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Green Tree Gazette

Delta Connection Academy

 

I always see the question asked and Fry get mad about loans. I thought this may help someone make a good choice. There are 156 types of loans listed here with interest rates and fees. I used the Key Aviation Loan, it is no longer offered, I am told due from a certain schools abuse.

 

Later

 

The private loan download is Sept 04', but has a large list of lenders. The are all provided as LEADS only and no gaurantee of an actual loan.

privateloan_info.pdf

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Green Tree Gazette

 

I always see the question asked and Fry get mad about loans. I thought this may help someone make a good choice. There are 156 types of loans listed here with interest rates and fees. I used the Key Aviation Loan, it is no longer offered, I am told due from a certain schools abuse.

 

Actually there are not 156 loans available for flight training. Un-check the boxes for Stafford and Plus loans...flight training won't qualify. Also un-check the Consolidation box...nothing to consolidate. Sort by lender, there are 21, and at best, each will have only one loan program that will lend for flight training...many are for medical, legal and graduate borrowers only.

 

Now ignore the interest rates shown. These are teaser rates and nobody short of Bill Gates is going to qualify for these rates...certainly not anybody looking to finance flight training. Sallie Mae's Career Training loan would probably offer the lowest rate available and that is equal to the current Prime Rate...8.5%. But, a prospective student would need an "Excellent" credit rating to get that rate (apparently no one with a co-signor can get an "Excellent" rating..."if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier"). The "Good" credit rating carries a rate of Prime plus 2...10.25%...and if the borrower wants to defer the payments while in training the rate goes to 11.25%. If your credit rating is only "Fair" you should seek life elsewhere because the rate is 14.75%...basically the bank would own you.

 

In other words, there are no good options for borrowing to pay for flight training...in spite of what the Greentree Gazette (paid for by the lenders), the lenders or the Silver State's student finance representative imply. To borrow $69.9k and defer the payments for one year will result in payments of about $900 a month for fifteen years.

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Sorry you don't like it, but yes you can get some of all the loans thru a college program for training. And I have a teaser rate from Key Bank, and I paid less than $225.00 hr for my training in a R22, just $372.00 per month on 170 hrs. It can be done for less if you try.... Some of the consolidation loans my help someone in a tight. So stop being so negative.

 

Sorry you were burnt, but all it takes is a smart shopper and a good list of school loans, as well as decent credit. I will say that I am glad I never went to a SSH seminar, I might have bit too.. Your cookie cutter program does not work for everyone situation.

 

P.S. Fry, this thread was not intended for you to debate. You have already done this on dozens of other posts. This is a positive post. This IS a major investment and all angles should be explored, not just jumping on the first loan that comes along.

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P.S. Fry, this thread was not intended for you to debate. You have already done this on dozens of other posts. This is a positive post. This IS a major investment and all angles should be explored, not just jumping on the first loan that comes along.

 

Aren't "positive post' also called marketing? That is what that website you posted is after all...a sales pitch. The lenders pay that site to steer pospective borrowers to them. So I supplemented your "positive post" with some additional information that I thought might help. Especially since the only information you provided, besides the lenders' marketing pitch, was that you used a lender that is no longer making loans to flight school students.

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Fry,

Like I said, you don't have permission to turn this into a debate..Period. These are SOME viable areas to explore. The Delta link has some leads too. Even if you school is not listed. All you have to do is call and ask about the school you want to go to. Yes, some won't be able to get a loan to attend, so what. You never know if you don't try.

 

I will agree that taking 69.9k for this particular school is and was not my first choice..

 

Later

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While we're on the subject of borrowing for training, this is an excerpt from a piece in today's WSJ:

 

Deals Reached With DeVry, Lender

Over College Student-Loan Probes

By CHAD BRAY

April 23, 2007 12:28 p.m.

 

NEW YORK -- Attorneys general from New York and Illinois have reached agreements with DeVry University and Career Education Corp. as part of their probes into questionable financial arrangements between student-loan providers and colleges and universities.

 

In a press release, Illinois Attorney General Lisa Madigan and New York State Attorney General Andrew Cuomo announced settlements with DeVry and Career Education in which they will adopt a code of conduct on financial arrangements with lenders and will return moneys that were paid by lenders to schools to students.

 

Mr. Cuomo has alleged that student-loan providers are improperly paying schools to steer loans their way and put them on preferred lender lists through revenue-sharing agreements that Mr. Cuomo says are essentially kickbacks.

 

Some lenders also are engaging in other improper activity, such as funding trips for college financial-aid officers and providing personnel to staff call centers and college aid offices, Mr. Cuomo has alleged.

 

In recent weeks, Mr. Cuomo has announced agreements with Education Finance Partners Inc., Citigroup Inc.'s Citibank Student Loan Corp. and SLM Corp., better known as Sallie Mae, to settle probes into their financial practices with colleges.

 

EFP agreed to contribute $2.5 million to a fund to educate college-bound students about the student-loan process, while Citibank and Sallie Mae agreed to pay $2 million a piece into the fund.

 

 

Apparently there is a need for borrowers to be educated...and probably not by the lenders.

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Ahhh, Fry,

Just drop it alright. I said GUIDE in the post title. I am hard headed too. I know lenders, schools, sales persons, buisness's all can decieve you. Thats why I listed a GUIDE.. To give people options. I don't own stock in any of these lending institutions. THIS IS A GUIDE, to use to SHOP around...Get it?

 

Post a list of Fry's approved institutions if you want.

 

 

 

Later

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the only information you provided, besides the lenders' marketing pitch, was that you used a lender that is no longer making loans to flight school students.

 

Wrong again,

Key Alternative Loans are available to students at :

Ari Ben Aviator, FL

Embry Riddle Universities, has heli programs in AZ

Wallace State CC, AL, did have a heli program

UND, ND, has heli programs

Spartan School of Aero, OK

 

Just to name a few..

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Just wondering, did Fry ever post his creds, or give any explanation on his background and generally negative posting patterns?

 

I have never seen him/her respond to questions from others, far as background goes. Some have suggested that SSH's got to him/her for some money? I really don't know. But, it seems he/she needs to let go of some sort of anger. I don't dislike the guy/gal, just wish he/she could take this presumably bad situation and turn it around for the good. If he/she wants a career in the heli industry, I hope he/she can get past this anger or what ever the problem is. Seems like its in self distruct mode to me.

 

I will agree though, that you should be carefull with the private loans or any loan for that matter. Thats the whole reasoning behind my post. I feel lucky getting the loan I recieved. Key really worked me over jumping through hoops to get it. I wish they would bring the Aviation Loan back. My variable rate started in the 5% range and has adjusted 2 or 3 times since, up to 8.28% now. If lenders would not get so greedy and students stop filing for protection maybe we all could get better rates? Not many heli schools are Title 4 certified, so less loans available to them.

 

My school was not signed up with Key, I asked them if they would be interested to get with Key, and they said sure. I think I was the only student that recieved a Key Loan before the SSH scandel started and Key pulled the Aviation Loan program. I was going to finish my other degree and get a Aviation degree from UVSC online. Oh, well things change.

 

Later

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  • 2 months later...
Actually there are not 156 loans available for flight training. Un-check the boxes for Stafford and Plus loans...flight training won't qualify. Also un-check the Consolidation box...nothing to consolidate. Sort by lender, there are 21, and at best, each will have only one loan program that will lend for flight training...many are for medical, legal and graduate borrowers only.

 

Now ignore the interest rates shown. These are teaser rates and nobody short of Bill Gates is going to qualify for these rates...certainly not anybody looking to finance flight training. Sallie Mae's Career Training loan would probably offer the lowest rate available and that is equal to the current Prime Rate...8.5%. But, a prospective student would need an "Excellent" credit rating to get that rate (apparently no one with a co-signor can get an "Excellent" rating..."if you have "fair" credit and get a cosigner who has "excellent" credit, your rates and fees would fall within the "good" credit tier"). The "Good" credit rating carries a rate of Prime plus 2...10.25%...and if the borrower wants to defer the payments while in training the rate goes to 11.25%. If your credit rating is only "Fair" you should seek life elsewhere because the rate is 14.75%...basically the bank would own you.

 

In other words, there are no good options for borrowing to pay for flight training...in spite of what the Greentree Gazette (paid for by the lenders), the lenders or the Silver State's student finance representative imply. To borrow $69.9k and defer the payments for one year will result in payments of about $900 a month for fifteen years.

 

 

Actually I have poor credit but my co signer had excellent credit. I got approved at prime 8.5% no problem with loan to learn. We finally decided to go the Home Equity Line of Credit way in the end at the same rate.

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