RECEIVING 100% FINANCING

[wannabe heli pilot]

What the schools don't tell you is that there is absolutely no possibility that they can, or will, hire every student as a CFI. What happens to the other 90%? Bankruptcy?

Fight, kick, sratch, and bleed? Beg, borrow, steal? Well already borrowed I guess so beg or steal?

[toad]

Fight, kick, sratch, and bleed? Beg, borrow, steal? Well already borrowed I guess so beg or steal?

 

So is Sallie Mae (sp) the only choice besides smaller bank instututions to get a loan from? Has anyone heard of or know anyone who recieved grant money to start their training?????

 

TOAD

[Sparker]

Flight training isn't considered an education. It's aircraft rental + CFI wages. No FAFSA. Take some classes while you train and get a "plus loan" (intended for books and housing/living expenses) and use that towards flight training. BTW, federal student loans are non-bankruptable.

[Tarantula]

What loans does sallie mae offer that you can use for flight training? All the ones I look at have the wording "The institution you are attending must be licensed or accredited by the department of education in the states in which they do business." under Eligibilty.

[klas]

What loans does sallie mae offer that you can use for flight training? All the ones I look at have the wording "The institution you are attending must be licensed or accredited by the department of education in the states in which they do business." under Eligibilty.

 

 

Career training loans.

 

https://www.slmfinancial.com/schools/index.html

 

Your school must accept Sallie Mae as a provider of loans/Sallie Mae must accept your school as a receiver of loans. They have to go through a process & meet particular requirements. Have your school, if it doesn't offer SLM, contact them to see if they meet the requirements.

[Tarantula]

Thanks for the quick reply. I just went through their entire list, and there is only 1 helicopter school in colorado on it. I'm still hesitant to go to that school simply because they are one of 2 (the other is SSH) who use R-22's for training at our altitude. Every other school in the area uses 300C's.... I'll get in touch with the school I did my intro flight with and see if they can qualify for sallie mae.

[hotrodturbo7]

also check www.loantolearn.com (TERI loan)

[Sparker]

Thanks for the quick reply. I just went through their entire list, and there is only 1 helicopter school in colorado on it. I'm still hesitant to go to that school simply because they are one of 2 (the other is SSH) who use R-22's for training at our altitude. Every other school in the area uses 300C's.... I'll get in touch with the school I did my intro flight with and see if they can qualify for sallie mae.

 

Definetely don't fly r22s up there, check out Rotors of the Rockies, great people and I think they have Sallie Mae, plus they fly 300s.

[Tarantula]

I've checked out rotors of the rockies, and they look pretty good. But they weren't on the sallie mae list.

[Sparker]

I've checked out rotors of the rockies, and they look pretty good. But they weren't on the sallie mae list.

 

I'd still give em a call, they might meet Sallie Mae requirements even if they have made the deal with SM yet... But still, try to save as much as possible before you begin training. A quality education is worth the extra trouble. Don't go somewhere just because Sallie Mae says they are ok.

[Tarantula]

Just an update. I got in touch with both schools premier helicopters and rotors of the rockies. Premier answered me with:

You had asked about the R22

"I was looking into taking your professional pilot program at your broomfield location. I had a question regarding your choice to use R-22's at the height you're at in colorado. Almost every other school uses Schweizer 300C's instead. I was just wondering why you've decided to use the R-22."

 

The R22 has a governer, which makes it better & easier to fly at this altitude. Without the govener there is the possibility of overspeeding the engine. We also have R44's. In Colorado Springs we do emergency procedures with the R44 & only do straght & level/cross country with the R22.

 

Rotors of the rockies is able to be financed with Sallie Mae.

 

I plan to schedule intro flights with both just to see the difference between the two helicopters and how they behave. Premier also e-mailed a welcome packet to me, which I still need to flip though, but I'll let you know what if anything it has in it about how they do their training.

Edited September 6, 2007 by Tarantula

[Sparker]

Rotors of the rockies is able to be financed with SSH.

 

Whats SSH?

[Tarantula]

Edited and corrected. Meant Sallie Mae.

Edited September 6, 2007 by Tarantula

[puravida]

I'd still like to hear from a CFI that did 100% financing.

[IFLY]

SSH in Colorado Springs uses R44s

[Tarantula]

SSH lists a location in pueblo, not colorado springs. A considerably farther drive. Regardless, they're not an option to me.

Edited September 6, 2007 by Tarantula

[Tarantula]

I'm still curious to hear your guys opinion on why they fly the R-22 out here. The response they gave me was, "The R22 has a governer, which makes it better & easier to fly at this altitude. Without the govener there is the possibility of overspeeding the engine. We also have R44's. In Colorado Springs we do emergency procedures with the R44 & only do straght & level/cross country with the R22."

 

Is what they're saying true? All I've ever heard between R-22 and 300C is that the 300C is better for flying at altitude. Should I take this school into consideration, or should I just stick with schools that use the 300C here.

[IFLY]

Just wondering if anybody else had 100% financing for school and how paying it back worked especially the first couple of years when getting hours is the biggest hurdle. i am about to take out $60000 in loans which i can handle with my current job but when i become a pilot i am not so sure i'll make enough in the first couple of years to make my payments any info greatly appreciated.

 

You don't need to be able to pay for everything for that first year or so as a CFI from your paycheck. You need to save enough to make it past the CFI wages.

Find out how much you will be short every month then multiply that by how many months you will be a CFI and save at least that much (preferably more) before taking the CFI job. Stretch out your training if you have to to save enough.

 

SSH school is in Pueblo, sorry about that I just forgot where I stopped to refuel on my way to Billings.

[Tarantula]

Thought I'd give you guys an update. Sallie Mae denied me, so I have 20 days to convince someone to be a co-signer with me for it, and give that a shot. Or I'm going to have to look at doing the global aviation thing with UVSC.

[Sparker]

Thought I'd give you guys an update. Sallie Mae denied me, so I have 20 days to convince someone to be a co-signer with me for it, and give that a shot. Or I'm going to have to look at doing the global aviation thing with UVSC.

 

I would try applying for less of a loan before I got a cosigner. They only require a cosigner because they don't think the primary borrower will be able to pay, and they're usually pretty accurate in their predictions. Definitely better off with UVSC... plus looks better on your resume.

[BigSky]

I would try applying for less of a loan before I got a cosigner. They only require a cosigner because they don't think the primary borrower will be able to pay, and they're usually pretty accurate in their predictions. Definitely better off with UVSC... plus looks better on your resume.

 

what is uvsc?

[BLG123]

I have just started my first semester with UVSC (Utah Valley State College) I finished my first two years of basics at a local community college because ive heard its really tough to get your basic studies done "on-line". I think this is a great chance to boost anyones resume (plus it gives you a better understanding of the entire world of aviation which in turn will make you a better pilot) and I just hope it helps my loan abilities with salli mae.

[Sparker]

what is uvsc?

 

While attending UVSC you can get loans (easier) for flight training. They offer an online aviation based degree.

[BigSky]

While attending UVSC you can get loans (easier) for flight training. They offer an online aviation based degree.

 

Thanks

[Tarantula]

I would try applying for less of a loan before I got a cosigner. They only require a cosigner because they don't think the primary borrower will be able to pay, and they're usually pretty accurate in their predictions. Definitely better off with UVSC... plus looks better on your resume.

 

Actually, rotors recommended that I apply for a 70k loan, so I did. Sallie Mae said that due to insufficient credit history that they would approve me for up to 12k. Options listed were apply for a lesser amount up to 12k inside of 20 days, or reapply with a cosigner within 20 days.

 

As far as UVSC goes, I'm looking at their global aviation degree now, and I'm not sure which is appropriate toward being a helicopter pilot. (Their professional pilot bachelors has requirements such as Ground: Multi-Engine and Flight: Multi-Engine.)

 

I plan to contact them requesting more information on what would be appropriate for what I would like to accomplish, hopefully I hear back from them soon.