I cannot get a co-borrower!

If anyone wants info about teaching in Korea please PM me. I'm not lying when I say that you can save $25,000 a year. Since employers pay for your apartment, all the money that you make can be used for livings costs such as food, utilities and transportation. You don't even have to be that frugal to save $15k/year. Again PM and I'll tell you how to do it.
 
Try Bank of America TERI loan. I am going to save about $50k in interest over MRU, and sallie mae didn't approve me for the full amount. My wife co-signed the loan, we are both young, but have good credit. Hope this helped.
 
Mav4840h said:
Try Bank of America TERI loan. I am going to save about $50k in interest over MRU, and sallie mae didn't approve me for the full amount. My wife co-signed the loan, we are both young, but have good credit. Hope this helped.
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How does the TERI loan work?

Care to explain please?
 
I feel your pain buddy. I've asked all family members and if their credit is good enough (very few) they say the same thing yours say.

It is the only thing holding me back. What I decided to do was work my butt off, try getting the best credit I can, and in the mean-time getting my PPL done on my own time with no rush knowing I still have to spend a year or so building up some good credit.

Soo, if you don't have your PPL already and have to build up some credit, try building up some credit while working toward your PPL. You have to have your PPL completed in order to attend the Pro course anyway, so this is what I decided to do.

With gas prices as high as they are, and taking PPL classes, its virtually impossible to save up any real amount of money for me working 10.50/hr so my only hope is to be in debt up to my eyeballs... But hey its worth it if it gets me a career doing what I love.
 
TheAlchemist said:
How does the TERI loan work?

Care to explain please?
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I don't know what you mean by how does it work. It's an actual student loan, as in if you go into bankrupcy, you still have to repay it. It is being deffered until I am done with training. I'm not sure about how the interest rate actually works, but on the paper I got when the loan was dispursed it says how much the payments will be, and how much the total ammount will be with all of the interest. It is dispursed in 4 payments of 15K, 15K, 10K, and 10K. The total payments are going to be something like $550, which is much better than the $900 I was going to get with MRU. There is a 6% origination fee that is added to the initial loan, unless you want to pay it back in the beginning. If you want to know anything else, I can try to answer it, but I would suggest going to the Bank of America website.

Bank of America | Please Select Your State

There was also some info in another link called something like "did anyone borrow the full ammount" that says things about what to tell them when you call to apply. We got the approval back pretty quickly, too.
 
Mav4840h said:
I don't know what you mean by how does it work. It's an actual student loan, as in if you go into bankrupcy, you still have to repay it. It is being deffered until I am done with training. I'm not sure about how the interest rate actually works, but on the paper I got when the loan was dispursed it says how much the payments will be, and how much the total ammount will be with all of the interest. It is dispursed in 4 payments of 15K, 15K, 10K, and 10K. The total payments are going to be something like $550, which is much better than the $900 I was going to get with MRU. There is a 6% origination fee that is added to the initial loan, unless you want to pay it back in the beginning. If you want to know anything else, I can try to answer it, but I would suggest going to the Bank of America website.

Bank of America | Please Select Your State

There was also some info in another link called something like "did anyone borrow the full ammount" that says things about what to tell them when you call to apply. We got the approval back pretty quickly, too.
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Do you have to actually be enrolled in a colege?


thanks
 
TheAlchemist said:
Do you have to actually be enrolled in a colege?


thanks
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Nope, I did for the MRU so I started to enroll, but then I got this one so I stopped before I started. I didn't really research this loan as much as I should have, but I got the check in the mail with the terms and say we would be paying over $100K in interest and I just HAD to see if there were other options. This one saved $50K in interest, which turned out to be about $350/month, so it had to be better.
 
Mav4840h said:
Nope, I did for the MRU so I started to enroll, but then I got this one so I stopped before I started. I didn't really research this loan as much as I should have, but I got the check in the mail with the terms and say we would be paying over $100K in interest and I just HAD to see if there were other options. This one saved $50K in interest, which turned out to be about $350/month, so it had to be better.
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By this one you mean the TERI loan?
 
Mav4840h said:
Nope, I did for the MRU so I started to enroll, but then I got this one so I stopped before I started. I didn't really research this loan as much as I should have, but I got the check in the mail with the terms and say we would be paying over $100K in interest and I just HAD to see if there were other options. This one saved $50K in interest, which turned out to be about $350/month, so it had to be better.
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Does the flight school have to have an affliation with BofA like Salie has with ATP? Or you can just take the money out and if approved use it for any school university/career training school you'd like?

And did you say that the check came directly to you? If so sweetness!
 
Maximillian_Jenius said:
Does the flight school have to have an affliation with BofA like Salie has with ATP? Or you can just take the money out and if approved use it for any school university/career training school you'd like?

And did you say that the check came directly to you? If so sweetness!
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I'm not sure about the school you can use it with. I was planning on going to DCA and it was approved with them, but cancelled it because I thought it didn't work with ATP, but then I found out on here that it does. So I called when I got the MRU check in the mail and realised how much it was going to be, and they said it is approved for ATP. The TERI check didn't come to me (the MRU check did come to me), it went to ATP and they gave me a check for the remaining ammount once they recieved the initial check.

The only slight drawback with the TERI loan is that you have a limited amount of time to send the check back if you decide to go with someone else. Like with all loans, you get the estimated payments and all that when it is dispursed, and if you don't like it then you have to send it back pretty quickly. I don't remember the exact amount of time, maybe a week or so, with the MRU loan I had a month, which is good since I ended up sending it back with minimal hassle and had time to get an alternative loan.

You may want to check into the TERI loan more as itself. I think you can use it with other banks, besides just BofA if you don't like them. I heard if you get it with Wachovia it has a better interest rate, but I didn't hear that until it was too late. I'm sure it would be worth looking into though.
http://www.teri.org/
 
Just to give you all a heads up, you may want to apply through Wachovia. Their career loan program is a 0% fee loan. So there is no outrageous origination fee. I applied on the teri.org site through CharterOne and Wachovia. They both approved me for the full amount and at the same rate however CharterOne wanted a 9.50% origination fee.
 
HP N826AW said:
Just to give you all a heads up, you may want to apply through Wachovia. Their career loan program is a 0% fee loan. So there is no outrageous origination fee. I applied on the teri.org site through CharterOne and Wachovia. They both approved me for the full amount and at the same rate however CharterOne wanted a 9.50% origination fee.
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You can only use the Wachovia loan if the school has a partnership with Wachovia.

Great if your school has the partnership. Bad if you're in my like circumstances and your school has no partnership with Wachovia, or other good banks like Key!
 
I'm confused. So once I apply for the loan, there will be an option to choose the bank, correct? Do I need an account with one of those banks to be approved or did ya'll just pick one based on information learned.
 
T_Hudson said:
I'm confused. So once I apply for the loan, there will be an option to choose the bank, correct? Do I need an account with one of those banks to be approved or did ya'll just pick one based on information learned.
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I went to the BofA website and looked under private loans and found the TERI loan. I'm not sure about the Wachovia or anything else, but I do not have any accounts with BofA, so you do not need one with them. There is also a 6% (I think its 6%...) origination fee with the TERI with BofA also.
 
T_Hudson said:
and what does 6% origination fee mean? what kind of interest rates are you getting? Did you apply online?
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An origination fee is what the bank charges for setting up a new loan. It is different from interest because it is a flat fee which is added to the principal, it does not compound like interest. So if you borrow $50k with a 6% origination fee your loan amount is actually $53k, but you only get $50k of it.
 
T_Hudson said:
and what does 6% origination fee mean? what kind of interest rates are you getting? Did you apply online?
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I am getting something like 9.3%. It sounds high, but the MRU loan was something like 14 or 15, and I think sallie mae was also very high.

The only other suggestion is to go to your own bank and see how much they will give you for a personal loan, and whatever else get with one of these private student loans. I got a small loan from my bank and the interest rate is great, but its only for $5k, so I'm sure for much more than that, it will be harder to get. You would also have to start paying it back right away. I'm not sure if you can get any tax benefits with the TERI loan, but since it is considered a student loan in regards to bankrupcy, it may be looked at the same way in regards to taxes. Like I said, I'm not really sure though. I guess I will wait and find out when next year rolls around! If you can get tax benefits, you probably wouldn't be able to get them with a personal bank loan.
 
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