Tab Express Closed, Scandal Again!!

[Piper877]

Wait, shouldn't people's ire be directed at Tab Express for not providing the training that was promised? I don't think this can be considered predatory lending at all since it's the same thing that Sallie Mae, and many other educational loan providers do on a daily basis. The scumbags at Tab are the ones who got away with the money.
However, I say Key Bank should go after Tab for the portion of the loans that didn't pay for training i.e. the unused amount.
Overall I feel for the students and I hope everything gets worked out in your favor. This is a sad, sad situation.

 

[Lazy8]

Unfortunately in my situation, there really is no other way

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

Well no... but that's a horse that's been beat to death in another thread.

There's much better out there than Sallie Mae. Even with great credit and a small loan they try to hit you with a 20% intrest rate. Crazy.

Good luck on the loan repayment. You can do it, but it's going to take alot of blood, sweat, and tears. A wealthy girlfriend helps alot too.

Grove

 

[C601]

I don't know if I would feel sorry for them, the way it was told to me by this young man was when they got approved for the loan at keys, 100% of the money was wired to TAB directly and that they did not have access to it.

Futher more they knew something was happing especially at the end when they where buyjing $90000 cars, and the so called comm airline they where setting up was going no where. He said the owners in the last week where no where to be found and that they only found out when they saw the school has its doors locked when they arrived one morining for class.

They knew something was going on, but they (the students) did very little or nothing about it, again from what I was told they where afraid to ask and hoped everything would work out, since tab had there $$$ and they had no where else to go.

 

[Lazy8]

Wait, shouldn't people's ire be directed at Tab Express for not providing the training that was promised? I don't think this can be considered predatory lending at all since it's the same thing that Sallie Mae, and many other educational loan providers do on a daily basis. The scumbags at Tab are the ones who got away with the money.
However, I say Key Bank should go after Tab for the portion of the loans that didn't pay for training i.e. the unused amount.
Overall I feel for the students and I hope everything gets worked out in your favor. This is a sad, sad situation.

The whole thing is a big mess. Tab was a shadey operation from day 1 and lenders NEVER go after the companies. It's always the person who signs the dotted line that takes responsibility. It makes me absolutely sick to see that some flight schools have an exit strategy of "take all the student loan money and run". And unfortunately, they can. We need better laws to protect students with private loans.

g

 

[Lazy8]

I don't know if I would feel sorry for them, the way it was told to me by this young man was when they got approved for the loan at keys, 100% of the money was wired to TAB directly and that they did not have access to it.

Under agreement with flight schools that didn't qualify for Title 4 funding (like Tab) Key didn't allow money to go directly into the student's hands. It was mandatory to be on account with the flight school. Many places were like that. The purpose of this was to ensure that the money was used only for its intended purpose; however, this backfired on Key when schools started shutting their doors and keeping the loan money. Now flight schools that do not qualify for Title 4 funding cannot get Key Bank loans.

g

 

[DJRobbioRobbio]

Well no... but that's a horse that's been beat to death in another thread.

There's much better out there than Sallie Mae. Even with great credit and a small loan they try to hit you with a 20% intrest rate. Crazy.

Good luck on the loan repayment. You can do it, but it's going to take alot of blood, sweat, and tears. A wealthy girlfriend helps alot too.

Grove

Are you suggesting I find myself a Sugar Mamma?

 

[gkrangers]

I plan on marrying a doctor.

 

[flying_gringo]

didn't you (the student) sign on the dotted line having read the contract and agree to ride the ride and take your chances?

isn't that part of the deal? the lender lends the money in accordance with the agreement you signed, and you hope the folks you designate act in accordance with your goals?

is there no responsiblily on your behalf? when stuff goes wrong I agree it sucks - but the risk was there before the contract was signed. don't be mad at the lender, isn't TAB to blame?

had it all worked out and you had made your dream job and had your very own 777 with your name under the window you wouldn't be angry or happier with key bank - they did their part, so why are you mad now?

its not predatory lending - some idiot signed it and agreed to the terms.

that's a stupid tax. learn now or pay it again and again.

 

[smellthejeta]

I don't see Key Bank as being a guilty part here, unless there is proof of some conspiracy with TAB. I'm also not going to hang the guy that signed the dotted line, either

Now what I don't understand is what this Title 4 thing is all about. Anybody care to elaborate on that?

 

[pudnocker]

Who you gunna call?

We need "TopGun-MAV" to straighten this out.

He is probably at Delta by now.