Climb Credit announced today the launch of its new financing and payment technology solution for aviation training, to support flight schools and their students who are interested in becoming commercial pilots. The current labor shortage in the industry, paired with the impending retirements of many pilots, is projected to lead to a need of 130,000 new pilots in the next 20 years.
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Aviation training programs across the country are working to meet the needs of this shortage. However, many students have struggled to start training due to the tuition cost required to attend aviation training programs. Commercial pilot programs can have high tuition prices compared to other career training, simply due to the cost of operation—like maintaining a fleet of planes and paying for fuel. At the same time, these programs can lead to great career and salary outcomes for their students. According to the Bureau of Labor Statistics, the median airline and commercial pilot salary in 2020 was $130,440. Unfortunately, there are few accessible financial aid options available for their students—creating a barrier to career transformation.
“Aviation schools have an uphill battle to try to meet the labor force demands,” said Monica Meadows, Founder and CEO of 2MQ Consulting—a business operations and productivity consulting firm for aviation training programs. “Operating an aviation school is very costly, and programs need to have tuition amounts up-front in order to be able to function and train pilots well. It can be a huge challenge when there are limited financial aid options for students that also deliver up-front tuition to schools.”
About Climb
Climb (NMLS# 1240013) is an innovative student payment platform that makes career creation and transformation more accessible, affordable, and accountable than ever before. Driven by a mission to empower individuals to unlock their career potential – no matter what their credit profile