Financial Aid FAQs
Financial Aid FAQs
What type of aid is available at Aerosim Flight Academy?
Aerosim Flight Academy currently participates in the Federal Student Aid programs, which consists of the Subsidized and Unsubsidized Stafford student loans, Pell Grant, 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, age 23 and under, to assist with education costs up to the amount of COA (Cost of Attendance) through CFI, minus any other Federal 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?
You may apply for aid by using the online FAFSA, provided by the Department of Education at www.fafsa.ed.gov.
To submit your FAFSA, you must apply for a pin (Personal Identification Number), which will allow you to sign your FAFSA electronically. You may apply for your pin at www.pin.ed.gov.
How long does the financial aid process take?
After you have electronically submitted your FAFSA, allow 5-10 business days for the Financial Aid Office to receive your information. Once your information is received, the Financial Aid Office will contact you if further information is needed in order to complete processing of your application. If further information is not needed, you will be issued a letter stating the amount of aid that you may receive.
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 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?
- Standard Repayment Plan: Fixed annual repayment amount paid over a fixed period not to exceed 10 years.
- Graduated Repayment Plan: Paid over a fixed period not to exceed 10 years. With this plan, your payments start with a relatively low amount and then increases, generally every two years.
- Extended Repayment Plan: Fixed annual or graduated repayment amount over a period not to exceed 25 years. This plan is for borrowers who have over $30,000 in outstanding Direct Loan debt.
- Income-Contingent Repayment Plan: Monthly payments based on annual income (and that of your spouse, if married), family size and the total amount of your Direct Loan/s. Repayment over a 25-year period, any unpaid portion that remains after 25 years will be forgiven. However, you must pay income tax on the amount that is forgiven. Parent Plus loans may not be repaid under this plan.
- Income-Based Repayment Plan: To qualify for this plan, you must have a partial financial hardship. During any period of partial financial hardship, your required monthly payment will not exceed 15% of the difference between your adjusted gross income and 150% of the Federal Poverty Guideline amount for your family size and state. If you qualify to repay under this plan and meet certain other requirements over a 25-year period, any remaining balance on your loans may be canceled. Parent Plus loans may not be repaid under this plan.