FSIPILOT
Well-Known Member
I took a Key Alternative Loan from Key Bank to attend FlightSafety Academy in Jan of 2002. The loan was used for tuition and living expenses. My payments were due to start in Aug of 03, I made payments of $615 mo until Nov when my position was eliminated and thus left me unemployed. The terms of the loan when I signed and started were that of twelve months forbearance (forbearance: prolong payment while interest accrues) ... that was true until 01/01/04.
Key Bank took it upon its self to change the terms of the loan, the forbearance has changed from 12 months, to now only 6 months. That means... that over the life of the loan a course of 15 years, you can now only enact forbearance six times. That’s Key Bank trying to help you out. Not happy with this turn of events, I called Key Bank to see on what merit they made these changes after being call vectored all over the country, I finally was able to speak with something resembling a manager and their response was “read the fine print”. Unwilling to adhere to any level compassion for the initial terms of agreement, in plain English, I have now had 50% of the forbearance ripped out from under me. Avoid Key Bank,
Take what you want from this, if I was to again borrow this level of credit I would seek alternate means than Key Bank. Feel free to email me for additional information on this topic, ways of finding other means of funding, or general career advice.
Thank you for your time,
FSAPilot@aol.com
Key Bank took it upon its self to change the terms of the loan, the forbearance has changed from 12 months, to now only 6 months. That means... that over the life of the loan a course of 15 years, you can now only enact forbearance six times. That’s Key Bank trying to help you out. Not happy with this turn of events, I called Key Bank to see on what merit they made these changes after being call vectored all over the country, I finally was able to speak with something resembling a manager and their response was “read the fine print”. Unwilling to adhere to any level compassion for the initial terms of agreement, in plain English, I have now had 50% of the forbearance ripped out from under me. Avoid Key Bank,
Take what you want from this, if I was to again borrow this level of credit I would seek alternate means than Key Bank. Feel free to email me for additional information on this topic, ways of finding other means of funding, or general career advice.
Thank you for your time,
FSAPilot@aol.com