cant pay off flight school debt
05-18-2010, 05:44 PM
#11
Gets Weekends Off
Joined APC: Jul 2008
Posts: 4,921
Originally Posted by Red Forman
How about never getting into any debt in the first place? I know it is such a foreign concept to most people but it works wonders.
05-18-2010, 06:02 PM
#13
Banned
Joined APC: Mar 2009
Posts: 1,822
Originally Posted by hockeypilot44
If he did that, he wouldn't have his dream job as an airline pilot. I'm sure he has a bachelor's degree. Once he leaves his stepping stone job for a real airline, he'll have it made.
Paid for all of my tickets out of my pocket, 2 associates degrees, 1 bachelors, worked full time, and owe no one a dime
Being enlisted in the military isn't such a bad thing after all.
05-18-2010, 06:05 PM
#14
On Reserve
Joined APC: Dec 2009
Position: Holding down the Crew Room recliner
Posts: 17
2 things...
1st - without sounding like I'm pushing something, get and read "the total money makeover" by Dave Ramsey. It will tell you where to begin and how to do it, and change the way you look at money!
2nd - if, after #1, you realize that is just not feasible and you start to look at BK, find your master promissory note and any other documentation you signed with Key Bank and get to a reputable BK lawyer. Depending on when you signed up, it CAN BE DISCHARGED, because it was issued as standard commercial unsecured debt and not as a student loan. Key Bank loans DO NOT necessarily fall under the federal student loan provisions. {one easy way to tell, did they run a credit check? if yes, it's dischargeable under certain conditions. If no, it is backed federally, and you will have a VERY hard time dismissing it.}
Good luck with it all. I know it's stressful, but make sure you hold on to your wife and kids, and let the rest fall how it may. Family first... DO NOT let this stress destroy your family... it's only money and you WILL pull thru!
1st - without sounding like I'm pushing something, get and read "the total money makeover" by Dave Ramsey. It will tell you where to begin and how to do it, and change the way you look at money!
2nd - if, after #1, you realize that is just not feasible and you start to look at BK, find your master promissory note and any other documentation you signed with Key Bank and get to a reputable BK lawyer. Depending on when you signed up, it CAN BE DISCHARGED, because it was issued as standard commercial unsecured debt and not as a student loan. Key Bank loans DO NOT necessarily fall under the federal student loan provisions. {one easy way to tell, did they run a credit check? if yes, it's dischargeable under certain conditions. If no, it is backed federally, and you will have a VERY hard time dismissing it.}
Good luck with it all. I know it's stressful, but make sure you hold on to your wife and kids, and let the rest fall how it may. Family first... DO NOT let this stress destroy your family... it's only money and you WILL pull thru!
05-18-2010, 06:14 PM
#15
On Reserve
Joined APC: Aug 2009
Posts: 21
Ok everyone here is the low down on what you can and cant do with flight school loans ( I am A loss mitagation Rep with Wells Fargo for consumer and mortgage loans. I use to work for Pinnacle 06 through 09) If it is a private Student loan (More than Likely Key Sallie is just a few) There is nothing you can do but try to talk to the lender theses loans are not dischargable in BK ( Unless you can prove that you will never be able to pay the loan back) Some places will work some wont they have no reason to. As for the loan forgivness that is for federal student loan money (Stafford) If any of you are having problems with your mortgages let me know there is several things that can be done and you can even if you are current on your payments i will help out any pilot that needs it
05-19-2010, 03:28 AM
#16
Line Holder
Joined APC: Jun 2008
Posts: 45
If in fact these are private loans, I agree that reading any Dave Ramsey book will get you on the right track. I've been following him for 15 years now and he is the best. There is no better financial planner.
Dave Ramsey Homepage - daveramsey.com
Dave Ramsey Homepage - daveramsey.com
05-19-2010, 03:32 AM
#17
Banned
Joined APC: Jan 2008
Position: Furlough/Gun Driver
Posts: 437
write a book
How about writing a book detailing your experiences pursuing your dream of being a well compensated professional pilot.
In it you can include the lies, deceipt, smoke and mirrors used by the Major airlines whipsawing the regionals to undercut each other and the need for the pilot mills to spew lies about the incredible opportunity as a mainline pilot all while mainline management is outsourcing all the mainline jobs that make the profession worthwhile. Don't forget to include the predatory lenders that willfully allowed you to sell you and your family into bondage. Also include the personal damage done to you, your family and all the mainline pilots and thier families that have been outsourced so that a few in senior management in the above mentioned parties could profit handsomely at the expense of people trying to better themselves and provide a professional level of income for thier families.
After you write a great book get on Oprah and become the poster child for all that is wrong with this profession.
After you make millions on your story you can pay off key bank and tell them where to go.
In it you can include the lies, deceipt, smoke and mirrors used by the Major airlines whipsawing the regionals to undercut each other and the need for the pilot mills to spew lies about the incredible opportunity as a mainline pilot all while mainline management is outsourcing all the mainline jobs that make the profession worthwhile. Don't forget to include the predatory lenders that willfully allowed you to sell you and your family into bondage. Also include the personal damage done to you, your family and all the mainline pilots and thier families that have been outsourced so that a few in senior management in the above mentioned parties could profit handsomely at the expense of people trying to better themselves and provide a professional level of income for thier families.
After you write a great book get on Oprah and become the poster child for all that is wrong with this profession.
After you make millions on your story you can pay off key bank and tell them where to go.
05-19-2010, 05:55 AM
#18
Line Holder
Joined APC: Jun 2008
Posts: 45
Originally Posted by dosbo
How about writing a book detailing your experiences pursuing your dream of being a well compensated professional pilot.
In it you can include the lies, deceipt, smoke and mirrors used by the Major airlines whipsawing the regionals to undercut each other and the need for the pilot mills to spew lies about the incredible opportunity as a mainline pilot all while mainline management is outsourcing all the mainline jobs that make the profession worthwhile. Don't forget to include the predatory lenders that willfully allowed you to sell you and your family into bondage. Also include the personal damage done to you, your family and all the mainline pilots and thier families that have been outsourced so that a few in senior management in the above mentioned parties could profit handsomely at the expense of people trying to better themselves and provide a professional level of income for thier families.
After you write a great book get on Oprah and become the poster child for all that is wrong with this profession.
After you make millions on your story you can pay off key bank and tell them where to go.
In it you can include the lies, deceipt, smoke and mirrors used by the Major airlines whipsawing the regionals to undercut each other and the need for the pilot mills to spew lies about the incredible opportunity as a mainline pilot all while mainline management is outsourcing all the mainline jobs that make the profession worthwhile. Don't forget to include the predatory lenders that willfully allowed you to sell you and your family into bondage. Also include the personal damage done to you, your family and all the mainline pilots and thier families that have been outsourced so that a few in senior management in the above mentioned parties could profit handsomely at the expense of people trying to better themselves and provide a professional level of income for thier families.
After you write a great book get on Oprah and become the poster child for all that is wrong with this profession.
After you make millions on your story you can pay off key bank and tell them where to go.
05-19-2010, 10:25 AM
#19
On Reserve
Joined APC: Dec 2009
Position: Holding down the Crew Room recliner
Posts: 17
Originally Posted by challenger
Ok everyone here is the low down on what you can and cant do with flight school loans ( I am A loss mitagation Rep with Wells Fargo for consumer and mortgage loans. I use to work for Pinnacle 06 through 09) If it is a private Student loan (More than Likely Key Sallie is just a few) There is nothing you can do but try to talk to the lender theses loans are not dischargable in BK ( Unless you can prove that you will never be able to pay the loan back) Some places will work some wont they have no reason to. As for the loan forgivness that is for federal student loan money (Stafford) If any of you are having problems with your mortgages let me know there is several things that can be done and you can even if you are current on your payments i will help out any pilot that needs it
I'm not disputing you, but that is why I told him to find all documentation and get to a BK attorney. A lot of Key loans are NOT Sallie backed. I should know, I got rid of mine in BK because of that very reason...
05-19-2010, 11:21 AM
#20
On Reserve
Joined APC: Aug 2009
Posts: 21
You are correct if it was a personal loan you can get rid of it in a heart beat however some of the schools got themselfs accreditied ( by paying the accredadation Board off) They would not be elligable for federal student loans but they could get private student loans. It all depends on how it was done. Please look at your loan docs it spells it out in there what kind of loan it is. Key bank did do private student loans and signiture loans for flight schools. Last i herd from the OCC is congress is working on something to help people out with theses type of loans (if it is One)
Thread
Thread Starter
Forum
Replies
Last Post
Ivan
Flight Schools and Training
2
08-05-2008 08:10 AM
