IS RAA filing Bankruptcy????

Yes, considering I'll get anywhere from 16-22k back from the VA when the game is done. 16 to 22k on a 25k loan, leaves me. . . anywhere from 9 to 3k left to pay on a loan. Include interest at anywhere from 8 to 11%, and leaves me with anywhere from 12-5k left to pay on a loan. Certainly an acceptable amount that can easily be dealt with on CFI, first and second year pay, considering I have a supportive wife who brings in enough money to support us through the training stages and first couple months as a CFI.

As a career changer, yes I seriously am willing to take out a loan knowing that it'll be below 15k after all payments from the VA are given to me. . . to place right back towards the loan amount.

As far as SLM. . . I called Falcon today, and sure enough, they (SLM) put the funds into an account, and Falcon draws from it to pay for my training. I'll be calling SLM about this tomorrow before I head into work in the evening to find out what sort of options are available to me. . . at least with dealing with them. I very well may be in search of a new loan provider, either through a bank (if I can find one that offers such a loan), or credit union (once again, if I can find one that will loan such an amount). I also want further clarification if said account is in SLM name, or in the flight schools name. If it's in the flight school's name, I'll have some issues, but if it is an independent account that Falcon draws from and doesn't own directly I'll be a bit more understanding.
 
Can't speak for Falcon, but this is how it worked at Skymates: you got a loan from SLM, and the money was deposited in an account in YOUR name. You had the say on how it was used, and you could even pull some out if you needed it for things like gas at another airport. I had $$$ left over at the end of training, and I had a check cut for the remainder that was in my account. I know of a couple of people that stopped training (one was a former student of mine), and they just had checks cut to zero out their account.
 
Makes perfectly good sense to operate that way. I've got many questions that are left unanswered, so there will be many phone calls still to come.
 
Maximillian_Jenius said:
That's why I'm not a real big fan of schools that use Sallie Mae. Sallie Mae doesn't send the check to you,but send the check to the school.

While Keybank which has been screwed over many of times with academies closing send the check to you and not the school.
Click to expand...

Key Bank is sending funds to the schools again.
 
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