I cannot get a co-borrower!

calkid213

calkid213

New Member
Hey if anyone can tell me how I can get into ATP without a co-borrower that would be greatly appreciated. I really want to attend ATP but that is the only thing stopping me. I have asked family members to help me out it aint realistic to them that this is what I am serious about. If I took classes at UVSC would I be able to get a student loan on my own? I need to get around this co-borrower stuff. And I am not rich too.

Thanks, Landon
 
You have three options:

1) Borrow the full amount.
2) Pay the full amount in cash.
3) Some combination of the two.

If you cannot get a co-signer, then I would suggest a combination of careful savings and work. Have you applied and been told that to get ANYTHING you need a co-signer? I've heard of many cases where SLM approved the applicant for $20K on his own, and more with a co-signer.

I considered doing the same thing, and I eventually rejected the idea. Mainly because I cannot justify the huge amount of interest and time servicing that kind of debt.

Keep working. Save money.
 
How old are you? You probably haven't established any credit yet. Get a credit card or cell phone bill in your name and make payments on it for about a year. After establishing good credit you should be approved. Oh, also have an established source of income (Job). I suggest waiting tables.
 
so if you have to save up the money hypothetically, this is what it looks like @10 bucks an hour @ 40 hours per week.

45000 ACPP
+9000 PPL
+2400 Check Ride and examiners Fees
56400

10$ @ 8 hrs/day @ 40 hrs per/wk = 400.00 per week
* 52weeks/year
20800 per year
* 3 years
62400 after 3 years.

If you save every penny, you can do it in 3 years. If not, you are looking at 3-5 years.

Just thought you'd like to know if you haven't already figured it out.
 
anavalairman2 said:
so if you have to save up the money hypothetically, this is what it looks like @10 bucks an hour @ 40 hours per week.

45000 ACPP
+9000 PPL
+2400 Check Ride and examiners Fees
56400

10$ @ 8 hrs/day @ 40 hrs per/wk = 400.00 per week
* 52weeks/year
20800 per year
* 3 years
62400 after 3 years.

If you save every penny, you can do it in 3 years. If not, you are looking at 3-5 years.

Just thought you'd like to know if you haven't already figured it out.
Click to expand...

How old are you? If you're under 21, ATP is not the place for you.

You belong in school.

If you're over 21 and can't get a co-signer, then the solution is simple. You work and put your money towards your private as well as save up for ATP.

Seriously how old are you? That will make all the difference.
 
Well I am 21 now. I am already in school majoring in Criminal Justice and I have my private already with 165 hours. But I see Ima have to do this the hard way. Thank you all very much for the incite. I really appreciate it. I have heard of MRU and Next student. Anyone no about them? I am trying to do the 10 month program in Raleigh. I am prepared to do another route at a flight school called Flightgest but I really want to go through ATP's program. one of you guys were right about me not having any credit but I just got a capitol one card 2 days ago and starting to take care of that. I want to know if it would be a good idea to go to a bank and ask for a loan? But thanks again ya'll keep firing some education.

Landon
 
calkid213 said:
Well I am 21 now. I am already in school majoring in Criminal Justice and I have my private already with 165 hours. But I see Ima have to do this the hard way. Thank you all very much for the incite. I really appreciate it. I have heard of MRU and Next student. Anyone no about them? I am trying to do the 10 month program in Raleigh. I am prepared to do another route at a flight school called Flightgest but I really want to go through ATP's program. one of you guys were right about me not having any credit but I just got a capitol one card 2 days ago and starting to take care of that. I want to know if it would be a good idea to go to a bank and ask for a loan? But thanks again ya'll keep firing some education.

Landon
Click to expand...

If Sallie Mae won't give it to you, no private lending institution will. Hey if you save up your money for awhile then go to ATP for the 10-month program you will save yourself so much money. Then when you get to a regional you'll be living in a nice appartment and paying $200/month loan payment while your buddy is living in a cardboard box and paying $550/month.

The reason I thought you didnt have a private is because when you added up all your costs you added $9000, which is the cost for the Private Pilot Program.

Good luck.
 
anavalairman2 said:
so if you have to save up the money hypothetically, this is what it looks like @10 bucks an hour @ 40 hours per week.

45000 ACPP
+9000 PPL
+2400 Check Ride and examiners Fees
56400

10$ @ 8 hrs/day @ 40 hrs per/wk = 400.00 per week
* 52weeks/year
20800 per year
* 3 years
62400 after 3 years.

If you save every penny, you can do it in 3 years. If not, you are looking at 3-5 years.

Just thought you'd like to know if you haven't already figured it out.
Click to expand...

Your numbers add up, but they don't factor in taxes or the realistic discretionary income.

He's 21 and in school. Hell - if I was 21 and in school, I'd seriously consider either the military route or, depending on how much parental support I had, finishing school and flying part time - building the hours and paying cash as I go.

I learned some hard, hard lessons about debt from the ages of 19 through about 26. At 32 now, I'm finally very nearly completely debt-free and plan to stay that way. There is a possibility that I might borrow some money for flight training, but it's going to be very little. Cash is king, baby!
 
Sounds like my story too Billy. Hard lessons and now almost completely debt free except my house. I'll probably borrow some from the evil SLM machine too, but not all of it.
 
LoadMasterC141 said:
Sounds like my story too Billy. Hard lessons and now almost completely debt free except my house. I'll probably borrow some from the evil SLM machine too, but not all of it.
Click to expand...

Sallie Mae's current interest rate is Prime + 5%....

What does that mean? 13.25% for someone with excellent credit.

SLM rapes us all. I've got my loan through Key Bank (8.75%) and I think that is high...

Sigh...what we'll do for flying...
 
SmitteyB said:
Sallie Mae's current interest rate is Prime + 5%....

What does that mean? 13.25% for someone with excellent credit.

SLM rapes us all. I've got my loan through Key Bank (8.75%) and I think that is high...

Sigh...what we'll do for flying...
Click to expand...

I'm going to say no...should be like 6-8% for someone with good credit and a strong co-signer!
 
calkid213 said:
Hey if anyone can tell me how I can get into ATP without a co-borrower that would be greatly appreciated. I really want to attend ATP but that is the only thing stopping me.
Thanks, Landon
Click to expand...

I'll be your co-borrower! All I need is for you to PM me the following:

1)I need your assistance to provide a bank account where this money will be transferred to.
2)You will serve as the guardian of this funds since I am 19 years.
3)You will make arrangement for me to come over to your country after the money has been transferred to you.

Note that the confidentiality of this transaction would be highly appreciated in replying soonest at my private and secure email address drogbamail2007@terra.com

Thanks and best regards.

Peter Drogba

On a completely unrelated sidenote I finally got one of those Nigerian scam-mails everyones been talking about!!!

-end hijack
 
As much as you want to fly right now, I suggest working and saving up money to pay as much as you can in cash. I just re-signed for another year teaching middle school students in a public elementary school here in South Korea. I've already finished two years here, and will be coming back next year to start training. I've mentioned before on this board there are plenty of opportunities to save money (legally of course), you just need to know where to look. Most people I know, including myself, are able to SAVE over $2,000/month. Some months are more like $3000, depending on how much overtime or extra classes I can teach. If you have a college degree and teach English in either Korea or Japan you could pay for your flight training IN CASH after two years (Assuming you save about $2,000/month x 24 months = $48K) Good luck
 
SteveC said:
Customx is my hero.


:cool:
Click to expand...

I sense a bit of sarcasm there :)

I'm not trying to brag, because I'm sure there are people who save a lot more money than me. The point of mentioning the numbers is to help people out, not only the OP. I continualy read about people taking out huge loans and complaining about high interest rates that take years to pay off, all because they feel they HAVE TO start training right away. I would love to start flying as well, but financial security means more to me right now, and one of the reasons why I decided to live in a foreign country was to pay off my student loans from college and then save as much as I possibly could towards flight training.

By the time I move back next year, I will have lived in South Korea for three years. Sure, it's not for everybody, but for anyone who wants to save at least $15,000/year then it's an excellent option.

The OP is only 21 years old and is probably graduating this year or next. He could save about $30,000 by the time he is 23 or 24 if he were to move to Japan or Korea after graduating. I would imagine that international working and living experiences would not only help you as a job applicant, but also as a well rounded individual.

There are different routes we all take to achieve our dreams, and mine is just one possible option which I thought I would explain to some people who are in a similar situation such as the OP who isn't able to take out a loan. Good luck~
 
Re: I cannot get a co-borrower!/Teaching in Korea?

Customx said:
I sense a bit of sarcasm there :)

I'm not trying to brag, because I'm sure there are people who save a lot more money than me. The point of mentioning the numbers is to help people out, not only the OP. I continualy read about people taking out huge loans and complaining about high interest rates that take years to pay off, all because they feel they HAVE TO start training right away. I would love to start flying as well, but financial security means more to me right now, and one of the reasons why I decided to live in a foreign country was to pay off my student loans from college and then save as much as I possibly could towards flight training.

By the time I move back next year, I will have lived in South Korea for three years. Sure, it's not for everybody, but for anyone who wants to save at least $15,000/year then it's an excellent option.

The OP is only 21 years old and is probably graduating this year or next. He could save about $30,000 by the time he is 23 or 24 if he were to move to Japan or Korea after graduating. I would imagine that international working and living experiences would not only help you as a job applicant, but also as a well rounded individual.

There are different routes we all take to achieve our dreams, and mine is just one possible option which I thought I would explain to some people who are in a similar situation such as the OP who isn't able to take out a loan. Good luck~
Click to expand...

Sorry to ressurect an old thread. I'm new to JC, so if this is a no-no, please dont kill me.;)

CustomX, I've been trolling the "financing" threads for a while, and it seems that yours is a good way to avoid debt. 1-2 yrs down the road, I think i'd be a happier CFI or 1st yr regional FO without the proberbial SLM albatross. I also happen to have a collegue next to me at work who was somewhat wary of his ESL school in Korea.

So a few questions:

1. What are best/worst things about teaching in Korea for a year?
2. What sacrificies are you making to save $2000/mo.?
3. How did you find your school?
4. Are they paying for your apartment?
5. How's your QOL outside of work, i.e. can one get any action?

Sorry for the long post and questions, but I'd appreaciate your insights here.

Im getting my PPL now, and the bug that bit me has me thinking about www.prairieairservices.com, specifically their $16,000 inst-multi-comm w/100hrs multi - program, and then do the CFI program at ATP after that for $6,000. Is is really plausibe that I could save 25K or so in a year in Korea? Any ideas would be greatly appreciated.

BugSmasher
 
777forever said:
How old are you? You probably haven't established any credit yet. Get a credit card or cell phone bill in your name and make payments on it for about a year. After establishing good credit you should be approved. Oh, also have an established source of income (Job). I suggest waiting tables.
Click to expand...

A cell phone bill does nothing to improve your credit but it can hurt big time if you don't pay and it goes for collection
 
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