Originally Posted by
deftone
Taken directly from the Financing Application page...
LOAN RATES AND FEES
There is a 2.00% loan origination fee for each funding disbursement which will be added to the loan amount.
The interest rate is a variable loan rate of 7.57% over the 3-month LIBOR adjusted quarterly.
Current LIBOR is 2.33%, so I guess this makes the financing 9.9% at todays rates. Spread over the 10 year maximum term that would make you pay back $103k on your $65k loan @ $850 per month. Doesnt seem such a good deal now...
This is why many people can not become pilots (and shouldn’t). Jobs in the industry don't pay enough to allow this kind of payment. I would be curious what they are planning for offering as a CFI wage. I bet its comical compared to the amount of debt that will be taken on to get there.