parents wont cosign

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schuh

New Member
This is probly a stupid question but I have to ask. My parents wont cosign for me so I cant fly. I just got a credit card. Do I have a chance to get a loan?? Or am I just dreaming:(
 
schuh said:
This is probly a stupid question but I have to ask. My parents wont cosign for me so I cant fly. I just got a credit card. Do I have a chance to get a loan?? Or am I just dreaming:(
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Only one way to find out and thats apply! More importantly I think you need to ask yourself how can I learn to fly if I can't get a loan (pay as you go, scholarships etc)
 
schuh said:
This is probly a stupid question but I have to ask. My parents wont cosign for me so I cant fly. I just got a credit card. Do I have a chance to get a loan?? Or am I just dreaming:(
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You will thank your parents, one day.
If you have a CC with a cosigner on it, make sure you keep your balances low (high interest) and always pay them off in full. Never borrow more than you can repay within 1 or 2 months (after having established your emergency funds). Good Luck!
 
There are many intangibles that need to be considered before answering your question. Initially, I would shy away from utilizing credit cards to finance your loan.

I seriously would consider another option.
 
MFT1Air said:
There are many intangibles that need to be considered before answering your question. Initially, I would shy away from utilizing credit cards to finance your loan.

I seriously would consider another option.
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"Chang Ching Cho Fuhhh Haaaahhh!!!"
Bud, you just spoke code. Mind to elaborate?
<--- :banghead: Am I posting in the ATP section? :eek:
 
I think the above mentioned post was easy to understand. Don't use a credit card to finance flight training. You'll max out the card before you even solo.
Look into colleges that have a flight department. Hopefully you can get government loans, sholarship, part time job working the line, and pell grants. After all, Brother Obama just passed his stimulus bill full of money for higher education.
Side note, why won't your parents co-sign, who was the loan through, did you try other companies?
 
They said no to the loan right after the market crashed. I was hoping that Obama would give me a loan. Does anyone know of some good places to try and get a loan?
 
If the sum of your credit card limits aren't near the amount you are looking to borrow, I would say the chances are nil.
 
A great option would be to look into community colleges with a flight school program, those are by far always the cheapest routes and you can get government loans without any cosigner(s).
 
I don't think he was planning to use the credit card for training. I think he was wondering if his ability to qualify for a credit card would mean he is qualified for a student loan for flight training.
 
You can try a new way of acquiring funding thats out. It is rarely used and takes a while to get the money.

Its usually referred to as a "job"
 
Well if you have a job, just start saving up and get your PPL. Decide from there.
Now here is some even better advice. Go back to college, become a R.N. Make your 60 to 90k a year. Put the extra money into a Roth IRA, max it out every year, by the time your 60, you'll be a multi millionaire. Now if Obama doesn't totally screw up with Inflation, a couple million may provide you enough income just from interest alone to rival most pensions.
Oh and thank your parents for not co-signing. Saved yourself from falling into a very, very deep muddy hole with no way to climb back out.
 
USMC-SSGT said:
You can try a new way of acquiring funding thats out. It is rarely used and takes a while to get the money.

Its usually referred to as a "job"
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How dare you suggest such a thing! Mom and Dad should be taking care of it, geez!

To the OP - forget the loans, they are not what you need to be dealing with when you are starting out in aviation. Pay as you go, and you're timing will probably be pretty decent. Now is not the time to be looking for a job, and I doubt 9 months from now will be any better. You're lucky to have such smart parents...

BTW, do you have a 4 year degree?
 
Your parents have just saved you big time. Dont take out loans for flight training. Get a job, live cheaply and save. Pay as you go and learn all the creative ways to get free/cheap flying. If it takes you 5 years you will be much farther ahead than if you would have taken out loans.

As for credit cards, Id say dont do it unless you have the full amount for flight training spread across several cards. Credit cards are unsecured and if you default for unforseen circumstances you have to be sued to repay the balence. They are wiped out in bankruptcy and there are statue of limitations to collect on the debt.

Students loans (government and private) are the most dangerous types of loans known to man (in my mind). To get rid of them you must pay them off or die no matter what happens to you, your career, your family etc. I highly suggest researching students loans before you try taking any out.

I was young and didnt know any better when I took out my loans. Now six years later Im sleeping on the floor at my parents house working my butt off trying to pay for my students loans (even though Im laid off). The payments I send to Key bank, Sallie Mae, and the Stafford loans take almost all my unemployment checks.
 
Can you tell us a little more about you? Age, interests, education? Where you are in life has a lot to do with the advice you'll get. Chances are, more than one person around here has been in your same place and you can probably gain the benefit of their experience.
 
I can think of few things more stupid right now than taking out a $60,000 loan to go to ATP. There is no hurry to get your ratings in an accelerated manner because there's nowhere to go once you're done. Nobody's hiring. Think you'll be able to afford an $800 a month loan payment on a flight instructor's salary? I can't imagine the world of hurt I'd be in right now if I had training debt to pay off.

Get a job that pays enough so you can afford to take a flying lesson a few times a week and pay as you go.
 
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