LIFT: RPA commitment for training?
07-28-2018 | 09:41 AM
#92
New Hire
Joined: Jul 2018
Posts: 9
Likes: 0
So just to update, I have managed to get home and check my mail but nothing yet, however I did get an email with all of the web links to apply for the financing etc.
Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.
Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.
07-28-2018 | 09:42 AM
#93
New Hire
Joined: Jul 2018
Posts: 9
Likes: 0
Wow I thought this was not a repayment plan. At this point your better off going to ATP and then coming in as a cadet. At least you retain the $17000 bonus.
07-28-2018 | 02:35 PM
#94
On Reserve
Joined: Jul 2018
Posts: 18
Likes: 0
From: Interviewing@RAH
Their main pitch is that (paraphrasing) money will not be an obstacle if you have the desire and talent.
I still wish everyone the best luck and will be working towards commercial along with Deftone and may re-engage this process next summer once it matures a bit.
Shame, too; I was hyped up for this adventure.
Deanna, if you are reading this, I think this may end up biting LIFT in the @ss. Or not; some folks will have the financial means to do this.
07-28-2018 | 03:08 PM
#95
New Hire
Joined: Jul 2018
Posts: 9
Likes: 0
So just to update, I have managed to get home and check my mail but nothing yet, however I did get an email with all of the web links to apply for the financing etc.
Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.
Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.
07-29-2018 | 11:45 AM
#96
Gets Weekends Off
Joined: Jan 2007
Posts: 692
Likes: 0
So just to update, I have managed to get home and check my mail but nothing yet, however I did get an email with all of the web links to apply for the financing etc.
Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.
Guess what, despite earlier information directly from LIFT, Republic is NOT guaranteeing the finance and I was rejected by the finance company. This is despite having a 6 figure salary and decent credit. So at this point I guess I will be looking elsewhere. I will have my commercial mins in a few weeks so will most likely go get my comm and multi and find a pt 91 or 135 gig.
07-29-2018 | 12:27 PM
#97
Line Holder
Joined: Jun 2017
Posts: 991
Likes: 9
I was surprised when they claimed they would co-sign. Financing for flight training has gotten pretty strict over the years. It used to be easier years ago, but as training got more and more expensive the pilot wages were still very low. So the rate of repayment was not good. Realistically if you want to become a pilot you need to either have the money or a good enough income to pay as you go. If they are expecting payments as a CFI that is a recipe for disaster. Anyone know what the interest rates for this deal are?
07-29-2018 | 07:13 PM
#98
Gets Weekends Off
Joined: Aug 2013
Posts: 445
Likes: 0
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...
07-29-2018 | 09:02 PM
#99
Line Holder
Joined: Jan 2018
Posts: 47
Likes: 0
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...
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...
07-29-2018 | 09:16 PM
#100
Gets Weekends Off
Joined: Jan 2007
Posts: 692
Likes: 0
The impression I got from some previous posters was their current jobs had 100k plus income. If you keep your current job you could cash flow the training for less money at a school at your local airport. Also some of the regionals are reimbursing for certain amounts of flight training costs. The industry may get to a point soon where they will have to cover the entire cost of your training.
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