Students who seek loans from banks can often increase their chances of being approved for a private loan and getting lower interest rates, if a parent or another creditworthy adult agrees to be a co-signer.
When it comes to student loans, credit requirements and interest rates vary from lender to lender, so that the same person who is denied a loan by one could be approved by another. So be sure to check with multiple sources — and don’t get discouraged if you are initially denied.
Though only a very part of student lending, so-called "peer-to-peer" web sites llike www.fynanz.com, www.greennote.com and www.virginmoney.com have recently sprung up. They offer student borrowers the chance to seek loans from friends, family and even strangers. Students post the amount they want, the interest rate they are willilng to pay and some details about themselves and their studies. In some cases, the "loan" involves money from multiple lenders. In the case of Fynanz, for example, you pay a fee for processing the loans. Financial industry observers say such lending sites are an interesting option, though most haven’t been around long enough to develop much of a track record. Phoenix East provides this information not as a recommendation or an endorsement, but as one more avenue for students to explore for themselves.
Other resources for U.S. students include Federal Aviation Administration’s Aviation and Space Education Outrreach Program Aviation Scholarships, NBAA Scholarships (13 annual scholarships to promote professional development and business aviation careers), Young Eagles and EAA assistance, AOPA Flight Training, and Landings.com (for aviation scholarship links).
To further supplement education funds, many students also work part-time at jobs with some flexibility in working hours, to allow time for ground schools and flight training.
For international students who need financial assistance for flight training in the U.S., checking with banks and government agencies in your home country is usually the best place to begin; Some provide funding for career education in other countries. Also, if the student has a relative in the U.S. who is creditworthy, that aunt or brother might be able to co-sign with you on a loan to cover flight training and living expenses.
For more information, talk to an Admissions Officer at Phoenix East. Call 1-386-258-0703 (worldwide) or 1-800-868-4359 (from the U.S.)