Key bank loan?

[Lazy8]

This thread reminds me, I heard a rumor the other day that Key Bank was going to stop loaning money for pilot training because they were having so many students default on their loans... any truth to that?

It's already happened. Key Bank pulled there Aviation loan program from pretty much every flight school in the country. The only places that can still use them qualify as "Title somethingoranother" schools. (Like ERAU, UND, etc...) Key pulled the program because so many pilots were defaulting and because a lot of flight schools were using Key Aviation Loans to finance aircraft and other things they were never meant for...

G

 

[schoolio]

I did receive a letter from Key stating that they would not be offering new loans for training at Pan Am, but that my loan would not be affected. Pan Am is working feverishly to become "Title IV" certified right now. They should be done with that soon. How soon? I'm not sure. I'm not too terribly worried that the school will shut it's doors, due to the fact that there are three foreign training contracts right now; but that didn't stop me from putting my loan checks in a separate bank account.

 

[BRIGADEAVIATOR]

I did the same thing schoolio did, all my extra cash is in an ing savings account, so i rather than the flight school is making somewhat of interest on it. I cant complain THUS FAR, but when i heard key was going to put a stop to aviation trainign loans i was quick to get a few thousand for my cfi and multi.

I work at a flight school that used to deal wiht key but key decided to stop because so many students washed out and kinda disappeared, and since there was the no payment till 6 months after graduation the students kept saying they were still going to finish (but never did).

 

[Jytters]

I still have an uncashed check for $19,000 from Key sitting in my desk drawer. I was going to use it to goto ATPs, but never heard back from ATPs, until they wondered why I wasn't in class a couple months ago.

So, I guess I'll cash the check, be in debt, buy microwave noodles, complain on the website, try and pay back the loan, and pretend to be a pilot.

 

[HMR]

Don't get a loan with those terrible conditions. Do some more homework. For instance, I put about $15,000 on a zero percent credit card. Every 6-12 months the rate would go up and I'd call and threaten to transfer my balance if it didn't stay at 0%. Guess what? That was several years ago, the card is paid off and I'm STILL able to keep it at 0%. Gotta love Citibank.

The Sallie Mae-type loans are a ripoff. Read the fine print. It will take many years to pay back just the interest, forget the principle. I know there's a bunch of guys at regionals making payments on 50-100,000 dollars of flight training debt but I've never been able to figure out how they do it.

Be smart with your training dollars. Good Luck!

 

[MFRskyknight]

I still have an uncashed check for $19,000 from Key sitting in my desk drawer.

What would you say if I told you that for ONLY $19,000 you could have eternal happiness???

PM me for my mailing address...

MFR

 

[Metro752]

If you took any economics classes in college, I don't see why people are having trouble with loans. It's pretty cut and dry. If they don't want to give you a loan that meets your terms, F__K EM!

It's your money, they are your beotch. I don't care if you are talking to 1 of 1000s of twerps they hire to sell you a loan, they give you any crap, and you tear off their heads, drop a steamer, and ask them if they want your business they better do it your way, or the highway. You'll find a good deal eventually.

 

[Lazy8]

So, I guess I'll cash the check, be in debt, buy microwave noodles, complain on the website, try and pay back the loan, and pretend to be a pilot.

Welcome aboard!

Grove

 

[Lazy8]

I know there's a bunch of guys at regionals making payments on 50-100,000 dollars of flight training debt but I've never been able to figure out how they do it.

Airlines and pilots are one in the same. The airlines can operate with hundreds of millions of dollars worth of debt, never turn any profit, and still survive. The pilots flying for them just do it on a smaller scale

Seriously though, I don't know how it all works out either. I've got some serious loan repayments coming myself. If I figure out this magical survival plan I'll fill you folks in on it. 'Till then I imagine it's just eat cheap, work your butt off, and find a nice guy/gal to help support your broke !@# until you get the ball rolling.

Anyone know the next winning powerball numbers? :bawling:

g

 

[Atccfi]

So we all know the bad loan programs.....Anyone have a good one they can recommend to us?