Life as an aviation student can be very exciting and rewarding. However, it can also mean eating macaroni, being without a “set of wheels”, and always broke, unless you carefully plan your finances ahead of time. As you are well aware, venturing into aviation programs can be very expensive. Costs range per program. Your costs will depend largely on your personal situation and your monthly living expenses, as well as the program of interest.
PLANNING YOUR EDUCATION COSTS
Tuition fees, books, supplies and material costs at EXCEL FLIGHT TRAINING INC vary depending on your program. Consult the current calendar or contact the EXCEL FLIGHT TRAINING INC campus for accurate program costs. Make sure you include all additional fees. You must also consider monthly rent, utilities, food, transportation and personal expenses you will have. If you work part-time during school, remember that study time is important in getting good grades.
- Your savings
- Help from your parents/family members
- Bank Loans
- Student Loans
- Scholarships and other Awards
- Summer work / Part-time jobs
- Sponsoring Agencies – eg. Indian & Northern Affairs, Alberta Learning, Canada Employment Centre.
If you are a full-time student, you can apply for assistance through the Student Finance Office in your home province. Student Finance determines your eligibility as well as how the funds will be disbursed. Application forms for Alberta residents are usually available by May 1 and may be picked up at EXCEL FLIGHT TRAINING INC, your local high school, or the Alberta Career Development Centre in your area. Processing takes at least four to six weeks, so … apply early (proof of admission is NOT required to make application). Once you have completed the application, it is recommended you bring it to EXCEL FLIGHT TRAINING INC to have it checked over, and to get the appropriate Flight Training Forms. On-line applications are also available at www.alis.gov.ab.ca. Alberta Student Finance assesses each application according to financial need and is intended as a supplement to your own resources. Prerequisite courses (Private Pilot Licence) often do not qualify for this type of financial assistance.
HOW TO GET YOUR MONEY
- Alberta Students Finance assesses your application to determine your loan eligibility, and sends you a Notice of Assessment (NOA) and a loan certificate. Read the NOA carefully as it tells you how much loan money you will be receiving. Now is the time to plan your spending so you have enough money to get through the year.
- Your Canada or Alberta student loan certificate(s) must be signed by EXCEL FLIGHT TRAINING INC in order for you to receive your funds.
- Outstanding tuition fees will be remitted from the student loan certificate(s). Once your certificate has been signed you must submit your papers to Canada Post. They will process your loan and deposit your funds into your bank account, and forward remitted fees to EXCEL FLIGHT TRAINING INC.
- If you are awarded grant funds (check your NOA), that money will be mailed to your home address or direct deposited to your bank.
The Province of Alberta provides grants to full-time students in need of additional fund to meet their educational expenses. Eligibility for grants will be determined on the original student loan application and the funds will vary depending on the students special status.
Canada Millennium Bursary. The government of Alberta is working with the Canada Millennium Scholarship Foundation to help Alberta’s highest financial need students access the scholarship and reduce their debt-load. The program provides non-repayable assistance from $2000 up to a maximum of $4000 for qualifying students. Students must be enrolled full-time at a postsecondary institute and in their 2nd or subsequent year of study. Students do not need to apply for this bursary separately. Eligibility for the Millennium Bursaries will be based on original applications for financial assistance and confirmation of academic progress by student’s postsecondary institution. For more information on the foundation, visit the Millennium Scholarship’s website at www.millenium_scholarships.ca
If you receive your Alberta Student Loan and you would like to appeal the amount, you must fill out an Appeal application requesting another assessment of your file. Contact the Student Loans Office for more information.
As long as you are a full-time student, your student loan is interest free. To remain this way, you must have EXCEL FLIGHT TRAINING INC fill out a Confirmation of Enrolment form each year to advise your bank and Alberta Students Finance that you are a full-time student.
When you stop being a full-time student, you must arrange with your bank to start paying back your student loan. You are required to start paying back your student loan six months after completion of, or withdrawal from, full-time studies. The interest rate and terms of repayment are set at the time of consolidation. Details on loan remission and repayment are available through your bank.
OTHER TYPES OF ASSISTANCE AVAILABLE
TD Bank – Flight Training Financing Program. This program offers convenient access to flight training financing. This is a TD Select Line of Personal Credit. Those that don’t have sufficient income to qualify, may be able to qualify by providing other security. Maximum financial assistance available is $8000 for the Private Pilot Licence. Application forms are available at the financial institution.
Bank Of Montreal – “Brain Money”. This is a student line of credit that may be used for flight training purposes. Full or Part-time students may qualify for this financing. Application forms are available at the financial institution.
Royal Bank – Royal Credit Line for Students. This is also a student line of credit that may be used for flight training purposes. Qualifying students must meet the Royal Bank’s credit criteria or Co-borrowers may be required. Interest is set only at Royal Bank Prime Interest Rate + 1% while the student is in school. Principle and interest payments start after graduation or once the student ceases to be a full-time student. Application forms are available at the financial institution.