Financing

[badtransam97]

I am kinda new here to these forums, having come from the fixed wing world, but I have a few questions about financing rotor wing ratings. I know Sallie Mae has stopped loaning as well as AOPA, and some others. Is everyone using the local banks, credit unions, etc..? Just trying to get a feel as to what kind of options are out there right now.

[cajunjack]

removed

Edited October 15, 2009 by cajunjack

[slick1537]

I don't think sallie mae stopped loaning, I just think it is harder to get a loan from them. Maybe worth a try.

[Inferno]

The lending market is locked up right now Even people with great credit have been unable to get loans.

 

Every once and a while people claim to get lending, but i have not seen it personally since the beginning of the year.....

[Helopilt]

Several students at my school have recently rcvd loans from Sallie....

[RkyMtnHI]

The lending market is locked up right now Even people with great credit have been unable to get loans.

 

Every once and a while people claim to get lending, but i have not seen it personally since the beginning of the year.....

 

 

At least five students have received funding thru Utah State Valley University and different lenders at our school in the past couple of months. I don't know the exact details but they are flying and training now. I do know it's gotten much tougher and students are not getting as much money as in the past so they have to be more careful. If you are serious call the University and ask for help..

 

if you don't get answers pm me and i'll have one of my guys call you.. sorry i can't tell you more, i am busy with the operational end.

 

i am positive that there is still money to be had, but it's much harder now and you won't get as much.. like many things in this industry, it depends on how bad you want it and how much effort you put into your goals.

 

there is another school that advertises that they do in-house lending, sorry i don't remember which it was but i saw the add here and checked out their web site.. that would be cool if it's for real. we have talked about doing the same thing but just don't have the time to look into it further.. and, since students are getting money, put it on the back burner for now.

 

good luck..

 

dp

[Inferno]

Good to hear. That could really save a lot of schools if theres another influx of students, even if its just a short wave before the next credit crunch hits....

 

At least five students have received funding thru Utah State Valley University and different lenders at our school in the past couple of months. I don't know the exact details but they are flying and training now. I do know it's gotten much tougher and students are not getting as much money as in the past so they have to be more careful. If you are serious call the University and ask for help..

 

if you don't get answers pm me and i'll have one of my guys call you.. sorry i can't tell you more, i am busy with the operational end.

 

i am positive that there is still money to be had, but it's much harder now and you won't get as much.. like many things in this industry, it depends on how bad you want it and how much effort you put into your goals.

 

there is another school that advertises that they do in-house lending, sorry i don't remember which it was but i saw the add here and checked out their web site.. that would be cool if it's for real. we have talked about doing the same thing but just don't have the time to look into it further.. and, since students are getting money, put it on the back burner for now.

 

good luck..

 

dp

[brettjeepski]

Our school has been able to get funding through Mountain State college and Utah Valley University. I have mine with UVU. Call our student coordinator she can help you. I think her phone number is on the bottom of the website. www.mountainridgeheli.com

[heligirl03]

there is another school that advertises that they do in-house lending, sorry i don't remember which it was but i saw the add here and checked out their web site.. that would be cool if it's for real. we have talked about doing the same thing but just don't have the time to look into it further.. and, since students are getting money, put it on the back burner for now.

 

good luck..

 

dp

 

Hey DP, just want to clarify that the in-house financing you mentioned is legit, I've trained and taught here since 07. Normally I wouldn't post a reply, but money is such a problem for aviation career training, I figured this was worth a follow-up so people have good information. School's been around 13yrs, 20k hour CP, 60 helicopters, in-house mx, really solid on everything and lots of grads out there in the real world. If anyone wants more info, email me at helinw@yahoo.com, so we don't clog up the forum.

 

Beautiful fall day in Seattle, goin' out to fly now!

 

HG03

[r22butters]

Inferno Posted Today, 14:05

Good to hear. That could really save a lot of schools if theres another influx of students, even if its just a short wave before the next credit crunch hits....

 

Do we really want another influx of students? As it is, the last job I applied for had at least 400 other applicants. Aren't there enough of us out there already?

[Inferno]

Stop being so self centered. Please. Think about what you are saying.

 

No students = no more schools = no more CFI jobs = a ton of

 

Its a cycle, and without the fresh students entering the system, the system will dry up. Sure its great for the people already embedded in the field, but the people trying to break into it wouldn't stand a chance.

 

Do we really want another influx of students? As it is, the last job I applied for had at least 400 other applicants. Aren't there enough of us out there already?

Edited October 15, 2009 by Inferno

[r22butters]

Inferno Posted 37 minutes ago

Stop being so self centered. Please. Think about what you are saying.

 

No students = no more schools = no more CFI jobs = a ton of <1000hr pilots out of work. Thats an extreme example, but you get the point... Sorry you are having trouble finding a job. Maybe that IR would have helped you distinguish yourself....

 

Its a cycle, and without the fresh students entering the system, the system will dry up. Sure its great for the people already embedded in the field, but the people trying to break into it wouldn't stand a chance.

 

Sorry if I touched a nerve, but I'm sick of people telling me "nice resume, let me know when you have more time."

 

I hope the system does dry up. Maybe then they will let some of the rest us in! If you think this industry needs more pilots, I'll bet I can find at least 398 others who will dissagree with you, and this isn't the first time I've had competition in the hundreds!

[adam32]

Hey DP, just want to clarify that the in-house financing you mentioned is legit, I've trained and taught here since 07. Normally I wouldn't post a reply, but money is such a problem for aviation career training, I figured this was worth a follow-up so people have good information. School's been around 13yrs, 20k hour CP, 60 helicopters, in-house mx, really solid on everything and lots of grads out there in the real world. If anyone wants more info, email me at helinw@yahoo.com, so we don't clog up the forum.

 

Beautiful fall day in Seattle, goin' out to fly now!

 

HG03

 

Just wondering what school has 60 helicopters up there...PM if you want...

[badtransam97]

Thanks for the replies, at least their is some hope of loans out there! I wish I had used my savings on RW ratings first, and did FW as add-on's...but oh well, hindsight is 20/20!

[Inferno]

No worries, you didn't hit a nerve man.

 

The whole flight instruction part of our industry employs a lot of people. If it dried up, that would mean a lot of people without a way to feed their families. All I'm saying is to look at the larger picture, and never hope for bad things to happen, just so you can get ahead. It's bad karma.

Sorry if I touched a nerve, but I'm sick of people telling me "nice resume, let me know when you have more time."

 

I hope the system does dry up. Maybe then they will let some of the rest us in! If you think this industry needs more pilots, I'll bet I can find at least 398 others who will dissagree with you, and this isn't the first time I've had competition in the hundreds!

[heligirl03]

Just wondering what school has 60 helicopters up there...PM if you want...

 

No worries

 

Helicopters Northwest owns 60ish Robbies (50 something 22s and a couple of 44s). It's a flight school, Robbie mx facility, and leasing company (most other flight schools in the PNW fly HNW aircraft, with mx pkgs so we know what's going on with them at all times). There are usually 10 or so on the ramp and we fly 4 or 5 of them daily out of BFI, but we have 3 other sister schools in the region and they each have 3 or 4 of them too. It's great to get to fly such a variety within the same airframe, you learn a lot about them...no two alike so far!

[auto360]

I don't want to make anyone mad but why all this talk about financing? What happened to going out, working hard and saving money. From the moment I found out how much Heli school was I knew I wasn't going to finance it. Flying, to me, is alot about freedom and having a huge loan over your head is not being free. I think some need to take a step back and figure out a way to save the money.....it can be done. I know, I just did it. Well, didn't "just" do it...it took a while. Payed off all my debt and then saved for school. I'm going to hold off a little while and keep saving till things look a little more solid job wise but I was able to do it and with only a HighSchool education. Not bragging....just that with focus and dedication it can be done. We need to stop relying on loans for everything. Just my 1.5 cents.

Matt

[Vortex Man]

Hey Guys, I don't post on her much but wanted to put my 2 cents in. I am currently the college of the sequoias aviation department financial aid officer and also the operations manager for Blue Sky Aviation, so i do know a little about the financing world for students. Currently Sallie mae is lending to specific schools, although there are not very many left in the nation at this point. Typical credit requirements run at least a 750 credit score and there are no more deferred payments available, a cosigner is always required and the payment terms are 10 years. Here at the COS we also have financing available through a private lender, chase banks. We use they're select loan and have had a great deal of success over the last 6 months with them. Typical credit requirements are a minimum 620 and take into consideration peoples current economic crisis. If you are interested in the program feel free to check us out at www.cosaviation.org.

 

Also in regards to flight training, COS is one of the only schools if not the only school that can financie 100% of your training, housing, etc and have you completed on an accelerated course of 10 months. AS Degrees are also availalbe, put feel free to contact me if you wants some additional information on teh financing. Hope this helps. We also have UVU, but don't tend to push it to much, beware, want detailds call us.

[badtransam97]

The only reason I am asking about financing is because I have paid cash for every single one of my FW ratings, on a 'high school education'. I have some money saved for RW ratings, but need a little extra help with some of it, plus I'd like to build up my credit score a little while I'm at it. Another reason, to be honest, is because Im ready to get started with training while I still live at home, debt free, no kids, etc... Because if I wait until I'm married and all that good stuff, it'll be alot harder to make the career change.

[auto360]

Badtransam,

Ok, this may sound mean but wanting to improve your credit score is not a valid reason. There are other much less expensive ways to improve that.

Married..Kids? Are you in an arranged marriage where there is already a date set? Ok, another invalid reason. Work.save.work.save. You save your money, you go to school, you get a job flying......then start thinking about marriage. Really, that should not even part of your plan right now. This is the time that you focus on you. Anyway, everyone can go out and get there 70K+ loan and then get stressed out when they don't have a job to pay it back. To each their own. I won't preach anymore about saving money.

[badtransam97]

Haha, no I'm not in an arranged marriage, but I do think I will eventually take the plunge, so like I said, if I wait till that happens and am still not flying it'll be even harder to make it happen. Also, I'm not some kid straight outta high school trying to get a 70k dollar loan. I don't want to borrow anywhere near that much! I have worked hard and paid cash for everything I have, so it's not like I'm new to the work-save idea. All I'm asking is where people are borrowing from nowdays since the economic crunch has hit.

[auto360]

Hey Badtransam...yeah, don't mean to bust your balls. Its good that your paying for stuff without loans. Yeah, there are times when you do need a loan. I can understand that. Heck, its not like I have never taken one but at this point in my life I really enjoy being debt free (except house that is rented out) that I will do whatever I can to not have more debt. Ok, I use my credit card everyonce in a while but its always paid off at bill time. But, I will even drive a cheap car just to stay out of debt from buying a new one. At 35 I don't really care what strangers think of me and what I drive. Though, I do care what my peers, co-workers and future references think of me. Ok, that got a little off topic. I guess my point is do your best to either not use a loan or maybe not such a huge loan. I can't imagine looking for an instructor job in this job market and having a 70K loan hanging over me. That would seriously bring me down. Some have said I'm lucky to have the money to pay for school. Hmmm, I would be lucky if I won the lottery or had a rich uncle but I worked and saved...oh...and sacrificed. The lucky part is being an abled body person who "can" work. Ok, I'm off my soap box and I really do hope you find a way to get to school because I know the feeling.....

[badtransam97]

No worries man! I understand where you are coming from, trying to educate people against taking out huge loans for a CFI job that pays nearly nothing, and probably isn't going to be there when you finish training! You sound alot like me as far as being thrifty and not worrying about what people think about you if you don't drive the best car on the market,etc..lol! Good luck in your endeavours in the helicopter world! Maybe the market will turn around and let us all catch a break!