Loans For Training

[skihard]

First time poster, long time reader. I have recently visited a 141 flight school and asked them about loans. They told me since Sallie Mae is done with most schools, including this one, the best option is to enroll part time in an online univeristiy such as Mountain State U or Embry Riddle to take money out for my flight training. Is there anyone out there getting financing this way? Are alternative loans what I need to be applying for? If so, can I tell them the loans are for flight training? How much can you take out a semester? I don't want to call them up and burn a bridge by asking for loans the wrong way.

 

Any help on this, or other means of financing would be greatly appreciated.

 

Side note: This site has been extremly helpful for me. I have been able to find answers to all my questions about my carrer change here. I did a search for on this topic and couldn't find anything concrete. Thanks again.

[Shaun]

I was able to get private student loans without a cosigner because my school was attached to a university. This was pre-meltdown however.

 

http://www.simpletuition.com/home

 

The process for me:

 

Using that website I applied for a loan. Flight school lead talked with student loan person for the school, who was then contacted by the loan company. To make sure I was actually in a program and to set the amount I would receive.

 

I'm not sure why everyone seems to do Sallie Mae, I had a large list of various vendors.

 

I think it largely depends on your schools accreditation.

[csw1000]

I am currently enrolled in the Utah Valley University global Aviation Degree program. As an independent, poor, low credit American, I currently am qualified for about $9k this year in Pell grants and Stafford loans. I will qualify for higher loan amounts as I progress to sophomore, junior, senior. Also there are some scholarships available as well. I will still need some type of independent loan, but for much less. UVU will certify about $26k per year for student loans, less government loans and grants. As a plus, when you graduate you can get a regular job to pay the loans back just in case you can't get a pilot job. Nice.

[DeltaKilo]

First time poster, long time reader. I have recently visited a 141 flight school and asked them about loans. They told me since Sallie Mae is done with most schools, including this one, the best option is to enroll part time in an online univeristiy such as Mountain State U or Embry Riddle to take money out for my flight training. Is there anyone out there getting financing this way? Are alternative loans what I need to be applying for? If so, can I tell them the loans are for flight training? How much can you take out a semester? I don't want to call them up and burn a bridge by asking for loans the wrong way.

 

Any help on this, or other means of financing would be greatly appreciated.

 

Side note: This site has been extremly helpful for me. I have been able to find answers to all my questions about my carrer change here. I did a search for on this topic and couldn't find anything concrete. Thanks again.

 

 

Skihard- I too am a noob and a long time reader of this forum. I recently applied for a loan with Sallie Mae to attend Bristow Academy in Titusville FL next month. I applied a month ago, and with a cosigner, got approved no problem. I don't know what school you were looking into, but I suggest that you find out why the school told you that Sallie Mae isn't loaning money. Perhaps SM isn't loaning money to that school.

 

Good luck.

[yzchopper]

I second that. You should check out another school that is qualified to offer loans by Sallie Mae. After shutting down my flight school due to the economy, I met with my Sallie Mae rep. and she said they would still be offering loans for most major schools but that they would be a lot stricter on their policies and that may affect the smaller schools more. Also if the school you were looking into training at did not do very many loans that would be a good reason for Sallie Mae to drop them as an approved school. So please ask your prospective school lots of questions. Good luck

 

Steve

[RkyMtnHI]

Skihard- I too am a noob and a long time reader of this forum. I recently applied for a loan with Sallie Mae to attend Bristow Academy in Titusville FL next month. I applied a month ago, and with a cosigner, got approved no problem. I don't know what school you were looking into, but I suggest that you find out why the school told you that Sallie Mae isn't loaning money. Perhaps SM isn't loaning money to that school.

 

Good luck.

 

 

VERY TRUE!! if the school you are looking into cannot get you loans, look elsewhere!

 

Money is out there, do not give up if you really want to do this.

 

dp

[skihard]

Thank you all for your input I really apprecate it. I should've been more informative on my post. The school Im looking at is Precision Avation in Newberg OR, they have been training for 24 years and I haven't heard anything bad about them. Plus it is family run business with a smaller school atmosphere that I'm very attracted to, and they fly Schweizers. The location is also a big draw for my wife and I, we really loved Oregon.

 

Thanks for Posting dp ( RkyMntHI ) Ive been reading your posts for a couple of years now, your posts are always positve and encouraging. You are at Rotors fo the Rockies right? I gave them a serious look, but my wife and I have been in Colorado for a long time and we are looking for a change.

 

If anyone has any negative info on Precision please let me know.

 

Thanks again!

[RkyMtnHI]

Thank you all for your input I really apprecate it. I should've been more informative on my post. The school Im looking at is Precision Avation in Newberg OR, they have been training for 24 years and I haven't heard anything bad about them. Plus it is family run business with a smaller school atmosphere that I'm very attracted to, and they fly Schweizers. The location is also a big draw for my wife and I, we really loved Oregon.

 

Thanks for Posting dp ( RkyMntHI ) Ive been reading your posts for a couple of years now, your posts are always positve and encouraging. You are at Rotors fo the Rockies right? I gave them a serious look, but my wife and I have been in Colorado for a long time and we are looking for a change.

 

If anyone has any negative info on Precision please let me know.

 

Thanks again!

 

Hey Skihard,

 

thanks for the words, I am no longer at ror and i wouldn't recommend them in any way.

 

my team and i split from them six months ago and opened Colorado Heli-Ops. You can read about us in the current issue of Vertical Magazine, here is a link to John Houston's article:

 

http://helicopterforum.verticalreference.c...amp;#entry88634

 

There are some really good schools in Colorado and i would recommend checking them out before you move out of state as training here has it's advantages, although we'd like you to train with us, our first thought is always what's best for you and yours.

 

Call me or one of my team and visit us if you can, we can give you the skinny on the ops here in Denver and hopefully keep you close to home.

 

as far as loans, we are batting 100% so far on getting students financing. We have even gotten loans for students training at other schools. The money is out there and if you want this career bad enough you can make it happen.

 

aloha,

 

dp