PreciousCargo

Does anyone know the best way to go about getting a loan for a part 61 school? I am a military helicopter guy with all helicopter ratings trying to get my fixed wing add ons. I want to be a free agent and apply for who I want and not get sucked into a wonderful 50k bonus deal with a company that has a bad reputation. I cant use GI bill cause of it not being a 141 school. I fly after work most days and on the weekends now. It's getting expensive and I dont want to deplete my savings. I'm almost 20 hours into it and now looking for a "loan". Does anyone know of anything I might be eligible for as a veteran? Again I cant use GI bill at this school. And no there are no 141 schools in the area I'm at. I still want to continue working because it is reliable income and none of this is guaranteed. I dont want to put all of my eggs in one basket.

Thanks

rickair7777

The no-collateral flight training loans went away after 2008. As far as I know, unless something changed recently, entry-level folks will need some collateral or a co-signer.

But since you're an established adult, you may be able to just get a signature loan with your usual bank or CU (USAA?).

PreciousCargo

I looked into signature loans. I have usaa and navy federal. I was trying to see if there was anything else that was an alternative to that and possibly lower interest rate.

rickair7777

That's the downside... high rates.

rickair7777

I did a loan out of my 401k at one point. Read the fine print, sometimes those come due in full if you leave the employer or plan.

PreciousCargo

Dang 8.5% how much of a limit was on it?

PreciousCargo

I will definitely look into it. You went from fixed wing to rotor? Or was it the other way around?

PreciousCargo

Last night inwas on the web page. I didnt apply yet but it definitely looks like that do flight school loans. There is their own special tab for it. I was unable to see the interest rate though. I dont know if that is the best option but it is on the table.

andersg

If you check out lending tree, they have a few options. I found unsecured personal loans for $35k that I could use at a Part 61 school. Up to a 7 year loan, around 7-10% interest depending on credit. I'm considering that route.