If your dream is to fly for a major airline, now is the time to pursue pilot training. A pilot shortage has created thousands of job openings for fully licensed pilots ready to take to the skies over the next few years: All you need is the proper schooling, and the funds to cover it.

How Much Does It Cost to Become a Pilot?

Flight school does not come cheap. The average cost of a private pilot licence is $17,728, based on CourseCompare’s listed courses. Commercial pilot licence programs range from $12,000-$121,000, with two-year certificates averaging $80,225. It’s expected that the average student pursuing pilot training as a profession will spend at least $80,000-$100,000 on their schooling.

Fortunately, there are a number of different funding options available to help students pay for pilot training.

Government Grants and Loans

Canada Student Grants and Loans are available to post-secondary students based on financial need. You apply through your province or territory, where your eligibility is assessed for both federal and provincial financial aid. Grants you receive don’t need to be repaid, but loans do, once you finish school. Note: Not all flight school programs are covered by these government aid programs.

Loans from Banks and Private Lenders

If you’re not eligible for government funding (or need more cash flow to cover costs), loans from a major financial institution like a bank or a designated private lender are likely your next option.

All the major banks in Canada – including BMO, CIBC, RBC, Scotiabank, and TD – offer student lines of credit. Many offer interest-only payments while you’re studying, meaning you don’t need to start paying down the principal until after you graduate.

Private lenders often have higher interest rates compared to the more favourable student rates offered by banks, but tend to offer loans quickly and broadly. S.A.F.E. is an example of a private lender that specializes in loans for students enrolled in flight school.

Scholarships and Bursaries

There are a number of scholarships and bursaries available to students across Canada, based on financial need, academic merit, to support underrepresented groups entering STEM, or specific to aviation. Some of the best general scholarship directories to start with include Scholarships Canada, Student Awards, and College & Institutes Canada bursaries. Veterans are eligible for an Education and Training Benefit. Indigenous students pursuing post-secondary school can apply for a student support program, as well as other bursaries through foundations like Indspire.

There are a number of aviation-specific scholarships out there for aspiring pilots: Explore the bursaries awarded by the Canadian Owners and Pilots Association (COPA); the Transportation Association of Canada (TAC) Foundation; and the RCAF Foundation.

Women pilots-in-training can apply for specific scholarships through dedicated associations, including Ninety-Nines, Women in Corporate Aviation, Northern Lights Aero Foundation, and Whirly Girls. Designated aviation scholarships are also available for Indigenous students, such as the NAV Canada Indigenous Education Bursary, the CAE Award, and the Nieuport Aviation Award.

*Bonus* Tuition Tax Credit

Once you’ve paid your tuition, you may be eligible for a tuition tax credit, a non-refundable credit available to students who attend qualifying post-secondary institutions. Report your tuition costs when filing to the Canada Revenue Agency next tax season and, depending on your broader income tax situation, you’ll either see a lower tax bill or potentially receive a larger refund as a result.

Learn more about how to become a pilot in Canada.