Sallie Mae Doing its Part to Reduce the Glut of Pilots

[lionflyer]

Is this the beginning of the drive towards MPL?

'but there is a shortage because of the lack of available student loans'

The death spiral continues.

If MPL becomes a reality, it will still be expensive to achieve. The FAA has done plenty of stupid things but I don't see them signing off on this. Most jets and big T-props require 2 PILOTS, not an ATP and a button pusher.

 

[Raoul Duke]

PFT is not the problem.

 

[ACL65PILOT]

Key Loans did the same thing after 9-11 when the pilots getting out of ERAU and the like owed 100K+ and defaulted.

 

[Lear70]

I never even heard of Sallie Mae before today...

Wha...???

Did you go to college?

Did you get a subsidized or unsubsidized Stafford Federal Student Loan?

Sallie Mae is THE government lender for these loans, just like Fannie Mae and Freddie Mac are the primary underwriters for FHA housing loans. Anyone who has a Stafford Federal Student Loan knows who Sallie Mae is.

Incidentally, I have NO problem with anyone cutting funding to "puppy mill" academies and PFT / Gulfstream type companies, but it's a mistake to cut funding to the 4-year Accredited degree programs that have flight departments such as ERAU, UND, MTSU, etc. Those are recognized flight schools that can only be funded in conjunction with four year Bachelor degrees, and THOSE are the kinds of pilots I'd like to see coming up through the ranks.

 

[Perturbed]

Why would anyone lend money to a group of people who are likely to STIFF when times get tough. Go knock on your neighbor's door and try to get a loan for flight school.

If it was a good deal then lots of people would loan the money.

 

[instructordude]

Wha...???

Did you go to college?

Did you get a subsidized or unsubsidized Stafford Federal Student Loan?

Sallie Mae is THE government lender for these loans, just like Fannie Mae and Freddie Mac are the primary underwriters for FHA housing loans. Anyone who has a Stafford Federal Student Loan knows who Sallie Mae is.

Incidentally, I have NO problem with anyone cutting funding to "puppy mill" academies and PFT / Gulfstream type companies, but it's a mistake to cut funding to the 4-year Accredited degree programs that have flight departments such as ERAU, UND, MTSU, etc. Those are recognized flight schools that can only be funded in conjunction with four year Bachelor degrees, and THOSE are the kinds of pilots I'd like to see coming up through the ranks.

Gulfstream has hired quite a few from the "Academy".

 

[regionaltard]

Mesa Mae.

 

[Way2Broke]

GOOD! They are my highest interest rate! I don't wish them on anyone!

 

[Lear70]

Yeah, I know. Been thinking about taking ONE class, getting a student loan for it, so I could combine them and lower the interest rate on both...

Anyone done that yet, by the way?

9.25% interest, sucks...

 

[hockeypilot44]

Yeah, I know. Been thinking about taking ONE class, getting a student loan for it, so I could combine them and lower the interest rate on both...

Anyone done that yet, by the way?

9.25% interest, sucks...

Wow. My mortage is only 4.7% interest, and that's for a 30-year fixed loan. My student loan is fixed at 2.85%.