Student loan options

ftyflyboy

ftyflyboy

Well-Known Member
Hi guys,

On Thursday I will begin my student loan search to fund training at ATP. I currently know of Nextstudent, SLM, and myrichuncle. If you have any other suggestions please let me know.

Please try and avoid the “don’t take out a loan” discussions. I’ve been through the numbers a thousand times and this is the way I am going to do it.

Thanks in advance,

Eric

 
Ive looked into the SLM loans and they look good. Wells Fargo has a pretty good private student loan aswell. Was able to take out a 25k one for my bachelor degree and terms were pretty good. I also like how if you need a cosigner they will be taken off the loan after 24 months of on-time payments. Makes it easier to convince someone to cosign.
 
I don't wanna turn this into a "no Loan" thing either, but I decided against it in the end.

Tried TERI, which is really Wachovia or BankofAmerica. Both are driven almost solely by credit rating. I got denied by BofA, did not try Wachovia. I had my college student loans from them. They were horrible and tried to block me from consolidating with a different company.

SLM only approved me for $30k. I could not figure it out. I made plenty of money, my credit was decent. My father's credit was as good as it gets and he cosigned. After a week of speaking with complete idiots, it turned out they had somehow screwed up my salary and had me making $7/yr. I got so mad at the inept BS, I wanted nothing to do with these numbskulls when they called back to get me to "try again".

NextStudent and MyRichUncle both wanted me to enroll in college courses. I already have a BS from Cornell, so not needed and just extra costs.

In the end, I had to give up and do the FBO route paying cash. I have nothing against ATP. In fact, I still think they are the best deal out there if you are in a hurry, but I am glad I am gonna come out of this thing without a $600-700 a month payment.
I still plan to do my Multi and CFI-I at ATP as well as instruct.
 
$60,000 after deferring your loans is not the "best DEAL out there." It may be what you want, but as far as deals go, and the amount of safety pilot and sim time, I don't know. Priced out at several FBO's around the Louisville area, I've seen as low as $28,000 to finish instrument through CFII, but not higher than $38,000. Just an FYI...

But as far as loans go, TERI really is a good program through Wachovia. Some may have had bad experiences but I had a very positive one through them in college and highly recommend them. Plus, Bank of America charges ridiculous origination fees and Wachovia charges 0.

Hope this helps.
 
Try With teri loans they have low rates, I got one with them and Bank of America, and yes I heard its better with wachovia. But, I have no problem with B.of A.

http://www.teri.org/

Hope it helps,
Danny
 
Goldmember said:
$60,000 after deferring your loans is not the "best DEAL out there." It may be what you want, but as far as deals go, and the amount of safety pilot and sim time, I don't know. Priced out at several FBO's around the Louisville area, I've seen as low as $28,000 to finish instrument through CFII, but not higher than $38,000. Just an FYI...
.
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Best deal out there if in a hurry. Just a subjective opinion of course.

I am on track to still only have paid $32k PPl-CFII doing the FBO route, but it is going to take 6 months longer than doing the ACP.
 
X-Forces said:
Please!!

You don't have to tell me. I haven't had a loan since graduating college, and that's not by accident.
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Sorry - wasn't directed at you :)

Here's what I don't get - these people will pick up and move to the other side of the country to give a school $60k+ for flight training. If you're able to go anywhere, why not move to a place that has an awesome flying club, and work a part-time or full-time job in order to pay as you go? With the money you'd save, you could actually finish up in a time frame that's not quite as quick as the academy's, but still pretty efficient.

I'm considering a $10k or less loan to do multi-time once I hit a certain TT - but that'll only happen if a) I don't have to have a co-signer; b) The interest rate is commensurate with my excellent credit score; c) I can manage the funds instead of cutting a full check before services are rendered; d) I'm completely void of any other debt (aside from my mortgage).
 
I start ATP in Jax Sept 3. I've had great luck with Wachovia. They will let you know there decsion with in 48 hrs. Payback 6 months after you finish full time. And the rates and payments are the lowest I've found.

Chaps
 
I am going to take out a student loan as well. I am paying for my community college cash(well, my employer is) but for student loans I will either go with SLM or Teri. The FBO I am wanting to go to is working at getting teri approved, thanks to my request. I am holding off on training until they find out if they are approved which can take a another couple of months.



I agree that loans are evil. but for those of us that have to get loans, I would have to say that tERI is the best option.
 
Murdoughnut said:
Sorry - wasn't directed at you :)
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Oh I know, I wasn't upset or anything. The "Please" was more like "Please, everyone knows that"

Here's what I don't get - these people will pick up and move to the other side of the country to give a school $60k+ for flight training. If you're able to go anywhere, why not move to a place that has an awesome flying club, and work a part-time or full-time job in order to pay as you go? With the money you'd save, you could actually finish up in a time frame that's not quite as quick as the academy's, but still pretty efficient.
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Probably because many people are in a rush, and basically throw caution (and sometimes logic) to the wind to reach their destination.
 
pedex said:
I am going to take out a student loan as well. I am paying for my community college cash(well, my employer is) but for student loans I will either go with SLM or Teri. The FBO I am wanting to go to is working at getting teri approved, thanks to my request. I am holding off on training until they find out if they are approved which can take a another couple of months.



I agree that loans are evil. but for those of us that have to get loans, I would have to say that tERI is the best option.
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What's up Ped??

Where you been?
 
pedex said:
I agree that loans are evil. but for those of us that have to get loans, I would have to say that tERI is the best option.
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Do you have to get loans? What's wrong with pay as you go? The only drawback I can see is that it takes a bit longer to reach your goals. I don't think the pilot "shortage" is going anywhere anytime soon. Could it be that the reason there is a shortage is that people who took out astronomical loans can't afford to live on starting pilot wages (and depending on the loan, perhaps even regional CA wages)?

I'm not criticizing your decision, I'm just trying to clarify - who really needs a loan?
 
Those of us 30 somethings that have spent enough time screwing around in various sales jobs and are ready to make this next step in life happen just that much quicker.

That's who needs loans.
 
ya i would go with wachovia i just went through them for my ATP loan and our interest rate is BOOOOMB because my dad and i have good credit rating... so hit it up if you want to be in the green
 
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