- Check your credit score
- Get prequalified
- Compare lenders
- Gather necessary documents
- Apply and get funding
1. Check your credit score
You should know your credit score before applying for a flight school loan. Your credit score will affect both your eligibility for certain loans as well as the interest rates you’ll be charged. The better your score, the better the interest rates you’re liable to be offered. Knowing your credit score will also help you filter lenders as you shop.
It’s common for students to have little credit history and struggle to qualify for credit. For this reason, most private student loan lenders will allow you to add a cosigner to your loan.
2. Get prequalified
When you apply for prequalification, you’ll typically submit to a soft credit check with a lender. You’ll need to provide basic information about your financial situation, such as your income, monthly housing cost and any savings.
Using this information, lenders will determine whether you meet private student loan requirements and the types of terms they may offer you. Getting a preview of loan terms can help you choose between several different lenders.
3. Compare lenders
Once you prequalify with a few lenders, you should compare flight school loan terms such as:
- APR: The annual percentage rate takes interest charges and certain fees into account. A lower APR means a lower overall cost of borrowing.
- Repayment terms: A shorter repayment period means higher monthly payments but lower interest charges. A longer term can make payments more affordable, but it can also cost you far more in the long term.
- Loan amounts: Remember to only borrow what you need and can reasonably repay.
- Fees: Origination fees are common among personal loans and can reduce the amount you receive. Prepayment penalties, meanwhile, punish you for early repayment.
- Borrower protections: While not all lenders offer them, features like unemployment protection and forbearance for enrolled students can help keep your account in good standing when you’re in a financial pinch.
Once you’ve honed in on a lender you’d like to borrow from, it’s time to move forward in the application process.
4. Gather necessary documents
When you’re ready to formally apply with a lender, make sure you have all necessary documents handy. This will expedite the flight school loan process.
Required documents may include:
- Proof of identity, such as your passport or driver’s license
- Recent bank statements
- Tax forms like W-2s, 1099s and/or pay stubs
- Debt information, which may include credit cards and student loans
5. Apply and get funding
Once you’ve compared loan terms and have your paperwork ready, it’s time to formally apply. Many lenders offer online applications, allowing you to apply and upload documentation within minutes. During the loan application process, you’ll have to submit to a hard credit check, which will affect your credit score.
A loan application can be approved anywhere from a few hours to a week or more. The speed with which you get your decision and loan funds will depend on the lender.
Once approved, you may be able to get your funds within a few hours or business days. Electronic deposit will be the fastest way to get funds.