Top 5 Tips - FAA Financial Aid

by Savanna Folan on Feb 14 2019
Hey everyone! My name is Savanna Folan and I am a Financial Aid Administrator for L3 Airline Academy in Sanford, Florida. My role is to help qualified students apply and secure funding for their pilot training. I know that navigating pilot training costs and applying for financial aid can be frustrating and confusing - especially if you have recently decided to become a pilot. So - here are my top 5 tips for finding financial aid to help pay for flight school!

1. Always apply for aviation grants and scholarships before applying for student loans.
Everyone wants free money! Unlike loans, grants do not have to be repaid unless under certain circumstances. There are numerous types of aviation scholarships and grants offered that could be applied towards a degree or career/technical program. Scholarships are a source of funding that most students must find on their own. Beware of scams that might charge you a fee to join an organization to help find you a flight scholarship, you should be able to find them yourself! Search online, make sure you meet the requirements, and apply before the deadlines. L3 Airline Academy in the US currently offers a few different flight scholarships to those that qualify, one of which goes up to $35,000! https://www.l3commercialaviation.com/airline-academy/faa-pilot-training/faa-funding-and-finance/scholarships/

2. Apply for Federal Aid.
Many students concerned about the cost of a pilot license consider Federal Financial Aid. This is money to help pay for college or a career school provided by the federal government. US Citizens can apply for Federal Aid through the FAFSA (Free Application for Federal Student Aid) at www.fafsa.ed.gov . If you are going to apply, along with other info, you will need to have your household income, your tax information (2 years prior), and your school’s FAFSA code (L3’s is 041571). Leaving blank fields or listing incorrect tax information may cause miscalculations on the application or errors/rejections.

3. Find out about the different types of loans that are offered at your school.
It is important to learn the details of each loan since different loans have different terms. Some loans may be better for you than others, so knowing the details (like interest rates and repayment terms) will benefit you in the long run. For Federal Aid loan information you can visit www.studentaid.ed.gov

4. Know who the financial aid officers are at the college you are applying to.
Financial Aid Officers are the best resources and people to contact for questions about the cost of a pilot’s license and how to access funding to help with your pilot training. They will be there for you throughout the entire enrolment process, while attending school, and after graduating.

5. Be aware of agencies that charge to help complete applications.
The FAFSA is a free application for federal student aid. If a website seems too good to be true, reach out to a financial aid officer to get more information. They are there to help and will guide you in the right direction.

Good luck to all those applying for financial aid! If you have any questions about funding at the Florida L3 Academy, feel free to reach out at USFinancialAid.cts@L3T.com