No Wachovia Loans for a while
 

I got a phone call from ATP today telling me that i should look elsewhere (SLM) for financing my training. Supposedly TERI Loans who holds the promisary note for the Wachovia Loans, went bankrupt:eek:. This throws a wrench in my plans. I dont have a co signer and SLM are some stingy bastards. I only got approved for $5,000 thru them (what the heck is that gonna do for me) where Wachovia approved me for $75,000. I talked to the guy at Wachovia and he said they should have their loans available again by mid-end of May. Does this mess up anyone elses plans? any recommendations to what i should do/other options? Thanks

Ryan

Maybe if you get a co-signer you will get a higher loan through SLM. I did.

I would if i could. My parents cant do it for me bc there credit is so tied up in their businesses that they wont which i can understand. Did you loan thru sallie mae cover the entire cost of our training?

Maybe it's a sign from above not to go into $75K worth of debt for flight training. Good god, man. Do you realize how much money that is to pay back?:eek: An alternative would be to pay as you go, work for an FBO that would give you a reduced hourly rate perhaps, or work and save until you can afford it. With the market the way it is, there's a good chance the regionals won't be hiring when you finish at ATP...

If this trend persists, it will be interesting to see how many folks are willing to get a job, earn and save money, and then pay for their flight training up front. It's not such an easy decision when it's YOUR money and you know how hard it was to come by in the first place...

I have a loan through wachovia that was approved this march, it was also guaranteed by TERI....I have not heard anythign from wachovia or my flight school reguarding the loan....