Student loans thru Chase/Bank One?

Maximilian_Jenius

Maximilian_Jenius

Super User
After reading the thread "5 days and panic is abound" I head people speak about which financial options are the best and worst.

Some said Sallie Mae others said Citibank then there was Keybank.

The thread got locked before I could ask my question so here goes.

I work at JPMorganChase more specifically in the credit card division.

I have asked around and no one at work seems to know about student loans but I do know for a fact that they do offer them.

Does anyone know the pluses and minus for taking out a student loan with Chase in reguards to avaition.

I figure I need $30k maybe less because I already have my PPL.

I'm still not sure what route I want to take be it the CFI route and attending Embry Riddle Extended campus and having my flight hours transer to college credit.

Or maybe attending ASU and going thru there PACE program with MESA.

In any event I'd love to hear from everybody reguarding my questions. About Chase and what might be the better plan to take.

Be it the FBO/ERAU way or ASU PACE/MESA or the credit car option.

Working with credit cards makes me shy away from that option. I talk to people everyday who have $17k balances sometimes more with 18-25% interest

The only reason I am strongly considering loans is because right now I fly maybe 3 times month because I can't afford to do it more.

At that rate it will take me forever to finish all my ratings.

I'd like to be able to fly 2-3x a week. But without resorting to either loans or violating federal law I don't see that occuring.

Anyways lets keep this thread positive....Youngguns.


Matthew
 
Don't know about JP morgan, but I have a couple of loans out from Wells Fargo P.L.A.T.O loan program. It's worked out great for me since it's a student loan and you have the option to start paying now or when you graduate. On the second loan though, I have to pay the interest monthly, no choice, so that it does not accrue. I am looking at borrowing again, this time through SallyMae. let's hope we both learn something here .....Oh but you're not that hot chick so maybe you won't get that many replies........... /ubbthreads/images/graemlins/banghead.gif /ubbthreads/images/graemlins/rolleyes.gif
 
[ QUOTE ]
.....Oh but you're not that hot chick so maybe you won't get that many replies........... /ubbthreads/images/graemlins/banghead.gif /ubbthreads/images/graemlins/rolleyes.gif

[/ QUOTE ]


Yea but I'm still a major hottie in my own right. /ubbthreads/images/graemlins/spin2.gif


Matthew
 
[ QUOTE ]
[ QUOTE ]
.....Oh but you're not that hot chick so maybe you won't get that many replies........... /ubbthreads/images/graemlins/banghead.gif /ubbthreads/images/graemlins/rolleyes.gif

[/ QUOTE ]


Yea but I'm still a major hottie in my own right. /ubbthreads/images/graemlins/spin2.gif


Matthew

[/ QUOTE ]

/ubbthreads/images/graemlins/grin.gif
 
/ubbthreads/images/graemlins/buck.gif /ubbthreads/images/graemlins/grin.gif not hot enough for these guys ......let's see the posts.................
 
So he won't have dudes cheesing on him instead of giving him advice. You know what? I think he can live with that.

Check out the rates, etc. Also, keep in mind that you can get a loan from MBNA through AOPA for whatever purpose you want. You could use that to get a new rating.
 
Wow Tony thanks I see that is why I started this thread cause I didn't know the many financing options out there.

I mean I have heard of MBNA but didn't know I could get a loan with them though AOPA.

I think that I read somewhere on the Chase intranet at work that the interest rate is either 1-2% for employee's.

Now second question is....what kinda FICO do you have to have to get approved for these loans?

I might be able to scrap up a co-signer but it's not a definate so I'd rather go at the loans alone.


Matthew
 
I finally broke down and got a loan through citibank this summer. So far I've got nothing positive nor negative to say about them. Make sure to talk to ASU fin. aid prior to taking out any loans as they already have arangements with both citibank and chase.
[ QUOTE ]
Or maybe attending ASU and going thru there PACE program with MESA.

[/ QUOTE ]There isn't a PACE program at ASU. The highest they'll except here is the PPC.
 
If you don't mind me asking did you have to get a co-signer to get approved for your loan?

Are the loans easy to qualify for?

Do you know what the minimum requirements are to be approved?

Is the Citibank loan deferred or do you have to pay the interest while in school.?

Is the interest rate with Citibank low or high or does it depend on your FICO?

What do you mean there is no PACE program at ASU I heard it is at ASU east and they fly out of IWA.

At least that is what is listed on the MESA website.

And what is PPC?


Matthew
 
[ QUOTE ]
If you don't mind me asking did you have to get a co-signer to get approved for your loan?

[/ QUOTE ]Yes
[ QUOTE ]
Are the loans easy to qualify for?

[/ QUOTE ]Not Sure
[ QUOTE ]
Do you know what the minimum requirements are to be approved?

[/ QUOTE ]Must be a full-time student and (you or cosigner) must pass a credit check.
[ QUOTE ]
Is the Citibank loan deferred or do you have to pay the interest while in school.?

[/ QUOTE ]Deferred for six months after you recieve the money. Yes you have to start paying while in school.
[ QUOTE ]
Is the interest rate with Citibank low or high or does it depend on your FICO?

[/ QUOTE ]Not sure of the rate but it's supposed to be "competative." You can take up to $80,000 if need be (however I wouldn't recommend it!).
[ QUOTE ]
What do you mean there is no PACE program at ASU I heard it is at ASU east and they fly out of IWA.

[/ QUOTE ]I mean that there is no Pace program at ASU. ASU is far more similar to UND or ERAU than it is to any of the other MPD programs. There is one program here, and to do it you must be a degree seeking student in that area of study.
[ QUOTE ]
At least that is what is listed on the MESA website.

[/ QUOTE ] This is the ASU/MPD website.
[ QUOTE ]
And what is PPC?

[/ QUOTE ]Private Pilot Certificate.
 
the aopa loan with aopa is a line of credit with about a 175 interest rate....just as bad as putting it all on a credit card.
 
Didn't really look at the interest rate, just wanted to give Max some options. Actually, there are credit cards that charge LESS interest than that.

Max -- check out the rates for unsecured loans at your bank, credit union, etc.
 
Yes most cards have interest rates less then 17-28%.

Most cards either have a low introductory rate or there at prime whatever that might be at the time.

As an employee I think that I'm getting a lil below prime like 8%.

In any event now-a-days on most credit cards should you skip or forget one payment and your enjoying a really good great low interest rate BAM expect your interest rate to skyrocket immediately as a penalty.

And were not talking maybe one percentage point were talking from like a really low good rate to maybe 11-17%.

I get cussed out at least 3 times a day for that one.

And thank you MissedApproach for all your valuable info, you going to Network JC?


Matthew
 
Are there any Federal Loans you are eligble for? Try filling out a FAFSA form. I'll be able to tell you more as I'm taking out a huge loan with-in the next month or two.
 
[ QUOTE ]
Are there any Federal Loans you are eligble for? Try filling out a FAFSA form. I'll be able to tell you more as I'm taking out a huge loan with-in the next month or two.

[/ QUOTE ]

The only thing that would remotely help me would be the PLUS loan and only your parents can do that.

Not to mention the fact that I'm 28 yrs. old so legally too old to seek govt. help with my parents assistance (I believe).

Age 24 is the cut off after the govt' considers you grown so time to fend for yourself.

But the good thing (sort of) is that you the starving student prolly aren't making the same amount of money that your folks are so you entitled to more federal monies.

But besides the PLUS loan not sure there is any other federal loan that could give me the amount $30k that I need.

If I'm wrong please do correct me.

But finacial aid will definately help me as far as paying for school and books so I hadn't forgotten bout that. I just don't think it will help pay for flying cost.


Matthew
 
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And thank you MissedApproach for all your valuable info, you going to Network JC?

[/ QUOTE ]No prob man. Yep, I'll be going, see you there. /ubbthreads/images/graemlins/bandit.gif
 
Absolutely, and that's what makes it so critical to keep making your payments on time. I've got one from Citibank and an Amex. Miss a payment on those, and watch the interest rate go from about 14 percent to 23 percent, just like that.

I do my best to avoid carrying balances, though!
 
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