Question about loans

[bobs98tlr]

I had a question about Sallie Maye (spelling?) and key bank loans. Ill be going to an approved part 61 school that uses both lenders and also has several colleges involved to get an associate degree and a batchlors degree. I was wondering if i was approved for a certain amout of money if i would be able to take alittle bit out from time to time to pay off my flying bill from a flying club im in? I have herd that people have been able to get some money out of there loan account to pay for rent, bills and such. Well i work to pay those bills but i would like to be able to pay my flying club bills with some loan money if all possible? Any info on this subject is appriciated.

 

[JRSLim]

The way Sallie Mae worked for me was - they sent a check to my flight school, and that was my 'account'. I could use the money for anything at the school - supplies, charts, dues, fun flights (i.e. non-training). I chose to use mine for training only and pay for everything else, but I would imagine you could use it to pay off the things you need to. The Sallie Mae people don't care - you apply, they send you a check and as long as you make payments they're happy.... they don't care WHAT you spend it on or if you ever have a career as a pilot.
And just a thought: When tax time comes around you can deduct the interest you pay on the loan, but I really don't know if it would ever be an issue if you didn't spend the 'student loan' money all on 'training' if you got audited.

Hope this helps.

 

[cforst513]

isn't sallie mae getting investigated right now? i thought that i read that somewhere. that's why i decided to go with key loans. i'm going to take out $150,000 and go to GIA, b/c it'll get me into a captain seat faster. then i'll make the big bucks!! how long of an upgrade to 777 capt? like 2 years from an RJ? i think that is right. also, don't pilots usually make about $1 million or so a year? i think i read that on the internet or heard it on the news. the media folks really have their facts, too. i can't wait to fly the big, shiny jets!! them sure is puuuurty.

seriously, i did read something about sallie mae. might want to check that out.

 

[User546]

I did my training with a Key Bank loan, and yes you are able to get dispursements (sp?) from them to cover living expenses - or whatever you want to use it for.

Typically the person that takes out a Sallie May or Key Bank loan is doing their training full time, so it is expected that they will need the money to survive on while they put in their year or two doing training.

My advice to anyone who is wanting to take the money out for living expenses, before you do, make sure you really trim all the fat out of your budget and that money will really go along ways. For instance, buy a used car you can pay cash for, carry minimal insurance, don't eat out a lot, buy bulk food, get BASIC cable, etc, etc, etc. You will appreciate that effort when you go to pay back all your school loans!

Besides, if your wanting to go to the airlines, this will give you a great head start on what living and flying in the regionals will be like!

 

[PC12Cowboy]

Basic Cable.....NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

 

[User546]

Basic Cable.....NOOOOOOOOOOOOOOOOO

I know, I also wrote down dialup internet originally too, but I could never suggest such a thing to anyone, no matter how tight the budget is!

I remember when I was in flight school, I was trying to save as much money as I could, that I didn't even have BASIC cable. I had a friend give me a pair of "rabbit ears" which I put on top of the TV, and that was good for about three fuzzy channels. (Albeit, the results ended up making me focus and study my flight lessons much more!)

When I got out of fligth school and was flying full time, i thought I was in heaven when I ordered digital cable. I don't think I got away from in front of the TV for like the first 3 or 4 days when that happened!

 

[JRSLim]

I know, I also wrote down dialup internet originally too, but I could never suggest such a thing to anyone, no matter how tight the budget is!

When I got out of fligth school and was flying full time, i thought I was in heaven when I ordered digital cable. I don't think I got away from in front of the TV for like the first 3 or 4 days when that happened!

I've got dial up...... can I get a credit somewhere for that? Living lean does help, no doubt - you have to be able to live lean to be a pilot.
As far as cable-- working as an instructor and working another job that pays the bills-- who has time for TV.

 

[User546]

I've got dial up...... can I get a credit somewhere for that? Living lean does help, no doubt - you have to be able to live lean to be a pilot.
As far as cable-- working as an instructor and working another job that pays the bills-- who has time for TV.

Hey you get all of my respect for that!

 

[NuGuy]

What ever you do, wherever you go: DO NOT PAY UP FRONT. Pay as you go!

Nu