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Aerosim Flight Academy

Orlando Sanford Campus
2700 Flightline Avenue
Sanford, FL 32773 USA

United States

+1 800 U CAN FLY

International

+1 407 330 7020

fax +1 407 323 3817

email info@afa.edu



April 18, 2015
You are here : Tuition & Funding  >  Financial Aid
Financial Aid

Financial Assistance Available from Federal Programs

Federal Pell Grants

Federal Pell Grant, unlike a loan, does not have to be repaid. Pell Grants are awarded usually only to undergraduate students who have not earned a bachelor’s or a professional degree. Grant amounts are dependent on: the student’s expected family contribution (EFC) (determined by the information reported on the FAFSA); the cost of attendance (as determined by the institution); the student’s enrollment status (full-time or part-time); and whether the student attends for a full academic year or less. Students may not receive Federal Pell Grant funds from more than one school at a time.

Effective on July 1, 2012, you can receive the Federal Pell Grant for no more than 12 semesters of the equivalent of an estimated six years. You'll receive a notice if you are getting close to your limit.  If you have any questions, please contact your financial aid office.

To learn more about the Federal Pell Grant program, please visit www.federalstudentaid.ed.gov.


Federal Direct Stafford Loan Program

Direct Stafford Loans, from the William D. Ford Federal Direct Loan (Direct Loan) Program, are low-interest loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school. Eligible students borrow directly from the U.S. Department of Education (the Department) at participating schools.

Direct Stafford Loans include the following types of loans:

  • Direct Subsidized Loans—Direct Subsidized Loans are for students with financial need. Your school will review the results of your Free Application for Federal Student Aid (FAFSA) and determine the amount you can borrow. You are not charged interest while you’re in school at least half-time and during grace periods and deferment periods.

* If you receive a Direct Subsidized Loan that is first disbursed between July 1,2012 and July 1, 2014, you will be responsible for paying any interest during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

*If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your “maximum eligibility period.” Your maximum eligibility period is generally based on the published length of your current program. You can usually find the published length of any program of study in your school’s catalog.

  • Direct Unsubsidized Loans—You are not required to demonstrate financial need to receive a Direct Unsubsidized Loan. Like subsidized loans, your school will determine the amount you can borrow. Interest accrues (accumulates) on an unsubsidized loan from the time it’s first paid out. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

Federal Direct PLUS Loans for Parents

Parents of dependent students may apply for a Direct PLUS Loan to help pay their child’s education expenses as long as certain eligibility requirements are met.

To be eligible for a Direct PLUS Loan for Parents:

  • The parent borrower must be the student’s biological or adoptive parent. In some cases, the student’s stepparent may be eligible.
  • The student must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. Generally, a student is considered dependent if he or she is under 24 years of age, has no dependents, and is not married, a veteran, a graduate or professional degree student, or a ward of the court.
  • The student and parent must be U.S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the federal student aid programs.

A credit check will be performed during the application process.  If you have an adverse credit history, you may still receive a Direct PLUS Loan by obtaining an endorser who does not have an adverse credit history or documenting to the U.S. Department of Education's satisfaction extenuating circumstances relating to your adverse credit history.  If you are a parent borrower, the endorser cannot be the child on behalf you are borrowing.

To learn more about the Direct Stafford Loan programs and the Parent PLUS loan program please visit www.studentloans.gov.


Private Educational Loans

Borrowers who are interested in obtaining private education loans may qualify for federal student loans or other assistance under the Title IV of the Higher Education Act and should apply for such federal aid before applying for a private education loan.  The terms and conditions of loans made, insured or guaranteed under Title IV of the Higher Education Act typically may be more favorable than the provisions of private educational loans.

Private education loans are not subsidized by the federal government. They should be used for education related expenses and should supplement-not replace-federal student loans and federal aid programs.  The amount of a private education loan is limited to the cost of attendance less any federal student loans and other federal aid.  A student's eligibility for a private education loan is determined by the lender based of the creditworthiness of the student borrower and/or co-borrower.  While we have summarized the features of private education loans offered by our preferred private education loan lenders for the specific terms and conditions on any private education loan, you should contact the lender. 

As a result of current conditions in the credit market, many lenders have ceased making private education loans, or have tightened their credit criteria such that fewer borrowers are qualifying for such loans.  The lender listed below has expressed willingness to make private education loans available to Aerosim Flight Academy students who meet its eligibility and credit criteria.  In addition, while we do note promote or endorse this lender, we expect this lender to provide satisfactory customer service and representatives who can assist borrowers to make informed decisions.  The lender listed below will work within our processing system and disburse funds to the student's account quickly using Electronic Funds Transfer.  The chart below provides information on features of the private education loans offered by Fort Morgan State Bank.  You are not required to take out a private loan with our private education loan lender.  You may receive a private education loan from any lender you may choose and Aerosim Flight Academy will work with any reputable lender that makes private educational loans.

  • Fort Morgan State Bank Loan
    • 20% of total cost of education must be paid up front
    • 20 year repayment term
    • Defer total repayment until 6 months after leaving school
    • Must pass credit and income criteria
    • Aerosim Flight Academy's Loan qualification screening required
    • Interest rate is 7% plus 90 day Libor
    • 1% loan fee (added to loan amount)
    • Co-signer release option

Click here to apply or call 1-800-592-1270.  For more detailed information, please review this document.

  • New Jersey Class Loan
    • NJ residents attending out-of-state schools
    • Must pass credit criteria
    • Borrow up to total cost of education
    • Repayment terms 10,15, or 20 years
    • In-school deferment options
    • Interest rates from 4.48%-8.4%
    • 3% administrative fees

Click here to apply or call 1-800-792-8670.  For more detailed information, please review this document.

Veterans Educational Benefits

Veterans who are unsure of their eligibility or have questions about their entitlement should contact the U.S. Department of Veterans Affairs (1-888-GIBILL1). Eligible students enrolled in flight training at Aerosim Flight Academy must maintain satisfactory academic progress in the program in which they enroll to continue receiving VA education benefits.

Flight training is available to eligible veterans and reservists under Chapters 30,32 and 33, Title 38 USC, Chapter 1606 and Title 10 USC.  Only training at flight schools approved under Part 41 are eligible for benefits.  Students must hold an unrestricted "Private Pilot Certificate" and at least Class II medical certificate privileges to be eligible for benefits.  You must prove Class II privileges prior to the start of each course.  Benefits are payable for dual flight, ground school training, and pre/post flight briefings. Benefits are paid monthly following submission by the school of a "monthly certification of training".

Applicants for Education Benefits (22-1990) and Request of Change of Program of Place of Training (22-5495) should be sent to:

                  VA Regional Office
                  P.O. Box 888
                  Muskogee, OK 74402-888

For more information, Veterans may click here or call 1-888-442-4551.

Veterans interested in VA Educational benefits can view this document or contact our Financial Aid Office.

Apply for Financial Aid

Click on www.fafsa.ed.gov. Aerosim Flight Academy’s school code is 041571. If you have never completed a FAFSA application, you may be directed to apply for a PIN (Personal Identification Number), which will allow you to sign your application electronically. You will receive your PIN immediately.

*Financial aid is available to those who qualify.