Loan/Credit Question

[01CelicaGTS]

So I posted another topic awhile ago about how my loan for $75,000 got revoked because TERI filed for Chapter 11, so now I need to finance another way. The problem is that the only two companies I can work with are Sallie Mae and Wells Fargo. I can only get a max of 20k from Sallie Mae and 25k a year from Wells Fargo. So I plan to start with the Wells Fargo loan and also get the Sallie Mae loan. My only question is that if I get the WF loan and then when my 25k is about to run out, get the SM loan, will they deny me because I already have a 25k loan out???. I could just apply for them both at the same time but SM only offers a 12 month deferment, so I would have to start paying it back before I am done with school which would suck. Any help would be greatly appreciated. Thank you.

[klas]

So I posted another topic awhile ago about how my loan for $75,000 got revoked because TERI filed for Chapter 11, so now I need to finance another way. The problem is that the only two companies I can work with are Sallie Mae and Wells Fargo. I can only get a max of 20k from Sallie Mae and 25k a year from Wells Fargo. So I plan to start with the Wells Fargo loan and also get the Sallie Mae loan. My only question is that if I get the WF loan and then when my 25k is about to run out, get the SM loan, will they deny me because I already have a 25k loan out???. I could just apply for them both at the same time but SM only offers a 12 month deferment, so I would have to start paying it back before I am done with school which would suck. Any help would be greatly appreciated. Thank you.

 

Can't you just keep getting Sallie Mae loans after the 1st one is done? That is what I did.

[mrjibbs]

Sallie Mae is a joke. They denied my request for a small $5,000 loan while having a co-signer that has a 820 credit score because i already have a $25k student loan. That just doesnt make sense to me. They are making it awfully difficult for the flight training industry to continue through the mess that SSH created.

[jehh]

Sallie Mae has really changed their lending standards. Their min credit score has gone up from 620 to 670, and their allowed DTI has dropped as well.

 

Our approval rates over the past three months have been noticeably lower. This isn't really SSH's fault, it is the credit markets. All you have to do is read the WSJ and see what is happening, including SLM paying record rates for borrowing money to see the problem.

 

Until the credit crunch eases, this won't get any better... We really do need someone else besides SLM, but for now that is all we have.

[01CelicaGTS]

So I don't know exactly what I'm going to do now. I applied with Well's Fargo and their interest rate was through the roof. I definitely can't afford it. They offered me 7.99+prime. When I was approved with PSBT they offered me prime+0. I think the highest offer that I got was Libor+5...and Libor is lower than prime. So I guess I'm gonna try to get in touch with PSBT and TERI and see if there is any way that they can still approve my loan since they really already did and then went back on it. Wish me luck.

[helifool]

So I don't know exactly what I'm going to do now. I applied with Well's Fargo and their interest rate was through the roof. I definitely can't afford it. They offered me 7.99+prime. When I was approved with PSBT they offered me prime+0. I think the highest offer that I got was Libor+5...and Libor is lower than prime. So I guess I'm gonna try to get in touch with PSBT and TERI and see if there is any way that they can still approve my loan since they really already did and then went back on it. Wish me luck.

 

 

I'm curious what type of loan you are applying for with wells fargo?

[01CelicaGTS]

I applied for a Well's Fargo Education Connection Loan. I looked into consolidation loans to see if I could get a lower rate if I consolidate when I'm done with school. I applied for a consolidation loan through CITIBank. I put $50,000 from Wells Fargo and $20,000 from Sallie Mae on my application. When they pre-approved me they gave me a rate for 3.5%+LIBOR or a fixed rated(I don't remember what it was but I wouldn't go with that cuz I know it was high). Anyway they denied me of course because I don't actually have any loans. My question is will that rate stay the same a year from now when I graduate, or will it change? Will my credit change a lot with $70,000 in student loans??? I have a pretty good credit score right now. The consolidation loan after I graduate will be the only way I can go to school cuz there's no way that I can afford the rate that Well's Fargo gave me. Anyone that know's about credit and loans or that has already gone through school and monitered their credit score, let me know.

[phlewy]

Hi 01CelicaGTS,

just wanted to check in with you to see how things are going! Did you get to Hillsboro on time in July?

I also wanted to see if all the loan situation is resolved, because I went to Teri's website and noticed that they have resumed operations. At least the Court Proceeding document states this. You still can't apply for a loan online but they released a statement that all outstanding loans will be disbursed and people that had problems cashing their checks will be reimbursed the interest that accrued while Teri's bank accounts were temporarily suspended.

 

Just in case you haven't seen it.

 

Anyway all the best and hope all works out and as always: Happy Landings!

phlewy

[01CelicaGTS]

Yeah, I actully just started training on August 27th. I've had 4 flights so far and it's awesome. I ended up just getting the 25k from Wells Fargo and 25K from Sallie Mae. I'll have to get another 25k again from Wells Fargo later (max is 25k a year). They have outrageous interest rates, but I figured I better just jump in. I'll consolidate later and hopefully my parents can cosign then so I can get a lower rate. I'm just glad I'm flying and I'll see how much it's gonna end up costing me in the end.

 

Oh yeah and TERI said that since no money had been dispursed I can't get it. They are only giving it to the students who already got money.

[rotormandan]

Have you checked out Pilot Finance. I don't know much about them but they are another option. It's seems to me that doing the Utah Valley State College thing would be the easiest to do for financing. Once again I don't know a whole lot about them but if you can get "financial aid" for flight training seems like that might be the easiest way. You'll have to do a little extra work on the ground but you'll also come out with a degree.