Private and Government Student Loans
Langley Flying School students can make application for both private credit, and government student loans and bursaries. The government loans only apply to only advanced pilot training, and only cover a set number weeks. Private bank loans are less restrictive, and can be applied to initial Private Pilot Licence training.
The most common form of private student loan is a line of credit, which is offered by practically all private lending instututions in Canada. The advantage of private loans is that they are fully funding--that is, they will cover the full cost of your training. In contrast, government student loans only cover a portion of the training.
A second advantage is that private loans can be used to cover the costs of Private Pilot Licence training (which is prerequisite for Commericlal Pilot Licence training). By compariston, government student loans are not available for Private Pilot Licence training, but can only be used for the Commercial Pilot Licence, Multi-engine Class Rating, Instrument Rating, and Instructor Rating.
Lastly, private loans are not affected by the number of dependants a student has or does not have. In the case of government loans, students without dependants receive considerably less than students with a spouse and children.
Here are three prominent links for private loans:
Government Student Loans
With respect to government student loans, the maximum study period covered by funding for students enrolled in the Commercial Pilot License Program is 17 weeks. Students enrolled in the Multi-engine Class Rating and the Instrument Rating Programs (which are combined for the purpose of funding and are regarded as "endorsements") may receive funding for 13 weeks. Thirteen (13) weeks is also the loan period for students enrolled in the Flight Instructor Rating Program. The period of funding is important because the calculation of loan benefits is based on a weekly payment derived from your level of need--see page 17 in the published Student Guide.
The weekly funding limits are differentiated between students with eligible dependants and and students without eligible dependants. For students enrolled in the Commercial Pilot License, those without dependants can receive a maximum of $5440, while those with dependants can receive a maximum of $8670. For students enrolled in the Multi-engine Class Rating/Instrument Rating Programs, and the Flight Instructor Rating Program, those without dependants can receive a maximum of $4160, while those with dependants can receive a maximum of $6630. See page 16 of the Student Guide.
Students receiving government student loans may also receive a Canada Student Grant of $1200. See page 31.
For more additional information on student loans, contact Office Administration.