Applied w/ Sallie Mae

[UCT2]

I'll chime in on my recent experience with SLM Financial if others do as well we may see trends besides the obvious, that can help others. I faxed in my application one week ago on a friday night. I called 3 days later on Monday to confirm that they received everything I sent. They had it all. Along with my app I also sent a letter to the application department clearly asking for an approval on the full requested amount of $53,000 and why I thought I should get it. I'm not sure what if any effect the letter had but 4 days later on Thursday I called back ( as instructed by the loan assistant). I found out I was "eligible" for the full amount but I would have to have a co-signer. So now i'm kicking around ideas of who I can ask to co-sign. My parents have passed away, they would have been my first choice. I only have secondary choices. I'm also looking at business opportunities that might help bring in extra money so I could just pay as I go or pay off a couple debts and improve my DTI; I'll post again as things progress.

 

If anyone one else is dealing with SallieMae or other finance companies let us know how its going/ how it went, lessons learned etc...

 

 

 

Terry

 

__________________________________________

Whether you think you can or think you can't, you're right.

[fry]

Sallie Mae...20-FEB-08...Ending serial (subsequent) private student loans at certain for-profit colleges, not just new borrowers

 

http://www.finaid.org/loans/lenderlayoffs.phtml

[Billwants2fly]

Sallie Mae...20-FEB-08...Ending serial (subsequent) private student loans at certain for-profit colleges, not just new borrowers

 

http://www.finaid.org/loans/lenderlayoffs.phtml

 

Looks like chances are I'll have to pay as I go To get my certifications. Is there a list of schools that they are not loaning to anymore ?

[gmsemel]

The last thing you really want to do is to borrow any kind of money for flight training period. With the SSH thing, lenders are going to be real gun shy about lending any amount for flight school, and the ones that do will be with very high interest rates. Look for you really young guys, Go to one of the services and do a hitch or two, with the GI Bill and Bonuses that are being paid, you have it all paid for with out carrying or going into debt. Being debt free is golden these days. Or take a second job and pay as you go, It may take a while longer, but in the end when you get those first few jobs(poor pay) you will be very happy that you did it that way.

 

The Full fall out of SSH, has yet to really sink in, its going to effect many things in helicopter aviation and fixed as well to some extent.

[goromadgo]

The last thing you really want to do is to borrow any kind of money for flight training period. With the SSH thing, lenders are going to be real gun shy about lending any amount for flight school, and the ones that do will be with very high interest rates. Look for you really young guys, Go to one of the services and do a hitch or two, with the GI Bill and Bonuses that are being paid, you have it all paid for with out carrying or going into debt. Being debt free is golden these days. Or take a second job and pay as you go, It may take a while longer, but in the end when you get those first few jobs(poor pay) you will be very happy that you did it that way.

 

The Full fall out of SSH, has yet to really sink in, its going to effect many things in helicopter aviation and fixed as well to some extent.

 

Be wary of this. Don't go signing up with the military before you are sure that it is what you want to do. The GI Bill is not a Golden Ticket that is just going to pay for everything. It helps, yes, but it won't cover everything. When I finish up my 6 years this year I'll still be paying for my PPL on my own, including all outside costs that go with that. AFTER my PPL I will get up to 60% for my additional ratings with the GI Bill. In order to get that I have to go to a Part 141 school that is also VA approved. Bonuses come and go, don't sign up just for the money. There is a strong chance your bonus that you were promised disappears, this happened to a few of my friends. The BIG money is in reenlistments. If you are going to reenlist you are going to be in that much longer before you can start flight training. Things to think about. Not to mention the long deployments and the very strong possibility of Stop Loss (backdoor draft pretty much). As always please correct me if I have my facts screwed up as I haven't started my training, this is just info I've gotten from my research.

[fry]

Posted at the other board (http://originalforum.justhelicopters.com/DisplayThread.asp?BD=697549&Page=1&ForumID=23&msgid=697556&OM=697556#697556):

 

Surfing the claims register for the SSH bankruptcy case one can almost feel the panic. There was one guy, with a co-signor, who agreed to a loan for $69.9k with a 15% interest rate. Monthly payments for 20 years...TWENTY FREAKIN YEARS...are $1,191. What the hell was he thinking...and what was the co-signor thinking? He started in mid-2006 and according to the FAA website he currently has only a PPL. The guy and his co-signor are on the hook for $285k FOR A PPL!

 

That's insane.

 

Of course he will probably get nothing from the SSH bankruptcy so his only recourse...and probably that of his co-signor...is to file for personal bankruptcy and hope they can get the loan discharged.

 

and,

 

An example of the information in the Truth in Lending disclosure provided to the borrowers before the first disbursement to SSH:

 

Amount financed $69,900

Initial loan fee 6,291 (holy sh*t..9% added to the principal on day one)

Annual % rate 15.7%

Finance charge $221,814

Total payments $291,714 (didn't that seem like an awfully big number to these people?)

Monthly payments $1,215 (they would have to earn $21k before tax just to make the loan payments)

 

My gawd, were these folks, and their co-signers, drugged or something...was SSH holding their children hostage? Who in their right mind would agree to this. Can they use insanity as a defense to get out of these loans?