dlo Posted October 31, 2006 Report Share Posted October 31, 2006 hello, I know this is a basic quick question and have sorted through some info already... but i am going to take out a loan for flight training because I cannot find another way to do it and get it done quickly.. my question is what company should I go with and why.. I have talked to pilot finance, sallie mae, and one other one.... sallie mae is looking the best now, but I have not talked to other people about what loan company they choose and why.... are all of the payment options, loan amounts and what not the same. is one easier to get than the other... why should I go with a different loan company besides sallie mae????? is there a better option out their for me.... I know key bank and us bank are no longer available for me... I have decent credit and a good paying job and a co signer.... I just don't wanna rush things when maybe there was a better option. is salllie mae the best option for most people, or does it really depend.. When i do ask for money, should I ask for more than I need, does sallie mae always come back with a counter offer, like half of what I asked for or what... any help appreciated.... Quote Link to comment Share on other sites More sharing options...
FordMustang0288 Posted October 31, 2006 Report Share Posted October 31, 2006 I'm just beginning my training(2nd day today) and i'm doing so with the aid of Sallie Mae. Just be forewarned, it took me nearly a month of back & forth paper tag. The pros:My flight school was able to help me get a deferment for 18 months(max amount of time I would be allowed lessons, should only take 8) The cons:I took out a loan for 40k, 5k more than the school suggested to counter extra costs such as books, etc. At first, SLM would only give me 10 or 20k, i can't remember. That was with ONE cosigner. I added an additional cosigner & they finally agreed to the full amount.I took out the loan for as long as I possibly can, for a student making a little more than minimum wage, the monthly payments are high. I'm paying interest only & its well over $400 a month. I wouldnt dare taking the full deferment.The interest rate is at about 14%, which they adjust multiple times a day.With the interest rate, and the 15 year payment plan, im going to be paying more than double. Thats basically the situation i'm in. It's a tough one, but if you want to fly badly enough, its one of the only routes that I could find. Good Luck! Quote Link to comment Share on other sites More sharing options...
klas Posted October 31, 2006 Report Share Posted October 31, 2006 hello, I know this is a basic quick question and have sorted through some info already... but i am going to take out a loan for flight training because I cannot find another way to do it and get it done quickly.. my question is what company should I go with and why.. I have talked to pilot finance, sallie mae, and one other one.... sallie mae is looking the best now, but I have not talked to other people about what loan company they choose and why.... are all of the payment options, loan amounts and what not the same. is one easier to get than the other... why should I go with a different loan company besides sallie mae????? is there a better option out their for me.... I know key bank and us bank are no longer available for me... I have decent credit and a good paying job and a co signer.... I just don't wanna rush things when maybe there was a better option. is salllie mae the best option for most people, or does it really depend.. When i do ask for money, should I ask for more than I need, does sallie mae always come back with a counter offer, like half of what I asked for or what... any help appreciated.... I have Sallie Mae & am happy with the process. Didn't take as long as FordMustang's did - it was approved on line & the paperwork was signed in a matter of days. Interest, of course, depends on your credit. I do think Sallie Mae comes back with a counter offer, if I remember correctly - the amt approved depends on, again, your credit & finances. If they can't give you what you want, they will offer something less. Quote Link to comment Share on other sites More sharing options...
fry Posted October 31, 2006 Report Share Posted October 31, 2006 I'm just beginning my training(2nd day today) and i'm doing so with the aid of Sallie Mae. Just be forewarned, it took me nearly a month of back & forth paper tag. The pros:My flight school was able to help me get a deferment for 18 months(max amount of time I would be allowed lessons, should only take 8) The cons:I took out a loan for 40k, 5k more than the school suggested to counter extra costs such as books, etc. At first, SLM would only give me 10 or 20k, i can't remember. That was with ONE cosigner. I added an additional cosigner & they finally agreed to the full amount.I took out the loan for as long as I possibly can, for a student making a little more than minimum wage, the monthly payments are high. I'm paying interest only & its well over $400 a month. I wouldnt dare taking the full deferment.The interest rate is at about 14%, which they adjust multiple times a day.With the interest rate, and the 15 year payment plan, im going to be paying more than double. Thats basically the situation i'm in. It's a tough one, but if you want to fly badly enough, its one of the only routes that I could find. Good Luck! Wow, 14%! You're going to pay almost $9,300 in interest only over the 18 months and then $533 a month for 15 years. And that's only if you can finish the training for the $40k you've borrowed. Can you even get enough flight hours to begin instructing for $40K? Are you training in a Robbie...do you intend to instruct in a Robbie? You'll need 200 flight hours to instruct. The advertised costs I've seen from schools run about $53k for 200 flight hours...is your school offering 200 hours for $35k??? Quote Link to comment Share on other sites More sharing options...
dlo Posted October 31, 2006 Author Report Share Posted October 31, 2006 why did you guys go with sallie mae?????????? and wow 14 % interest is a little higher than I thought it would be, and you needed two co signers?????? if you don't mind, are you younger, do you have good credit or credit established??? I'm just trying to see what I am up against.... did you guys consider other banks, and you recommend doing the interest only payments during the defferment, is that right. is there any way to get a fixed interest rate.. Quote Link to comment Share on other sites More sharing options...
FordMustang0288 Posted October 31, 2006 Report Share Posted October 31, 2006 I'm 18. This is my first finance obstacle, so I have no credit established. I tried looking into banks in the area and they wouldnt even consider the 40k that i'm hoping for. The school im attending (New England Helicopter Academy) uses the Schweizer 300. They have an advertised cost of 35k IF I can finish in 8 months. This includes private, commercial, & instructor licenses. I took out the extra 5k for books, and additional costs I may run into. After the 15 years, i'll be paying upwards of 90k. I have $460 interest only monthly payments currently, with the deferment of 18 months. I also intend to instruct, hopefully with this school. Therefore, i'd be using the Schwiezer. Quote Link to comment Share on other sites More sharing options...
dlo Posted October 31, 2006 Author Report Share Posted October 31, 2006 thank you for you reply, if you are only 18 and got this loan, then i feel better about getting this loan now, cause i might not need a cosigner and get that high of an interest rate... but for you this is great, man you are only 18 years old and you are off to a career that will be fun and promising to you. who ever your cosigners were, you need to go give them a big hug for making this possible for you. but now that you have the money, let the fun begin and just go after it. well hopefully you will do good and maybe work on the side to help with the loan and interest payments. concentrate hard and you will finish good.... Quote Link to comment Share on other sites More sharing options...
FordMustang0288 Posted October 31, 2006 Report Share Posted October 31, 2006 My cosigners were my parents, & boy have I thanked them. I would really like to thank you for that optimism. I hope after my training is done, i'll be able to jump out there & find a great job. In the meantime, i'm working 2 part time jobs, which is going to become very difficult to schedule around flight lessons. But otherwise, I wouldnt have the money to fly. I'll tell ya, the fun is certainly beginning. I experienced my first two auto-rotations today! The instructor is letting me know im already doing wonderful...and hopefully i'll be solo'ing alot sooner than expected. However, being a pestamist, im not so sure about that now. lol. But thanks again, not too many people agree with the route im choosing, its great to hear such comments. Safe flying, and keep in touch. I'd love to know where you end up. Quote Link to comment Share on other sites More sharing options...
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