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Flight Loans and Interest Rates


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I'm looking to start my training in the next few months and I'm going to have to borrow the full amount for my training... I was wondering what kind of interest rates are out there and what you are getting if you have a cosigner. The reason I am asking is because I have a very wealthy friend who has offered to loan me the money but we havent talked about interest or anything like that and I would like to know what is out there before we go any further. The benefit with going through my friend for me is that I don't have to have a cosigner (I don't have bad credit, just NO credit) and that he will probably give me a better rate than I could get anywhere else. However, if the better option would be the bank, I have a cosigner for that too. Any info/advice would be greatly appreciated!

 

Jake

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I'm looking to start my training in the next few months and I'm going to have to borrow the full amount for my training... I was wondering what kind of interest rates are out there and what you are getting if you have a cosigner. The reason I am asking is because I have a very wealthy friend who has offered to loan me the money but we havent talked about interest or anything like that and I would like to know what is out there before we go any further. The benefit with going through my friend for me is that I don't have to have a cosigner (I don't have bad credit, just NO credit) and that he will probably give me a better rate than I could get anywhere else. However, if the better option would be the bank, I have a cosigner for that too. Any info/advice would be greatly appreciated!

 

Jake

 

I'd like to know some of that information also, the only thing stopping me from joining flight school right now is the money, and i doubt i could get financed.

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B)

 

I may be able to help a little.

Just relaying my own financing woes.

I started with keybank and was advised to only finance the beginning portion for ppl.

Keybank honoured that loan. But then dropped thier flight school loan program.

Now I financed the rest about 50thou for my commercial and cfi. I padded my amount just in case things took longer than expected.Just a safety not saying you should do the same I have no silverspoon and am a regular stiff. I had to do this through sallie mae they are the only ones I have found that will cover a flight school. I also have the mgib from my time in the military it will kick in after my ppl up to 60% for the rest.

I am buying my home and am married and had to get my inlaws to cosign for that amount of money.

Sallie mae standard is 25thou with good credit.

I hope this enlightened you and gives you an idea contact sallie mae, talk to your school and if you are young join the greenweeines (us navy born and bred) and get your training there.

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What were your interest rates like bubba? Thanks for the posted info as well.

 

Jake

 

I have 3 loans with Sallie Mae, the interest rate is about 8.5% for me. Remember, though, not all flight schools qualify for accreditation from Sallie Mae - make sure yours does as I highly recommend it.

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Hi, Start with a school with a college affiliation such as Leading Edge Aviation and Central Oregon Community College. They will be able to finance your flight program. Leading Edge phone# (541) 383-8825

The college is on the web.

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Somebody Told me that Sallie Mae charges a fee of like 2% right up front, Is this true?

 

They do chg a processing fee, as 'rot' indicated, but I know of no place that doesn't chg a fee of some sort for loans; even mortgage banks do so. However, the fee from Sallie Mae isn't 'up front' in the sense you have to pay it in full before you get the loan - it is added to the loan, as most loan fees are.

Edited by klas
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