Frequently Asked Questions

What is required to apply?

1. You must be 18 years or older or provide a guardian to sign.
2. You must be employed full time, part time or be able to provide proof of a source of income.
3. We require proof of employment, i.e. a work permit or recent pay stub.
4. We require a copy of your passport and/or drivers license.
5. You must have a bank account in your name ( please provide us with a void cheque).
6. We may require additional documents for identification and financial assessment.


Is everybody approved for a loan from STUDENT AVIATION FINANCIAL ENTERPRISE CORP for purpose of obtaining a Private Pilot License (PPL)?
We try our best to approve everybody. We approve the majority of applicants.

When will I know if I am approved or denied for a Line of Credit?
In most cases you will be pre-approved within 48 hours. It is important to get copies of the required documents in order to be approved for the a line of credit in a timely fashion.

When will I get the credit account opened?
In most cases, you can receive your credit immediately upon receiving a signed contract and all other requested documents.

What if I have received approval and signed your contract but have not yet started flight training and have not drawn from the account opened for me?
Our system is automatic; payment will start to be drawn from your bank account no ear-lier than 30 days from the contract signing date and on the 4th and 18th of every month thereafter. If no amount is owing due to not drawing on the loan, a credit balance will be applied to your account and no interest will be granted or charged. If you anticipate a long delay, for whatever reason before you start, contact us ASAP and we can stop the cash draws from your bank account. You will have to reapply with us and sign a new contract to get started again.

What is an example of a typical loan?

1. For a total draw of $10,000 in a four month time frame, you will be charged a bimonthly payment of $250, leaving a balance of $8621 at the end of four months. If you pay off this loan in full at the end of your four month training pro-gram your total interest cost will be $1,061. 

2. For a total draw of $10,000 in a six month time frame, you will be charged a bimonthly payment of $250, leaving a balance of $8,108 at the end of six months. If you pay off this loan in full at the end of your six month training program your total interest cost will be $1,548.

3. If you choose to continue paying for the full 30 month term of the loan, for a total draw of $10,000 in a six month time frame, you will be charged a bimonthly payment of $250. Total interest payable over the next thirty months will be $5,232.

It is in your best interest to pay the loan out ASAP to reduce your interest costs.
The above examples are only estimates, based on 3% per month, and will vary based on your draw timing and payout time frame.


What is the interest rate you charge on the Line of Credit?
Interest is only calculated on the amount you have drawn on the line of credit.  “Not on the approved amount”  Just like a bank line of credit or credit card. “you don’t use it you don’t pay interest”. The interest rate we charge in most cases three (3) percent per month calculated on a per diem basis This a non collateral loan; we rely only your good name and personal commitment to pay us back.

When is my first payment and how often do I make payments on my Line of Credit?
The first payment will be due no less than 4 weeks from the date you signed the line of credit agreement. Payments will be made on the 4th and 18th of each of the subsequent months until the loan is paid off.

I only get paid once a month, can I still get a loan?
Yes, however you must have sufficient funds in your account for us to withdraw on the 4th and 18th of each month.

How much will the payments be on the money I borrow?
A minimum 2.5% payment of the approved line of credit amount will be due twice per month until the line of credit is fully paid out. For example if your approved Line of Credit is $10,000 then a payment of $250 will be required twice a month, if your approved Line of Credit amount is $5,000 then a payment of $125 will be required twice a month.

How are the repayments made?
We draw from your account automatically on the 4th and 18th of every month. Please ensure that you have funds available in your account on these dates in order to stay in 'Good Standing" with us and avoid additional service charges.

What is the maximum amount I can borrow?
STUDENT AVIATION FINANCIAL ENTERPRISES provides students with Line of Credit accounts of up to a maximum of $10,000 to be used towards their aviation programs.

What if I finish my PPL and have applied for a student loan from a government program for my Commercial License but, until I receive these funds, I want to continue on with my training?
Depending on the situation, we will consider bridge financing of up to $2,500 so you can continue your training until you receive your government student loan. We will review each case to determine if extended timing is required to repay your line of credit with us due. With the bridge financing program, our line of credit must be repaid in full upon receiving government loan. We are here to help you achieve your goals!

What if I don’t receive my government loan?
We will not be able to help you further. Our program is designed to help you obtain whatever  licence, endorsement, or rating your working on. You are obligated to continue to repay our loan at $250 bimonthly until the line of credit is completely paid.

What if I've already started my training...can I still get a loan to finish?
Yes we would be happy to help you finish whatever your working on. We will just require a little more information on how far you are along in your training so we can estimate the funding required to complete your Licences, endorsement, or rating.

What if I decide to stop my training?
You are still obligated to pay back your line of credit with interest to us on the amount that you draw from the flying school, with the same bimonthly payment plan of 2.5% of approved line of credit twice a month. If you decide to commence retraining at a later date you will have to reapply for a new line of credit.

My residence, employment or other information has changed. What should I do?
Please contact us at filicanlend@primus.ca with the new information.

How do I find out how many payments I have remaining?
Contact us and we will be happy to provide this information.

What if, during the course of me making the payments, I have an emergency and can’t make one or two of the payments?
You can prepay the interest only. Under emergency situations, we will allow you to pay interest only and skip one or two payments. However, this will change the original ending date by one or two payments and increase your interest charges.

What if one of my payments get returned unpaid due to Not Sufficient Funds (NSF) or Funds Not Cleared?
If any of your payments are returned by the bank for any reason, you will be required to make that required payment plus a $50 NSF fee in cash or by email transfer. If you are aware that this may happen or did happen we strongly recommend you contact us to make arrangements for paying this in order to maintain your credit rating in "Good Standing". If you do not inform us that the bank will withhold funds, we will contact you as soon as we are aware that your payment has been returned and will apply financial penalties immediately.

What if I ignore your phone calls, texts and emails and don’t pay my required bi-monthly payments?
You should realize that it is a privilege to borrow money and you can rest assured our goal is to financially assist you in obtaining your goals. If you ignore our attempts to contact you, of course, we will immediately stop your credit at the flying school. We have very strict policies on collection and will definitely report your payment patterns to the credit bureau and then start collection procedures.

If you have any further question about Student Aviation Financial Enterprise Corp., please do not hesitate to contract us by email at filicanlend@primus.ca