Helihead Posted October 3, 2007 Posted October 3, 2007 Looking into financing some more trainning. Just wondering what students rates were with SLM or some other institutions? My credit score is around 750 ?? Do I have to participate in an actual school? or can I get a loan for trainning on my own? Thanks again everyone..
klas Posted October 3, 2007 Posted October 3, 2007 Sallie Mae has to accept your school - your school has to be part of the Sallie Mae list of approved schools. Student rates vary & you won't find out what it is until approved, but will probably be 7-10% with your score.
heligirl03 Posted October 3, 2007 Posted October 3, 2007 Probably close to 10-12%. Credit score, shmedit score, even with excellent credit most times they still want a cosigner so better have one enlisted. Remember a consigner can get "released" after 2yrs of on-time payments by the primary borrower so it's not necessarily a lifetime commitment for them if you are good with payments and they trust you to continue to be! Good luck!
fry Posted October 4, 2007 Posted October 4, 2007 Looking into financing some more trainning. Just wondering what students rates were with SLM or some other institutions? My credit score is around 750 ?? Do I have to participate in an actual school? or can I get a loan for trainning on my own? Thanks again everyone.. Is there some reason you do not believe what is on SLM's website? http://www.salliemae.com/get_student_loan/...est_rates_fees/ For a Career Training loan (the only kind available for flight training) the rate for "Good" credit (750 is average...no special consideration there) is prime plus 2 points (3 points if you defer the payments). The current prime rate is 7.75% so your rate would be 9.75% at best (they may not have adjusted for the new prime rate yet). Currently the problem isn't the rate it is getting them to make a loan at all without a co-signor and/or some upfront points. SLM is on credit watch for a ratings downgrade...they are presently not all that keen on unsecured training loan that they have to carry on their books.
Rookie02 Posted October 4, 2007 Posted October 4, 2007 Heligirl is right on the money with how much you can expect your rate to be. I just put in for a loan with SLM. My score is 720 and they countered with giving me 20 grand only and my APR was 11.25, granted I did opt to defer payments. As I'm sure you've read, it's tough. After looking at my payment options, I decided recently to in fact Let Uncle Sam put me through Heli school. Who would I rather take on Sallie Mae, or Iraqs armed with Iranian anti-aircraft weapons?? Hmmmm.... Iraq doesnt' seem too bad I guess.......
Hedge36 Posted October 4, 2007 Posted October 4, 2007 Heligirl is right on the money with how much you can expect your rate to be. I just put in for a loan with SLM. My score is 720 and they countered with giving me 20 grand only and my APR was 11.25, granted I did opt to defer payments. Same deal here... though my credit (post-divorce) isn't that strong - but I had a pretty decent co-signer.
jehh Posted October 4, 2007 Posted October 4, 2007 It will vary between Prime + 0% and Prime + 7%, depending on your credit and if you choose to take deferred payments (which adds 1% to the rate) With a 750 score, I'd expect a pretty good rate, how much you'll get depends on your debt to income ratio and your assets, along with your history of unsecured borrowing. Generally you have get the loan through a school. They have in the past done direct loans, however I haven't seen one of those since last year.
HeliHelvig Posted October 4, 2007 Posted October 4, 2007 I just applied for a SLM loan for 75 grand...with a co-signer with 30 years of perfect credit, and they gave me a counteroffer of 20,000. Not quite enough. I just never thought it was that hard to get a student loan. I thought loans were for people that don't have that much money, but I guess you have to have money to get a loan from Sallie Mae.
Mike Murphy Posted October 6, 2007 Posted October 6, 2007 The school has to participate, but you might checkout www.pilotfinance.com
Azhigher Posted October 6, 2007 Posted October 6, 2007 Can try to find a relative who would kick you some money off say a home equity loan. Thats the route I went and my interest rate is somewhere in the 6% range...
Hedge36 Posted October 6, 2007 Posted October 6, 2007 The school has to participate, but you might checkout www.pilotfinance.com Hey, Mike - you an old HSL hand?
jehh Posted October 6, 2007 Posted October 6, 2007 I just applied for a SLM loan for 75 grand...with a co-signer with 30 years of perfect credit, and they gave me a counteroffer of 20,000. Not quite enough. I just never thought it was that hard to get a student loan. I thought loans were for people that don't have that much money, but I guess you have to have money to get a loan from Sallie Mae. With Sallie Mae and their career training loan, it isn't about having perfect credit, it is about how much credit you have had, and how much of it was unsecured. This is NOT a student loan, it is a large private unsecured loan. Student loans in general are pretty easy to get, however you have to go to an accredited school recognized by the Department of Education to get them. You can have a 800 point FICO score and the largest credit card is $5,000, and Sallie Mae will not give you $75K. They have no basis to compare any repayment history from. They really don't much care about a house or car, those are secured loans. We just got a guy $30K, no co-signer. He earns $42K a year and still has $20K in outstanding student loans. However, those student loans used to be $60K. He has shown he can pay that size debt off, so Sallie Mae gave him another $30K. That makes his total loans higher than his annual income, but that is ok because he has shown he can pay off that size debt.
OhhAndy Posted October 7, 2007 Posted October 7, 2007 I just got approved for 20g in about 15m. My interest is 10.75 variable. I was curious if there were any fixed rate student loans out there, Im not that comfortable with a floating rate.
HeliHelvig Posted October 7, 2007 Posted October 7, 2007 I'm trying to get registered with UVSC this semester so I can get an actual student loan with them through Wells Fargo.So hopefully that should work. Then, worst case scenario, my parents might be willing to take out some equity on the house.
Helihead Posted October 8, 2007 Author Posted October 8, 2007 Can try to find a relative who would kick you some money off say a home equity loan. Thats the route I went and my interest rate is somewhere in the 6% range. Yeah pondered that but it wouldn't help me build my credit for my future? Good Idea... but I think I would just have them cosign on a loan then, maybe I will just go on deal or no deal Haha.
FlyGirl86 Posted October 8, 2007 Posted October 8, 2007 Hhaaa...credit scores dont seem to count. My interest rate is 12% i think...and i had to have a co-signer (young with no credit yet). My friends interest reates are 19% and my cousins are over 20%. I hope you have better luck with that. You dont have to go through Sallie Mae. Look around and see what other people can offer.
HeliHelvig Posted October 8, 2007 Posted October 8, 2007 Sallie Mae is the only place ive found that'll do a loan for my school because they aren't set up with any lenders right now. They haven't even told me my interest rate yet. I'm just going to take the 20,000 from them and move on and not have to deal with them again.
Mike Murphy Posted October 9, 2007 Posted October 9, 2007 <offtopic> Hey, Mike - you an old HSL hand? </offtopic> Yes I am :-)
Hedge36 Posted October 9, 2007 Posted October 9, 2007 Yes I am :-)\ I SO miss that bird. I keep watching eBay hoping one will come up - so far, no dice!
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