financing

G

GSMPilot

New Member
other that Pilot Finance what other loan organizations exist that can supply for part 61? is it possible to use key bank or sallie mae at all?
 
You can only use Key Bank or Sallie Mae if they will work with your school. That's why I have to do some traveling to finish my training, because the FBO's around here won't work with either company so there is no way I can take a loan out to finish my flight training unless I get up and go somewhere that does. So they might work them, they might not; you'll have to talk with your FBO.
 
Key Bank's probably the best option since they have lower interest rates and better re-payment options. You're credit has to be pretty solid, though. I found this out about a month ago when I applied. Even with my mother as a co-signer I was declined. Turns out BOTH parties have to be credit worthy for the loan. To me, that kinda defeated the point of having a co-signer. Same data sent to Sallie Mae, and I have all the money to finish CMEL-MEI on account.
 
KeyBank is what I used for all of my training. A solid company with very reasonable rates. They also allow you to defer payments up to six months after graduation, which can be very helpful as you are looking for that first flying job!

Best of luck!

-Nick
 
Thats an odd story about Key Bank...they've been nothing but good so far to me. Sallie Mae is a LOT stricter than Key...at least in my case it was.
 
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Thats an odd story about Key Bank...they've been nothing but good so far to me. Sallie Mae is a LOT stricter than Key...at least in my case it was.

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odd story? i was giving props to Key Bank...
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[ QUOTE ]
Sallie Mae is a LOT stricter than Key...at least in my case it was.

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Opposite for me. Key Bank wouldn't give me the time of day, and SLM gave me $10K.
 
I used Sallie Mae for my training and never really had a problem. After I got the loan and left school I had to financial issues and talked to there reps and they offered my many very good options. The reps have always been helpful and friendly. I cant complain.
 
Upon hearing good things about both, I would check with both and go with the better option for you.

Double-check me on this, but you should be able to apply for both and simply tear one of the apps in two. Of course don't send the promissory note and expect to easily cancel!
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Best of luck!
 
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