Financial Aid

[SammyG]

So it looks like I'm gonna be using the Sally Mae loan for financial aid, my bank told me today that they can't really do anything.

Is there any other Financial Aid avenues that I may not have thought of yet? Sally Mae seems ok, except for their pretty big interest rate..but I really have no other option at this point.

Appreciate any info...thanks.

 

[trybysky]

most banks or credit unions will let you borrow against your car. That's what i'm doing for my cfi. intrest is about 5-8% but hey, when you need the money....

I haven't looked into the sallie mae (sp) loans, but probably will when it comes to getting the ii and mei...if need be.

it also kindof depends on how much you need to borrow. Are you getting a loan for just your private, or enough to obtain your comm. cert.>?

Also, how's your credit? This is another issue that banks seem to find important...

I just graduated from college and have about 8k in loans left and was still able to get a $6,000 loan at 6.5% against my car, which doesn't need to be paid back for 4 years.

There's many a way to borrow money, I just need to figure out how to pay it all back!!

 

[Crabtree]

Money

key Alternative loan is pretty good. Assuming the school (or FBO?) qualifies for it. I am not sure what the website is but I am sure you can find out about it on the Delta Connection or PanAm websites. I think the interest rate is 4.9 0r 5%. Might have changed, but I think you could borrow up to 80k.

 

[Ryan]

How old are you? You might want to look at the military. And I’m not talking about a flight slot either(although that would be sweet). I got an education in nuclear engineering, got my GI bill and am now using it to pay for 60% of my flight costs. Pretty good deal if you ask me. I don’t even think you have to serve active duty anymore to get the gi bill. I think you can go reserve and still get it. Even better deal!

Good luck.

 

[sbav8r]

If you are in college you can get student aid. Part of these will be subsidized and others will be unsubsidized and you pay nothing back until six months after you graduate. Thsese loans will ussually be around 5%, which is quite a bit better than ohter options. Don't take away from your education, but if you don't need the money for school then you might want to use it for flying. If your going to borrow money pay as little interest as possible. Talk to your schools financial aid office.

 

[troy]

I'm using Federal Finciancial Aid right now for flight training, including the "rounded education" to get the degree. Works good,but not much left over after paying for general education classes, though.