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Climb Credit introduces loans just for flight training

February 8 2022
3 min read
Climb Credit introduces loans just for flight training
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One of the biggest barriers to entry for aspiring pilots is the cost of training.

Typically, it can cost well over $100,000 to go from zero flight hours to a commercial pilot license, the type of pilot rating that puts potential pilots on the path to earn the additional experience needed before heading to the airlines.

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With the U.S. facing a pilot shortage, one company now aims to fill a lending gap and is introducing a financing product that is geared specifically toward those who are learning to fly.

The fittingly named Climb Credit on Tuesday announced a new loan that is available with deferment and repayment terms that reflect the realities of flight training for many aspiring airline pilots.

With Climb's entry into the flight training market, it is competing against student lending giant Sallie Mae, which provides vocational loans for students at a number of larger, structured flight schools, including flight training giant ATP Flight School and the new United Aviate Academy.

But Climb expects to have more students be eligible for its loan than are available for Sallie Mae. It hopes to add smaller, mom-and-pop flight schools to the list of institutions that offer its lending product. These small flights schools are a popular way for aspiring pilots to learn how to fly. It also hopes to add larger flight training providers such as ATP in the future.

Climb is offering an initial 12-month deferment of payments as students train and is then offering a 14-year term for repayment of the loan.

More: How a pilot shortage could leave travelers with higher fares and fewer options

“Our products are aimed at helping students attend programs that are likely to pay them back in the form of a strong and stable salary and career,” Angela (Ceresnie) Prince, Climb Credit's CEO, said in a statement. “With the huge need for pilots in the coming years, and the strong salary potential that this career offers, we were excited to build a financial product to specifically meet the needs of future pilots and the schools that train them.”

As the U.S. continues to face its pilot shortage, more companies like Climb will likely jump in to offer more lending products to aspiring pilots in order to bring down the cost of flight training.

Featured photo by UIG via Getty Images
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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6X6x points at hotels participating in the Marriott Bonvoy® program.
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    Limited Time Offer: Earn 100,000 Bonus Marriott Bonvoy Points after spending $4,000 in purchases on your new Card in your first 3 months of Card Membership. Offer expires 11/2/22.

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    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

The Marriott Bonvoy Business Amex is a stacked card with a rewards rate that will help you earn bonus points on everyday and business-related purchases. You'll earn 15 elite night credits each calendar year, and receive automatic Gold elite status. Finally, the free night award certificate with a redemption level of 35,000 points or less can get you hundreds of dollars in potential value each year.

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  • Limited Time Offer: Earn 100,000 Bonus Marriott Bonvoy Points after spending $4,000 in purchases on your new Card in your first 3 months of Card Membership. Offer expires 11/2/22.
  • 6x points at hotels participating in the Marriott Bonvoy® program.
  • 4x points for purchases made at restaurants worldwide, at U.S. gas stations, on wireless telephone services purchased directly from U.S. service providers and on U.S. purchases for shipping.
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  • Receive a 7% discount off standard rates for reservations of standard guest rooms at hotels that participate in the Marriott Bonvoy program when you book directly. Terms and Conditions Apply.
  • Receive 1 Free Night Award every year after your Card renewal month. Plus, earn an additional Free Night Award after you spend $60K in purchases on your Card in a calendar year. Awards can be used for one night (redemption level at or under 35,000 Marriott Bonvoy® points) at hotels participating in Marriott Bonvoy®. Certain hotels have resort fees.
  • Enjoy Complimentary Marriott Bonvoy Gold Elite Status with your Card.
  • Terms apply.
  • See Rates & Fees