San Diego-Based Flight School Launches New Financing Solution to Help Aspiring Pilots Earn Their Wings

SAN DIEGO, June 9, 2021 /PRNewswire/ -- Coast Flight Training, a veteran led flight school that trains pilots for commercial aviation careers, today announced an innovative new program designed to help close the aviation skills gap by making flight training more affordable. Through a partnership with Meritize, a pioneer in financing solutions for skills-based education and training, pilots-in-training will now be eligible for merit-based financing, which can in many cases reward individual borrowers for their past educational and military experiences.

"As air travel begins to accelerate and pilot demographics shift, our industry needs to use every tool in its arsenal to expand access to commercial aviation careers—and remove the financial barriers to flight education and training is a critical component of that mission," said Bryan W. Simmons, President of Coast Flight and a former Navy Flight School instructor, retired United States Marine Corps Lieutenant Colonel. "With the launch of this innovative financing option, we're making the cost of flight training more affordable and expanding access to well-qualified veteran and civilian candidates alike."

The commercial aviation industry is currently responding to a growing pilot shortage across the United States, with more than 7,200 of the 15,000 American commercial airline pilots set to turn 65 over the next decade to retire early. Transportation industry analysts forecast that by 2025, after demand rebounds from the pandemic, there will be a global shortfall of at least 34,000 commercial pilots, or 10% of the total commercial aviation workforce.

Coast Flight is helping to meet demand for licensed pilots through its 12-month intensive program, Coast Academy, which combines on-ground instruction, supervised flight training and solo flight time to help students complete the in-seat flight training time required to become a commercial airline pilot. Nearly 500 high school and college graduates, including veterans and individuals changing careers, have completed the program to date.

Students typically finance their tuition through a range of grant, loan and scholarship options, including federal education and training benefits available through the Forever GI Bill. The introduction of the new financing option offered on the Meritize platform is designed to create a more inclusive and affordable pathway to careers in the commercial aviation industry, where the median annual wage of a regional pilot is more than $82,000.

Unlike traditional lenders that rely solely on FICO scores and other financial records to determine whether to lend to an individual, Meritize considers the full breadth and depth of an individual's academic or military achievements to enhance credit evaluation and improve loan options. Because Meritize specifically financing takes into account military experiences, merit-based financing can provide a significant source of financial and credit assistance for returning veterans who are transitioning into civilian life.

"At a time when commercial airlines are facing widening gaps, employers and training providers are rethinking the way they finance talent creation and making pathways to in-demand aviation roles more accessible," said Chris Keaveney, CEO of Meritize. "This work is about creating a financial and professional on-ramp to commercial aviation for aspiring pilots and help veterans begin their transition to civilian careers. It's about recognizing each student's achievements and potential, not just their credit score."

Students enrolled in Coast Flight's regional training centers benefit from its extensive network of airline employer partners such as Envoy Air/American Airlines Group, many of which offer tuition reimbursement and conditional employment even before students complete their training.

About Coast Flight Training: With regional offices in San Diego, CA, San Marcos, TX and Dallas, Texas Coast Flight Training is a network of pilot training centers dedicated to creating professional and knowledgeable pilots. With airline partners that include American Airlines (Envoy Air, PSA, and Piedmont), Mesa Airlines and SkyWest Airlines, Coast Flight Training offers students airline job opportunities during training. Our locations are equipped with over 50 aircraft featuring Piper Archers, Cessna 172s, Tecnams, and Piper Seminoles. Our programs are TSA, SEVIS and VA-approved to accept GI Bill benefits, international students and all domestic students. Whatever your flying goals are, the Coast Flight family will help you achieve them.

About Meritize: Meritize is a leading provider of funding solutions for skills-based education and workforce development. The company's proprietary merit-based lending program goes beyond traditional underwriting and uses an individual's academic or military achievements to enhance credit evaluation and expand funding opportunities, resulting in increased access to educational funding and improved outcomes. In addition to its merit-based lending platform for students and training partners, Meritize works directly with employers on customized talent development solutions to help meet the demand for qualified workers. Frisco, Texas-based Meritize is privately held. For more information visit www.meritize.com.

SOURCE Meritize

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