I've read a lot of posts like the one I'm about to write, but I feel mine's different.
ATP...I've got a 65k loan to attend ATP in Long Beach, CA. I have no choice at this time but to use the SM loan at 10% over 20 years, totaling out at $171,000. I knew it was 10%, but I was just too naive to put the numbers together. My start date is next month and seeing the loan paperwork for the first time AFTER you commit to a $2000 deposit, the loan numbers freaked me out.
So I called for another solution. They told me about the Gulfstream program. I get as low as a 3% loan which brings down my overall loan to $142,000 AND gets me 250 hours. If I would be willing to get the 1st loan, why wouldn't I want to get this loan instead. I save $30,000 and get another 250 hours. Seems like win/win to me. But then I talked to some friends who led me to this board. Apparently, participating in the Gulfstream program is like stabbing every other pilot in the back. I understand the discrepancy of it, I do, but do people realize that with someone taking a loan, they save almost $30,000 and get an extra 250 hours?
I am a veteran and I used the GI Bill to attend college and receive my degree. I didn't know I had 3 months left until I called today due to reading the post that someone here posted saying that ATP was approved for VA. I call VA and they tell me they're going to pay 60% of flight school. Done. I need this form and this form and this form. I call ATP and ask, hey, what do you need from me. They say, "Oh, you're going to Long Beach. The only school approved for VA is in Panama City, FL."
Meanwhile, I have my local friends, some who have gone through ATP, telling me to just do my work at the local FBO. I want the connections of ATP, and I realize that nothing's doing right now, but it has to mean something, right? An ATP "education" has to have some weight, regardless of economic times. The friends in the know say to stay here and get the training done locally. I can't get the money for that. No bank is willing to give me $30,000 (estimated minimum to complete everything at the FBO).
Do I take the 10% loan and move to Long Beach? Do I take the better loan but help to screw over the pilot career field? Or do I move to Panama City without furniture or knowing anyone and take a chance on a new opportunity, but get 60% of my flight school paid for? I'm getting no sleep right now. I'm almost sure I'm going to lose this $2000 deposit. I have to take responsibility, but ATP doesn't go over this information with folks, or at least me. They knew I was a vet but didn't once ask if I had VA benefits to use. You have to ask the right questions it seems.
Sorry for the wall-of-text. If you managed to read it all the way through...what would you do? And thanks for the replies.
ATP...I've got a 65k loan to attend ATP in Long Beach, CA. I have no choice at this time but to use the SM loan at 10% over 20 years, totaling out at $171,000. I knew it was 10%, but I was just too naive to put the numbers together. My start date is next month and seeing the loan paperwork for the first time AFTER you commit to a $2000 deposit, the loan numbers freaked me out.
So I called for another solution. They told me about the Gulfstream program. I get as low as a 3% loan which brings down my overall loan to $142,000 AND gets me 250 hours. If I would be willing to get the 1st loan, why wouldn't I want to get this loan instead. I save $30,000 and get another 250 hours. Seems like win/win to me. But then I talked to some friends who led me to this board. Apparently, participating in the Gulfstream program is like stabbing every other pilot in the back. I understand the discrepancy of it, I do, but do people realize that with someone taking a loan, they save almost $30,000 and get an extra 250 hours?
I am a veteran and I used the GI Bill to attend college and receive my degree. I didn't know I had 3 months left until I called today due to reading the post that someone here posted saying that ATP was approved for VA. I call VA and they tell me they're going to pay 60% of flight school. Done. I need this form and this form and this form. I call ATP and ask, hey, what do you need from me. They say, "Oh, you're going to Long Beach. The only school approved for VA is in Panama City, FL."
Meanwhile, I have my local friends, some who have gone through ATP, telling me to just do my work at the local FBO. I want the connections of ATP, and I realize that nothing's doing right now, but it has to mean something, right? An ATP "education" has to have some weight, regardless of economic times. The friends in the know say to stay here and get the training done locally. I can't get the money for that. No bank is willing to give me $30,000 (estimated minimum to complete everything at the FBO).
Do I take the 10% loan and move to Long Beach? Do I take the better loan but help to screw over the pilot career field? Or do I move to Panama City without furniture or knowing anyone and take a chance on a new opportunity, but get 60% of my flight school paid for? I'm getting no sleep right now. I'm almost sure I'm going to lose this $2000 deposit. I have to take responsibility, but ATP doesn't go over this information with folks, or at least me. They knew I was a vet but didn't once ask if I had VA benefits to use. You have to ask the right questions it seems.
Sorry for the wall-of-text. If you managed to read it all the way through...what would you do? And thanks for the replies.