Career Training Loans
Helicopter Training vs. 4-Year College Degree
On average, an undergraduate post-secondary education student can expect to spend approximately $22,000 per year for a total of $88,000. Helicopter training at Northeast will average around $72,000 but generally it only takes two years instead of four. That means you can start earning money two years sooner than the average college graduate. If you're interested in a career in aviation, please look below at some of our financing options.
CAREER TRAINING SMART OPTION STUDENT LOAN®
With college costs growing fast, it‘s time to borrow smarter. The career Training Smart Option Student Loan offers two repayment options and competitive interest rates to help you pay for college expenses not covered by scholarships and federal loans.
NEH is very fortunate to be able to continue to offer SLM Financing to our qualified students for their flight training loans, please contact Rhonda for further details.
- Competitive variable interest rates - 4.75%APR to 11.89%APR1
- Flexible repayment options - Choose affordable fixed in-school payments of $25 a month2 or make full interest payments to save even more.1
- 5-15 years of principal and interest payments.2 Repayment term will vary based on several factors, including loan amount and year in school.
- Auto Debit Savings - 0.25 percentage point interest rate reduction for auto debit enrollment.3
- Smart Reward® - 2% cash back on scheduled payments made on time while in school.4
- Quarterly FICO® Credit Score is available online for free to both borrowers and cosigners.5
- Borrow up to 100% of your school-certified cost of attendance6
- Applying with a creditworthy cosigner may help you qualify. After graduation a borrower may apply for their cosigner to be released from the loan once they have made 12 consecutive, on-time principal and interest payments and meet certain credit requirements.7
Releasing the cosigner will not adversely impact the rate on your loan.
- 1Interest rates for the Fixed Repayment Option are higher than interest rates for the Interest Repayment Option. Variable rates may increase after consummation. Interest is charged while you are in school and during the 6-month separation period. Unpaid Interest will be added to the Current Principal when you enter principal and interest repayment.
- 2This informational repayment example uses typical loan terms available to a borrower whose planned term for enrollment is approximately one academic year who elects the Fixed Repayment Option and has a $10,000 loan with two disbursements, no disbursement fee, and a 11.89% variable APR: 15 payments of $25 per month, 119 payments of $157.43 and one payment of $96.64, for a Total Loan Cost of $19,205.81. Variable rates may increase after consummation.
- 3Either the borrower or cosigner (not both) must enroll in auto debit through Sallie Mae. The rate reduction benefit applies only during active repayment for as long as the Current Amount Due is successfully deducted from the designated bank account each month and is suspended during forbearances and certain deferments.
- 4Primary borrower must enroll in Upromise to be eligible to earn a reward into his or her active Upromise account of 2% of the Current Amount Due in each month it is paid on-time during the in-school and separation periods. If paid ahead, the reward will be based on the regularly scheduled monthly payment amount. The loan must remain current to be eligible for the reward. The Smart Reward Benefit and Upromise membership are subject to the terms and conditions of the Upromise service, as may be amended from time to time. Terms and conditions apply to the Upromise service. Participating companies, contribution levels, and terms and conditions are subject to change at any time without notice. Go to Upromise.com to learn more. Upromise Accounts are not FDIC insured, carry no bank guarantee, and may lose value.
- 5Borrowers and cosigners may receive their FICO® Score quarterly after the first disbursement of their loan. FICO® Scores are delivered only to borrowers and cosigners who have an available score, are based on data from TransUnion, and may be different from other credit scores. This benefit may change or end in the future. FICO® is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
- 6Sallie Mae reserves the right to approve a lower loan amount than the school certified amount. Some requested amounts may require multiple loans.
- 7Only the borrower may apply for cosigner release. Borrower must provide proof of graduation (or successful completion of certification program), income, and citizenship (if it has changed since you applied). Borrower must also be a U.S. citizen or permanent resident; meet the age of majority in their state; be current on all Sallie Mae serviced loans and make 12 consecutive on-time principal and interest payments on each loan requested for release immediately before applying; not have been reported to a consumer reporting agency as 90+ days delinquent in the past 24 months; not be in hardship forbearance or a modified repayment program; have no student loan(s) in default; and pass a credit review that demonstrates a satisfactory credit history and the ability to assume full responsibility of the loan(s) individually when the release request is processed. Requirements are subject to change.
Pilot Finance, Inc.
Pilot Finance, Inc. can help you with smaller loan amounts. Looking for your private license or maybe an add-on rating? Pilot Finance might be just what you need. The loan is designed for part-time students only. Maximum amount that can be financed is limited to the applicant‘s income, credit history and debts. You can apply on-line at www.pilotfinance.com or call 800-667-0201.
AOPA (Aircraft Owners and Pilots Association)
AOPA now offers flight training loans to finance your training. You can borrow as little or as much as you need all the way up to $100,000. Repayment terms can be as long as seven years. You can take a look at this brochure to find out if this is the path you would like to take, or you can apply here and get an approval decision in as little as one business day.
Students may choose to visit their bank, and discuss home equity loans or lines of credit versus the above options.
Just a few short years ago, there was little available as far as financial aid for a career as a helicopter pilot. We are very fortunate to have these options for students seeking help. Rhonda will be happy to talk to you on any or all of the above options, just contact her.
To save you time and frustration, please keep in mind that NEH is not currently a Title 4 Accredited school. NEH is regulated strictly by the FAA, not the State of CT educational system. Therefore, there are limited options for financing.
Do you know what your FICO credit score is like?
As you prepare for financing your helicopter career, we recommend you have a good understanding of your credit history and your credit score. You can do this be researching your FICO score to learn how it is determined and prepare for your individual loan needs.