Sallie Mae not going to loan for aviation career training

[IslandFlyer]

Re: Sallie Mae not going to loan for aviation career trainin

One other thing:

Flight Schools and Aviation Colleges should really stop feeding it's customers with BS and be straight forward with them. I am the kind of customer that will take my business elsewehere if i realize that instructors and owners are sugar-coating everything to put my money in their pockets. It has happend in the past and as a result, i have switched flight schools just for that same reason. I don't think people are that oblivious, well most anyways, that they will listen and believe everything as to what the owners of flight schools will tell them.

Apparently the shiny brochures lure enough naive students in to keep the doors open. Maybe enough students don't research the program fully and believe everything the 'used car salesmen' tell them.

 

[Maddog1974]

Re: Sallie Mae not going to loan for aviation career trainin

Exactly. This is actually good news for us all. Sallie is one of the only, if not the only way for people to afford pro flight training without going to their bank. And they charged criminal rates in exchange for their perks. Now people will at least think twice about the price of admission to an already spiraling industry. On a side note, ATP flight school's only option was Sallie, it's going to be interesting to see what those guys come up with now.

I have to say big negative on this comment. Former ATP grad (shield on) and we as students had many discussions about financing after a couple of lenders just stopped. Of about nine of us debating not one had received a full amount offer from Sallie Mae. In fact, all of us had received loans from wachovia. A couple of these fellows even said that they had spotless credit and money in the bank. Whatever, I don't believe that Sallie Mae is end all to lending in this industry. There are others! And just like every other business in the world, once a vacuum has been created some crap will come flowing in.

Good day

 

[Douglas]

Re: Sallie Mae not going to loan for aviation career trainin

One other thing:

Flight Schools and Aviation Colleges should really stop feeding it's customers with BS and be straight forward with them. .

You probably did get things sugar coated and I wish they hadn't done that for you. My experience was 180 degrees from that.

When I was a sophomore in high school, I did a college visit and from day one (that visit), they told me it would be at least 10 years before I saw any real money for all the money you will invest*.

I was so impressed by that and I don't fail to mention that to any of my career students. I confident your case is the exception and not the rule.
Though, I too hate those shiny websites.

*Loan typically required for your betterment.
i.e. Car, house, education.

 

[jspeed87]

Re: Sallie Mae not going to loan for aviation career trainin

I just got an email from sallie saying that my app is still under review and I should hear from them soon

 

[Michael95U]

Re: Sallie Mae not going to loan for aviation career trainin

I just got an email from sallie saying that my app is still under review and I should hear from them soon

As far as I know, this policy starts in May. So if you have a loan application in already (and you qualify), you are probably good to go....

 

[Michael95U]

Re: Sallie Mae not going to loan for aviation career trainin

I have to say big negative on this comment. Former ATP grad (shield on) and we as students had many discussions about financing after a couple of lenders just stopped. Of about nine of us debating not one had received a full amount offer from Sallie Mae. In fact, all of us had received loans from wachovia. A couple of these fellows even said that they had spotless credit and money in the bank. Whatever, I don't believe that Sallie Mae is end all to lending in this industry. There are others! And just like every other business in the world, once a vacuum has been created some crap will come flowing in.

Good day

The less lenders out there, the less money will be lent. There is no competition. Which means that the lending company can be VERY picky about who then lend money. It also means whatever company steps into this vacuum can charge higher interest rates, higher closing costs, higher penalties, etc etc. So things aren't going to get better with Sallie Mae pulling their horse out of the race.

 

[Sprint100]

Re: Sallie Mae not going to loan for aviation career trainin

Which means that the lending company can be VERY picky about who then lend money.

Sounds like the road to smart lending, and that is what this country needs now all we need are smart borrowers

 

[Michael95U]

Re: Sallie Mae not going to loan for aviation career trainin

Sounds like the road to smart lending, and that is what this country needs now all we need are smart borrowers

I wholeheartedly agree.

 

[jspeed87]

Re: Sallie Mae not going to loan for aviation career trainin

As far as I know, this policy starts in May. So if you have a loan application in already (and you qualify), you are probably good to go....

 

[BillErvin]

Re: Sallie Mae not going to loan for aviation career trainin

As far as I know, this policy starts in May. So if you have a loan application in already (and you qualify), you are probably good to go....

Had a gal back seat with me today, her loan was from SM, so I suspect that May is probably a good of a guess as any.

 

[HeyEng]

Re: Sallie Mae not going to loan for aviation career trainin

http://www.payscale.com/research/US/Job=Nurse_Anesthetist_(CRNA)/Salary/by_City

Yea..they do! However, I'm getting into clinical psychology/nursing not necessarily for the income, but because I really enjoy helping people.

My entire family is in the service industry. So, I'm just really getting in the family business so to speak.

And, no there is no gay joke in there..

There's a lot of schooling to be a CRNA. You need to do the RN thing (critical care or emergency stuff) for a couple of years, then back to CRNA school. Good money, but high insurance costs too!


On the training side of the house, pay as you go is a great thing. Back in the day, our parents and grandparents usually only had loans on A HOUSE. Everything else was pay as you go. Our society LOVES the instant gratification though, and well, look where that has gotten us.

Glad to see also the re-emergence to steam and the 6-pack. Perhaps I will start renting out my little non-glass Cherokee.....um, yeah, never mind.

 

[BillErvin]

Re: Sallie Mae not going to loan for aviation career trainin

On the training side of the house, pay as you go is a great thing. Back in the day, our parents and grandparents usually only had loans on A HOUSE. Everything else was pay as you go. Our society LOVES the instant gratification though, and well, look where that has gotten us.

Glad to see also the re-emergence to steam and the 6-pack. Perhaps I will start renting out my little non-glass Cherokee.....um, yeah, never mind.

I'm the odd man out down here, I'm using my own moneyanic: I think everyone else at my school is on the "I'll pay it later plan". Including the CFI's

 

[HeyEng]

Re: Sallie Mae not going to loan for aviation career trainin

I'm the odd man out down here, I'm using my own moneyanic: I think everyone else at my school is on the "I'll pay it later plan". Including the CFI's

You can add me to the list. My reasons were many; some of it was life getting in the way, but most of it was just not wanting to accumulate debt. I played with the idea of leaving the AF (back in late 90's) and getting a mega-loan, but it just didn't seem smart. Fast forward a few years, and I am extremely happy with my decisions. I own my own plane, fly when I want and where I want and when I decide to retire from the AF, I will be able to fly ON MY TERMS whether for pleasure or some commercial venture. For me the allure of 121 flying started to fade when the "bad stories" began to outnumber the "good stories" and the older I get, the more I want to avoid it at all costs. Here is a fun trick for all the boys and girls...next time you are at the international airport, take a look at the expression on the faces of the airline pilots. Then, next time you are at any little uncontrolled field, look at the expression on the face of the pilot who just got out of his *insert any little airplane here*. It speaks volumes in my opinion. Of course, I know there are many people very happy in their 121 world, so I am not trying to generalize...at least too much!