to help.
Learn about the different student loans we offer.
