Tab Express Closed, Scandal Again!!

[rvsm410]

Just saw our local news on Channel 6 here in Orlando...seems Tab Express has been involved in a scam with Key Bank to fund student pilots to 6 figure loans..the school was closed several months ago and the Bank is demanding money..they uncovered similar failed schools all over the country. They accuse Key bank of using the good credit of the students as collateral to offer the loans to attend schools which would otherwise not qualify for such amounts.

Reminds me of the redTails at Orlando exec a few years back...just a FYI post..

 

[MFRskyknight]

Is there anyway you could post a link to the news clip, if they have it online? I had a feeling something was fishy with KeyBank since after the Airman closure, too.

Thanks in advance,

MFR

 

[minitour]

Same thing happened to me and many others at Airman....

I will NEVER Bank with Key again....not even a trip through an ATM at a Key Bank...

-mini

 

[smellthejeta]

No dog in this fight, but can somebody tell me what exactly Key Bank did wrong here?

 

[DJRobbioRobbio]

No dog in this fight, but can somebody tell me what exactly Key Bank did wrong here?

Key is using the students as collateral in giving Tab Express hugs sums of loan money, and ultimately expecting the students to pay back all the money that's been invested in them by the company.


Predatory lending at its finest.

Of course most of my loans are through Key... I'm so screwed... I mean I love support my hometown banks, but this is getting out of control.

 

[Lazy8]

Two great lessons here.

#1. Avoid PFT
#2. Avoid Private Lenders

g

 

[DJRobbioRobbio]

Two great lessons here.

#1. Avoid PFT
#2. Avoid Private Lenders

g

Unfortunately in my situation, there really is no other way

God bless my soul if I ever have to use Sallie Mae

 

[Lazy8]

You could rob a Key Bank. Seems only fair really....



g

 

[DJRobbioRobbio]

You could rob a Key Bank. Seems only fair really....



g

Wouldn't really solve the problem


Get me into a federal jail perhaps...But risking the chance of having a dozen bullets in my torso...yeah, that's not too hot....

Haha, I'm a pilot...Not corrupt...Unless I work for US Airways...yes... US Airways...

 

[C601]

And to make matters worse, the Students who where left out to dry with Tab, where given the option i think by Key bank to finish there training @ Gulfstream, which meant they had to take another loan out......

A person I spoke to who attended Tab, transfered to Gulfstream told me as soon as they get hired by a Regional carrier, some where going to file for BK, as they knew they where going to be unable to pay back the money, b/c of what had gone on with TAB

I asked him how much he borrowed total $115K of which is grandmother co-signed for him.....