If so, you certainly aren’t alone. For many future pilots, the passion is there and the goal is clear. The thing that stands in the way is the cost. Flying lessons are expensive, and there’s no way around that, as you’re paying for the high cost of operating, fueling, and maintaining complex aircraft.
The good news is that there are ways to make pilot training more financially manageable. Lake Elmo Aero is proud to partner with Edly to offer income-based financing for career-track pilot training. Instead of locking you into large fixed payments early in your career, an Edly Pilot Loan is designed around the way a pilot’s income grows, with smaller payments during training and income-based payments afterward that adjust as your earnings change.
Ready to see what you may qualify for?
Check your rate with Edly or contact Lake Elmo Aero to talk through your training plan.
Why Flight Training Costs Can Feel Out of Reach
Becoming a professional pilot takes a significant investment. Career-track training covers several certificates and ratings, hundreds of flight hours, ground school, checkrides, and the time it takes to build experience. For most students, that’s not something they can pay for out of pocket.
Traditional loans have often made the problem worse. A conventional fixed-payment loan expects the same monthly bill whether you’re a newly certificated flight instructor building hours or a seasoned captain. Those early career years, when income is lowest, are exactly when a large fixed payment hurts the most. Many talented students never start training at all because the math simply doesn’t work.
Our partnership with Edly is designed to change that.
How an Edly Income-Based Pilot Loan Works
An Edly Pilot Loan is a private education loan with a repayment structure tied to what you earn. Rather than setting a fixed monthly payment from day one, Edly adjusts your payment as your career develops.
While You Train
During training, you make small in-school payments, as low as $20 per month according to Edly*. That keeps your loan in good standing without adding financial pressure while you focus on flying.
After You Finish
Once you leave school, your monthly payment is set as a percentage of your gross earned income. If you’re early in your career working as a flight instructor, your payment reflects that stage. As your income grows, your payment grows with it.
Throughout Repayment
Repayment runs for up to 144 monthly payments, a maximum of 12 years, with total payments capped as described in your loan agreement. If your income changes, your payment adjusts. And if you want to pay ahead or pay the loan off early, you can do so without a prepayment penalty*.
This approach is built for the way aviation careers typically unfold, with lower earnings during the hour-building years and stronger earnings as pilots move into charter, corporate, or airline roles.
Key Features of the Edly Pilot Loan
- Funding from $2,000 up to $130,000, subject to credit approval and program eligibility
- In-school payments as low as $20 per month while you train
- Income-based payments after you leave school, so your bill reflects what you earn
- No down payment and nothing due at signing
- No prepayment penalty if you want to pay ahead or pay off early
- No cosigner required, although applying with a creditworthy cosigner may improve your chances of approval and may qualify you for a lower rate
- A 1% percentage-point interest rate reduction when you enroll in automatic payments
- Prequalification with a soft credit inquiry that won’t affect your credit score
Who Is Eligible for Student Pilot Financing?
Edly finances career-track pilot training. To qualify, Edly requires that you:
- Are at least 18 years old
- Are a U.S. citizen or permanent resident
- Hold a current FAA medical certificate meeting Edly’s requirements
- career-track student pilot
If you haven’t completed your FAA medical exam yet, talk with us about getting that step scheduled early. It’s an important part of starting any career-track program, and you’ll want it in hand before you apply.
How to Get Started
Step 1. Talk with Lake Elmo Aero.
Step 2. Get your FAA medical certificate.
Step 3. Prequalify with Edly.
Step 4. Apply and enroll.
Why Train at Lake Elmo Aero
Financing is a helpful way to get you in the door, but where you train shapes the kind of pilot you become. Lake Elmo Aero is an FAA part 141 flight school at Lake Elmo Airport on the east side of the Twin Cities. We follow a structured, FAA-approved syllabus that keeps training focused and efficient, ensuring you reach your certifications and rating with fewer wasted hours.
As a student of ours, you’ll train in a modern, Garmin-equipped fleet that includes Cessna, Piper, & Cirrus aircraft. And, as a Cirrus Training Center, we offer instruction on some of the most advanced aircraft in general aviation. From your Private Pilot Certificate through Instrument, Commercial, and Certified Flight Instructor ratings, our instructors are with you at every step. And with Minnesota’s four distinct seasons, you’ll build real-world experience across a wide range of flying conditions that will serve you well throughout your career.
Frequently Asked Questions About Edly Student Pilot Financing
How is an Edly loan different from a traditional pilot loan?
How much can I borrow?
Will checking my rate affect my credit score?
Do I need a cosigner?
Can I use Edly for private pilot training only?
Can I pay off my loan early?
Is Edly available in Minnesota?
Where does the money go?
Take the First Step Toward Your Aviation Career
The cost of training shouldn’t be the reason you never become a pilot. With Edly income-based financing and the structured, supportive training at Lake Elmo Aero, a professional flying career is more within reach than ever.
Ready to get started? Check your rate with Edly in just a few minutes, or contact Lake Elmo Aero at (651) 777-1399 to talk with our team about your training plan and financing options.