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flight training & bankrutpse


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I was wondering if anyone knows if getting student loans for flight training is still possible after a bankrutpse? And if so is all this crud on wallstreet going to put an end to loas all togather? thanks for any info

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Someone, somewhere, is always willing to loan you money, despite your financial history. It's a question of finding that person and then dealing with his terms.

 

I can tell you that the loans themselves can push you to the brink of bankruptcy. Fact.

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Yes in deed! BEWARE OF THE LOANS!! Be careful!! SOME LOANS ARE SCANDALOUS!!

 

You may want to research other routes like setting up a Corp or LLC and Get a Business Loan or Business credit card that would allow you to USE THE MONEY FOR "Business Training" necessary for Business Growth! IE: Flight Training to fly your Future Helicopter.

 

Something to think about.

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As bancruptcy goes there are many different versions.

nearly all personal cases are done under chapter 13 which is a refinance of debts to repay at a level of the income that is filed and sustained during the period of repayment.

 

during this time your credit score is in the crapper BUT you can take action to rebuild it. Get with your local bank, it will take time and persistence to get someone at the bank to listen to you.

the term "LOCAL BANK" means just that.

Find the little bank thats not part of the conglomerate system and talk to the local president.

 

start with small loans ($1500) on short terms (9-12 months) pay them off early (1-3 months) and have the bank report such transactions to the 3 credit agencies.

Over time you'll have the national credit reference to take on a larger loan else where IF the local bank is not willing to work with something that large.

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Yes in deed! BEWARE OF THE LOANS!! Be careful!! SOME LOANS ARE SCANDALOUS!!

 

You may want to research other routes like setting up a Corp or LLC and Get a Business Loan or Business credit card that would allow you to USE THE MONEY FOR "Business Training" necessary for Business Growth! IE: Flight Training to fly your Future Helicopter.

 

Something to think about.

 

Yeah, I am still trying to figure out how to justify making this a business expense.

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Dis-Regard.

 

If your business is planning on buying a chopper then your training is definately a business expense.

 

If you are not buying a chopper you could still call the training a business expense if it will lead to a profit in the end. (Training necessary so you can fly rented helicopters for aerial survey as part of your business)

Edited by CFIAP5544
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Dis-Regard.

 

If your business is planning on buying a chopper then your training is definately a business expense.

 

If you are not buying a chopper you could still call the training a business expense if it will lead to a profit in the end. (Training necessary so you can fly rented helicopters for aerial survey as part of your business)

 

Hm.

 

Time to have dinner with the accountant, I see...

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Heliswan: I took out a Sallie Mae loan last year and was lucky that they disbursed all the funds to Bristow in short order. When I had to transfer to another facility, I was able to recoup the funds from Bristow in the form of a refund check, else there's no way I'd have been able to get another SLM loan.

 

The financial picture looking as bleak as it does lately, I think you'd be hard pressed to find any lender willing to provide funds for career transition schooling unless there's a degree program associated with it.

 

As it is, I've burned up my initial loan and am back to working a day job to pay for flight time...

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As it is, I've burned up my initial loan and am back to working a day job to pay for flight time...

 

Are you sure you are getting what you are paying for? Here's what the owner of this board said about new entrants to the industry:

 

...[O]ne of the highest competition points at this moment is at the first CFII job. I agree that it will take a couple years for things to improve to 2006 - 2007 levels. Such a strange confluence of events....credit crunch, downturn in the economy and the icing on the cake is the SSH collapse all at once. For a little while, only the cream is gonna rise to the top. All the folks with no flying skills, no ambition, no brains, and no people skills will not get that first job.

 

I hate to see people spend a pile of money on training and not meet their goals, but based on some of the interviews that I have been doing over the last few months, a large chunk of the SSH crowd should not have even been brought into the industry. That whole process on a large scale, did dumb down our entry level industry to some extent. Sure, I understand that the same thing happens accross the flight training industry, but not on such a large scale.

 

Bottom line: You want a job, be prepared to be VERY COMPETITIVE. You need to have every rating to CFII, be R22/R44 Sfar trained, S300 trained a plus, have a kick butt resume, be very articulate, do not forget the time of your phone interview, and KNOW YOUR SUBJECT MATTER! You have to be the best.

 

7 out of 10 CFI's that I have interviewed lately could not answer this question accurately:

 

What items affect helicopter performance? C'mon.....give me a break!

 

Lyn

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