Frequently Asked Financial Aid Questions
Do you take payment installments?
Yes. Most students will fund their student account with $10,000 when they begin orientation and should then plan to budget payments of $5,000 – $6,000 per month, depending on the program they are enrolled in and how quickly they are progressing through training.
What type of aid is available to cover pilot school costs at L3 Airline Academy ?
L3 Airline Academy currently participates in the Federal Student Aid programs, which consists of the Federal Pell Grant, Subsidized and Unsubsidized Stafford student loans, and Parent PLUS Loan programs.*
- Pell Grant: These grants are available to undergraduate students who qualify. This grant does not have to be repaid unless monies have been awarded and received, and you do not attend class.
- Subsidized Stafford Loan: Available to students who qualify, and repaid according to the terms of your MPN (Master Promissory Note). Department of Education pays interest while you are in school and during grace and deferment periods.
- Unsubsidized Stafford Loan: Available to students who qualify, and repaid according to the terms of your MPN (Master Promissory Note). You are responsible for all interest accrued while you are in school and during grace and deferment periods.
- Parent PLUS Loan: Available to qualifying parents of undergraduate students to assist with education costs up to the amount of COA (Cost of Attendance) minus any other aid received.
The Financial Aid Office continues to seek alternative sources of financing. Once alternative student loans are available, the Financial Aid Office will announce those sources of funding.
Do I need to be accepted before I can apply for aid?
No. You may apply for Federal Student Aid at anytime. However, for students who qualify, funds will be disbursed accordingly upon enrollment.
How do I know if I qualify for Federal Student Aid?
Federal Student Aid is available for U.S. citizens or Eligible non citizens who qualify. In order to determine your eligibility, you must complete a FAFSA (Free Application for Federal Student Aid).
How do I apply for Federal Student Aid?
How long does the financial aid process take?
After you have electronically submitted your FAFSA, please contact the financial aid department. You would need to provide your EFC (Expected Family Contribution) number so the Financial Aid Department can tell you right away what types of Federal Aid you may receive. You will receive your EFC number immediately after completing your FAFSA. Please keep in mind, Federal Student Aid is only available to those who qualify; some students may not be eligible for Federal Student Aid.
When do I enter my repayment on my Federal loans?
Once you have completed the Professional Pilot Program, your 6-month grace period begins; when your grace period expires, you will enter into a repayment status. The repayment period for a Parent Plus loan begins 60 days after the loan is fully disbursed. However, a Plus borrower may defer repayment while the student for whom the loan was borrowed is enrolled full-time and for 6-months after the student ceases to be enrolled.
What repayment options are available for my Federal loans?
The Direct Loan Program offers loan repayment plans designed to meet the needs of almost every borrower. Direct Loans are funded by the U.S. Department of Education through our school and are managed by a loan servicer, under the supervision of the Department. The Direct Loan Program allows you to choose your repayment plan and to switch your plan if your needs change.
To find out more about repayment options before receiving a Direct Loan, borrowers may contact the financial aid office or the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243). If you currently have a Direct Loan and would like the exact payment amount on your loan, you can find it out by contacting your loan service provider. Parent Direct PLUS Loan borrowers may only choose from the standard, extended, or graduated options.
What additional resources are available to me?
- Borrower’s Rights & Responsibilities
- Drug-Free Schools and Communities Act
- Satisfactory Academic Progress
- College Navigator
- Federal Student Aid Gateway
- Federal Student Aid Homepage
- Federal Student Aid Calculators
*Financial aid is available to those who qualify.
**Monthly discretionary income equals your AGI minus the poverty level for your state of residence and family size, divided by 12. For the current poverty level, see the Poverty Guidelines Chart, which is issued annually by the U.S. Department of Health and Human Services.
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