Anyone else having a difficult time with loans?

Revolutionist

New Member
I am wanting to attend ATP, but I've been having a tough time with getting a loan -- even with great credit and cosigners with great credit.

Anyone else in my position?
 

Michael95U

Well-Known Member
I am wanting to attend ATP, but I've been having a tough time with getting a loan -- even with great credit and cosigners with great credit.

Anyone else in my position?
It is the same for all schools nation wide. Any school working with SLM to secure loans for students are having a hard time.

Maybe if the government bail out money had actually been used to issues loans like it was supposed to, students could still get loans for flight training....

Michael
 

Fly764

Well-Known Member
I currently go to ATP Bowling Green, I initially went to JAX last year, but had to leave right at the beginning of my instrument training. Last time it was so easy getting the loan. I got it with Wachovia. This time it was the biggest struggle and I didnt even need as much money as last time! I, like you have great credit and a cosigner. ATP will work very hard to get you the aid you need. I ended up having to take part loan from sallie mae the other part with Wells Fargo. To get the Wells Fargo loan though I have to take 2 online courses through a college in Utah. It can take time and be frustrating but the ATP financial aid people were very helpful throughout the whole proscess.
 

IslandFlyer

Well-Known Member
I got approved for a large amount through SLM with good credit and a great co-signer, but told them to shred the paperwork after seeing high interest rates. Called them, they didn't want to work with me really so I decided to take my business elsewhere.

I just decided to borrow the money from my family. Works better that way and interest won't bite you in the butt.
 

Brian Z

Well-Known Member
Would you loan 50000 to someone who may not have any way to pay it back in 6 months? That is bad business. Just look at the housing loans. They made all of those stupid loans to people who could not pay it back. Maybe they just learned.

If this is really something you want to do then you will find a way.
 

RWH1986

Some Guy
Try somewhere else other than Sallie Mae. Scandinavian13 and VaTechPilot are no longer attending flight schools because of Sallie Mae rates. They have a thread about it.
 

VATechPilot

Well-Known Member
Try somewhere else other than Sallie Mae. Scandinavian13 and VaTechPilot are no longer attending flight schools because of Sallie Mae rates. They have a thread about it.
Here is the thread, you may find some informative stuff.
http://forums.jetcareers.com/general-topics/73959-12-interest.html

I have heard a few rumors that rates are going back down, but I have strong suspicion that this is false.

Currently I'm looking for a job, with or without my degree, and will be going with the pay-as-you-go method of training. If rates do go down I may consider looking back into academies.
 

BillH

New Member
I thought I might be screwing myself when I got my Sallie Mae loan with a variable interest rate. When I got it, interest was around 11%. I just checked it now and it is down to 3.5%. Now only if flight instructing and day trading would pay off more...
 

matt152

Well-Known Member
The variable rate thing is great when rates are going down. I would love to find a way to lock the current rate. Even if they charged a couple of points higher for a fixed rate, I would do it.
 

killbilly

Vocals, Lyrics, Triangle, Washboard, Kittens
The variable rate thing is great when rates are going down. I would love to find a way to lock the current rate. Even if they charged a couple of points higher for a fixed rate, I would do it.
Maybe you could refinance it? That's what a lot of people with ARMs did on mortgages when they were about to reset.
 

matt152

Well-Known Member
Maybe you could refinance it? That's what a lot of people with ARMs did on mortgages when they were about to reset.
Yes, I would love to refi. But there is no underlying asset, other than my legendary piloting and CFIing skills. :laff:

If anyone knows of a lender who would do this, please list here or PM.

Thanks!
 

DL31082

Well-Known Member
Did you try to talk to the bank that is currently holding the loan? Some banks are willing to deal if it means that the loan will be paid back.
 

matt152

Well-Known Member
Well, actually I am current on the loan. There is no danger of it not being paid off at this time. But I would like to pay less interest.
 

DL31082

Well-Known Member
Well, actually I am current on the loan. There is no danger of it not being paid off at this time. But I would like to pay less interest.
I was not trying to imply that your were late in any way. I know you and I doubt you would ever be late with this kind of thing. I'm just saying it can't hurt to ask them.
 
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