What are F.L.A.P.S loans? |
F.L.A.P.S. (Forgivable Loan Assistance Program for Students) is a loan program developed by Moody Aviation for the aviation students. Debt is a problem for future missionaries because mission agencies will not accept people with the debt. Moody's aviation school is very expensive (currently around $80,000 for the last two years) and requires a constant positive balance to pay for fuel, maintenance and all overhead costs in order to operate airplanes. The way it works: students receive money from F.L.A.P.S. at the beginning of every semester to be used throughout. When the training is complete and a graduation certificate is awarded, the student has two years to be accepted into an approved mission organization (or a Church in anticipation to go overseas) and at that time the load will start to be paid off by Moody monthly until the loan is paid off. If after two years the student is not currently accepted, the student will start to pay off the loan at a very low interest rate monthly until they are accepted in an organization. |