Key Bank Loan refinancing

[na265]

Just wondering, how much did you guys have to borrow to have payments like that? I did most my training in 1992, and I spent about 20k. I did my CFII, Multi, and MEI through flight schools where I worked and spent about $1500. I guess times have changed.

 

[joepilot29]

http://www.nelnet.net will consolidate private loans; however, the lowest possible rate you could get is 8.75%. I'm already floating around that with my Key loan. The good thing about it is the payments are lower because the term is longer. The bad thing is you're paying more in the end!

Last month I payed my minimum of $506 and it covered $1.12 of the principal. Progress!

g

Tried applying to that site today. I was shot down due to the fact that I attended Delta Connection Academy. They assign a score to a school based upon how many people have defaulted on loans that attended the school. DCA's score is through the roof. Go figure.

 

[Flying Ninja]

How does that work? If you default on a loan, what happens?

 

[Lazy8]

How does that work? If you default on a loan, what happens?

If you Default on a loan what you're doing is simply not paying the monthly bills. If you do this you've basically destroyed your credit file/score and can forget about getting any kind of good credit for a long time. Also, anyone you may already have a credit account with my jack your APR up to the Default rate once they see you're not paying your bills somewhere else. These rates tend to be as high as 30%. Long story short, don't default.

If you can't afford your loan repayment, it's much smarter to put it in Forbearance or Defferment. These options do not hurt your credit. If you have any kind of financial hardship the lender will postpone your payments with one of those two options; however, interest will still accrue. You can also elect special graduated or longer term payment plans as well. It doesn't hurt to talk to a financial advisor if all this is new to you.

g

 

[mcjohn]

Not mention that FAs can't even get hired at an airline with bad credit. Seriously.

 

[Lazy8]

Not mention that FAs can't even get hired at an airline with bad credit. Seriously.

And I'll never understand why first year FA's are paid better than first year FO's.

g

 

[MFRskyknight]

Considering the amount of people that share your sediment, I'm kinda surprised that there isn't a website out there called "Ihatekeybank.com" yet

There would be, if anyone stuck with their payments could spare a few bucks for the domain name...

 

[Princedietrich]

They need to make friends with someone who has a Chase or BofA account then.

 

[landlover]

They need to make friends with someone who has a Chase or BofA account then.

huh??

my key bank payment is about 580 and i pay 700 a month.

 

[Doubleo6point9]

There would be, if anyone stuck with their payments could spare a few bucks for the domain name...

We should all pool our pennies together and see what we can get.

 

[Northern Lights]

What interest rate are you paying at Key?

 

[Lazy8]

What interest rate are you paying at Key?

Of the two Key loans I have one is at 7.89% and another at 8.29%. They're variable and change alot.

g

 

[landlover]

What interest rate are you paying at Key?

libor plus 2.9% = 8.29% right now. One thing to note is that once it goes up your monthly payment will also increase. Now if the libor rate drops your monthly payment will not decrease. You will just pay off your loan a little earlier.

 

[Flysher]

libor plus 2.9% = 8.29% right now. One thing to note is that once it goes up your monthly payment will also increase. Now if the libor rate drops your monthly payment will not decrease. You will just pay off your loan a little earlier.

What!? Damnit there goes that hope.

I got an idea, what about trying to find a rich private investor who would agree to pay off your loan and then have you pay them back at a lower fixed interest rate... hmm.

 

[blackbox]

since the Key bank loan is a private loan, can you wipe it out under BK?

 

[Lazy8]

since the Key bank loan is a private loan, can you wipe it out under BK?

Last I heard since it falls under the category of an Alternative Loan and not a Education Loan it can be wiped with Bankruptcy; however, if you're really thinking about filing bankruptcy get a good lawyer so you know exactly what you can/can't wipe.

g

 

[wrxpilot]

What!? dangit there goes that hope.

I got an idea, what about trying to find a rich private investor who would agree to pay off your loan and then have you pay them back at a lower fixed interest rate... hmm.

It already exists:
prosper.com

 

[Flysher]

thanks I was amazed when i saw that website, however it still looks like I would pay a rediculous interest rate even with my credit score.

back to the drawing board.

 

[Eric]

ihatekeybank.com is already taken. It just takes you to Key banks site to rub in the fate to which we have submitted ourselves!

 

[Grey Ghost]

Ditto, Just completely rude to deal with! If you are even a day late on your payment they are calling you to see where it is!