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Are there any other (better) loan companies than Sallie Mae that may provide a loan to help complete a private helicopter school? Sallie Mae, correct me if I'm wrong, seems to only have variable interest rates which is in no way good at all. Any out there with fixed rates? Is what I need called a Career Development Loan? I just need yalls best advice on finding a way to pay for this private school because with the economey how it is, the whole dream is getting less and less realistic.

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Are there any other (better) loan companies than Sallie Mae that may provide a loan to help complete a private helicopter school? Sallie Mae, correct me if I'm wrong, seems to only have variable interest rates which is in no way good at all. Any out there with fixed rates? Is what I need called a Career Development Loan? I just need yalls best advice on finding a way to pay for this private school because with the economey how it is, the whole dream is getting less and less realistic.

 

It's still realistic, but you'll have to make a few sacrifices.

 

SLM is one of the few companies I know making unsecured career loans, and with the economy tanking they're going to be very selective about who gets the funds. I burned through mine and simply "pay myself first" at the beginning of the month, siphoning funds off the top of my pay straight to the FBO. I've given up hookers and online porn and have sold pretty much everything that isn't involved in getting me back and forth to work or the airport :D

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George, you are going to pay a substantially higher interest rate with a fixed rate than with variable. Although it's obviously a much reduced risk.

 

I've given up hookers and online porn

 

If that's not dedication to the cause, I don't know what is!! Although if you look hard enough, you can find the porn for free! I can PM you some links if you like. :lol:

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Pilot finance will loan you enough money to last about 2 months, aopa will basically only loan to you if you make 100g's/yr and have perfect credit and a co singner w/perfect credit and sallie mae has also tightened up its lending but I think they're still the best thing going for school.

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Has anybody been approved lately for any Sallie Mae loans? The Sallie Mae rep that works with our school said they are not going to be giving out loans for aviation anymore. Is there any truth to this?

 

I applied for a loan with a credit rating around 800 but was denied without a co-signer... and getting a co-signer these days is probably tougher than getting a loan. No one wants to share the risk which I completely understand.

 

I have decided to pay for my PPL out-of-pocket and hope that when I finish in a few months, the credit market will have improved. Otherwise, I'll just keep saving.

 

Good luck to you.

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I just got approved for 50k. Yeah it's at 14.25% variable, but you gotta do what you gotta do. I doubt I'll need all of the money. Figure what I dont use, they can have back... or I can use it to celebrate my CFI B)

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I just got approved for 50k. Yeah it's at 14.25% variable, but you gotta do what you gotta do. I doubt I'll need all of the money. Figure what I dont use, they can have back... or I can use it to celebrate my CFI B)

You will need every penny of the 50g plus about another 10-15g. Realistic numbers are much different than the numbers most schools quote you. Today you pretty much have to go through cfii if you want to land a job.

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i got denied by sallie mae for $20k in the past month with all three credit scores at or above the 750 mark. they suggested reapplying with a cosigner, but i do believe i will be pursuing a private loan instead. especially with these economic times, and sympathetic parents. heck, they own me after i loaned them house-building money about 5 years ago. then again, they paid me back within a year.

 

three weeks in, and i don't even care if i end up broke at the end, just as long as i make it to cfi (preferably cfii, though...i think it'll happen).

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I've been contemplating flight school but things aren't looking that good. If you go to the Sallie Mae website they have this posted "We are currently making changes to our private student loan interest rates and credit underwriting criteria. You may apply for a loan, but please understand that your loan approval decision may be pended, or placed on hold, until our systems are updated. " in their section for student loans.

 

:(

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You will need every penny of the 50g plus about another 10-15g. Realistic numbers are much different than the numbers most schools quote you. Today you pretty much have to go through cfii if you want to land a job.

 

I doubt it. I've already got my PPL. Paid cash out of pocket, took me way too long, with a four month break between my ppl ride and my next flight due to funds. I'd rather just give it the band-aid treatment and finish it all at once than draw it out another 4 years.

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I doubt it. I've already got my PPL. Paid cash out of pocket, took me way too long, with a four month break between my ppl ride and my next flight due to funds. I'd rather just give it the band-aid treatment and finish it all at once than draw it out another 4 years.

With your ppl out of the way you should be ok on 50, good luck to you.

Edited by OhhAndy
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From what I've been hearing sallie is basically putting a stop to unsecured loans without impecable credit, a cosigner with great credit and a very good income to debt ratio, the bailout has put many very strict requirements in place that are mandated by the feds. Home eq. loans are tightening the belts and good luck finding any bank willing to loan you 65g of unsecured money now. Things are changing fellas. I had an open account with sallie for 35g but after using up 5g of it and seeing where things were heading I pulled out of school, paid back my 5 and am chalking it up for a loss, at least for now. I am going to wait things out for a few years, invest money in the stock market and pay cash for school later if things pan out.

Edited by OhhAndy
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I just got approved for 50k. Yeah it's at 14.25% variable, but you gotta do what you gotta do. I doubt I'll need all of the money. Figure what I dont use, they can have back... or I can use it to celebrate my CFI B)

I find this hard to belive, 50g of unsecured monies with the fed mandated changes that took place on the bailout? I guess your one of the last ones to slip through the door???

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i got denied by sallie mae for $20k in the past month with all three credit scores at or above the 750 mark. they suggested reapplying with a cosigner, but i do believe i will be pursuing a private loan instead. especially with these economic times, and sympathetic parents. heck, they own me after i loaned them house-building money about 5 years ago. then again, they paid me back within a year.

 

three weeks in, and i don't even care if i end up broke at the end, just as long as i make it to cfi (preferably cfii, though...i think it'll happen).

Will, just keep in mind very few banks if any are loaning unsecured money for training and the economy going the way it is you will not be able to do much with you cfii if you have no one to train, you may very well end up broke and also not have a job. Im not trying to be gloomy but just talk to people in the business who have nothing to gain from you, dont just listen to the schools and current cfi's because they will tell you anything you want to hear just to gain money and hours off you, vietnam shortages, huge pilot shortages and unfilled contracts, fastest growing career in aviation, guaranteed job after you complete school, are very common lies and tactics to get your cash...Use your head and do your research, its a lot of money and a big commitment.

Edited by OhhAndy
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I find this hard to belive, 50g of unsecured monies with the fed mandated changes that took place on the bailout? I guess your one of the last ones to slip through the door???

 

Why not? Sallie Mae is still lending, but only to really, REALLY good credit risks right now. We just got someone approved for $75K, but it took three really strong credit profiles, and the interest rate is at 13%.

 

Sallie Mae's problem is they no longer have access to the credit markets, they can only lend the money they have on hand right now, so they are being picky who they lend it to.

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OhhAndy...if you want us or yourself to have hope for these private schools and their ability to recruit new students so that the schools can keep their wheels spinning...posting messages the way you are is not going to help the cause so much huh? Many potential students go to websites like this one to gather info before they find a way to join but I'm sure there are a number of them that will be disuaded by your very posts (I'm already much less confident than I was towards apllying for one because of your posts). That doesn't help the cause so much man.

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seriously...i almost bailed on school this morning, packed up my belongings, cut my losses and bought a ticket home...

 

nah, not really. if i'm broke and jobless with a cfi or cfii...i'll still be happier than i was last year with my life-killing desk job.

 

besides, the economy is going to swing back by the time i'm out of school, so i'm not worried for a second.

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seriously...i almost bailed on school this morning, packed up my belongings, cut my losses and bought a ticket home...

 

nah, not really. if i'm broke and jobless with a cfi or cfii...i'll still be happier than i was last year with my life-killing desk job.

 

besides, the economy is going to swing back by the time i'm out of school, so i'm not worried for a second.

 

I just started training, I couldn't agree more Will, I would much rather be flying than anything else, recession, depression, or whatever else the media is trying to sensationalize. If your gonna do it, do it. Just be smart about it.

I got 26k from Campus Door through UVU, got another 5k with pell grants and stafford loans that I reapply for every year. Granted I am not on the fast track training program, but I will come out of it with a degree and possibly a little less expensive in the ground schooling.

This forum has been great, I really appreciate hearing some of the things I would have never thought of.

 

Thanks guys

JK

Edited by Jacknife
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OhhAndy...if you want us or yourself to have hope for these private schools and their ability to recruit new students so that the schools can keep their wheels spinning...posting messages the way you are is not going to help the cause so much huh? Many potential students go to websites like this one to gather info before they find a way to join but I'm sure there are a number of them that will be disuaded by your very posts (I'm already much less confident than I was towards apllying for one because of your posts). That doesn't help the cause so much man.

As I said George do your own research and decide for yourself, Im just giving you advice, take it for what its worth. I have a strong background in the stock market and a relative who's a very good financial advisor, he's made me alot of money. I agree the market will swing back in a few years thats why i'm putting my money in the stock market, buy low sell high. Paying cash for school instead of financing 65g and paying on it for 10-15 years sounds pretty good to me. If you find my advice offensive or just plain wrong, thats ok, just trying to help you out.

Edited by OhhAndy
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Why not? Sallie Mae is still lending, but only to really, REALLY good credit risks right now. We just got someone approved for $75K, but it took three really strong credit profiles, and the interest rate is at 13%.

 

Sallie Mae's problem is they no longer have access to the credit markets, they can only lend the money they have on hand right now, so they are being picky who they lend it to.

Thats the thing Jehh, it now takes 3 strong profiles as you said and a high variable interest rate where before just about anyone could get a 50g loan, you seriously dont think you'll feel the impact at summit? The feds have a direct effect on whats taking place right now after all they've loaned out over a trillion dollars so far and have their fingers in most of the changes that are taking place right now.

Edited by OhhAndy
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Thats the thing Jehh, it now takes 3 strong profiles as you said and a high variable interest rate where before just about anyone could get a 50g loan, you seriously dont think you'll feel the impact at summit?

 

Actually, it never was "easy" for anyone to get a 50g loan, the approval rates have simply dropped off... 6 months ago, we had a 10% approval rate, now we have closer to a 4% approval rate on loans. We're still getting them approved, however the interest rates are much higher, we had several 5% loans 6 months ago, but I haven't had one at less than 10% since July.

 

But yes, there has been an impact, to be sure... But then most schools have felt it, to some extent or another. This is why we do more than just flight training of course...

 

I don't think the situation will last, once the US elections are over and the governments of the world put their plans into place, the credit markets will free up and lending will return to normal. Money will be inflated a bit to pay for it all, making us all a little poorer, but that is better than the alternative, which is a depression.

 

Now if the price of avgas would just drop a bit... :)

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Ugh this is all very depressing. I have been saving for the past year in order to buffer loan payments once i get my CFII. Now it looks as if this would be a HORRIBLE time to take out a loan for training. I have even been considering the coastguard for flight training at this point (11 year commitment ...yahoo!).

 

Variable interest rates? Isn't that what's causing SO many people have their houses foreclosed on? 13% is godawful to begin with, and I don't even know if I would be able to get a loan with a strong cosigner and 742 credit score.

 

Does anyone have any advice for me? Should i just wait until the new pres gets in office? Should i just join the CG? Maybe i should go up to Canada & train there? At least their banking industry isn't suffering nearly as much as the U.S.'s.

 

Sorry to be all doom and gloom...I was just so ready to get out from behind this desk by the end of the year. blah.

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