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Old 10-31-2008, 06:26 AM   #1  
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Default Student/Career loans

What a great time to be in the market for a loan! I am curious what other folks are doing for student/career loans? I am currently an instrument rated private, looking to complete my commercial and CFI's. Have been attending a part 61 FBO. Need to look for a loan to cover the costs. What exists out there if i wanted to stay with the 61 school if any? As for changing schools and going 141, what intrest rates has anyone run across for 141 schools? Thanks much,
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Old 10-31-2008, 10:09 AM   #2  
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Previous searches here show the usual people never recommending getting loans due to the amount of money you will have to pay in the end. Since you already have private and instrument that will cut down the cost but commercial requires a lot of time part 61.

If you go part 141, I think you might be able to get FAFSA although I don't know if that has to be through a university or college.
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Old 11-06-2008, 01:43 PM   #3  
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Hey sellner. I did a ton of searching for loans a few months back as i'm going to a 141 school (though non-university). The main issue you run into is that the school must be partnered with the particular lending institution you want money from. ex: I was looking at loans for American Flyers in chicago. The only places that offered student loans for them were Sallie Mae and PNC Bank (which suprisingly offered me a great interest rate). I called other other banks but they would not give me a student loan becuse Flyers wasn't on their school list (essentially they didn't view American Flyers as a school). I would suggest calling a few 141 schools and see what help they can offer as far as acquiring financial aid.
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Old 11-06-2008, 02:08 PM   #4  
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Quote:
Originally Posted by sellener View Post
What a great time to be in the market for a loan! I am curious what other folks are doing for student/career loans? I am currently an instrument rated private, looking to complete my commercial and CFI's. Have been attending a part 61 FBO. Need to look for a loan to cover the costs. What exists out there if i wanted to stay with the 61 school if any? As for changing schools and going 141, what intrest rates has anyone run across for 141 schools? Thanks much,
If you can avoid it, don't get loans and go in debt. The flying industry won't support the payments right now. I earned all my flight tickets working blue collar jobs and now I have no debt left over. I did borrow a lot for my college education, but the interest rate was very low and I also got a decent paying job out of the deal.
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Old 11-09-2008, 01:36 PM   #5  
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Default Loans

Its probably the worst time in our lives to find money, but I have looked myself.

If your credit is reasonably sound.., try PenFed credit union.
Easy to join without being Military and education loans to 25K at @8% fixed.

Even though I get VA support, I am getting a loan since the payback terms are over 60 months and its a far better unsecured option for me. (even my best credit card is 8.4% variable)

Not a lot, but it should help.

They also offer Fed loans programs and info.

Good luck and let us know what you find here or elsewhere.
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Old 11-09-2008, 04:57 PM   #6  
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Quote:
Originally Posted by sellener View Post
What a great time to be in the market for a loan! I am curious what other folks are doing for student/career loans? I am currently an instrument rated private, looking to complete my commercial and CFI's. Have been attending a part 61 FBO. Need to look for a loan to cover the costs. What exists out there if i wanted to stay with the 61 school if any? As for changing schools and going 141, what intrest rates has anyone run across for 141 schools? Thanks much,
Why?

It is the worst time to get into debt, becuase of an unsure payoff/employment.

Cubdriver is a very smart person, his advice is the best. Don't get into debt...especially if you've already come this far. I worked blue collar also to pay for all my ratings and it took a little longer than the 90 day wonders.... but I have zero debt and my money is my money and I have the same ratings/hours. You can do it working.... you may have to work a little longer and study when you don't feel like it... but it works out.
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