TAB post on Regional forum

[ms6073]

Here is another of the requirements of the program:

Qualify for a Key Bank Loan (with or without a cosigner) to cover all training costs. Fair to good credit is necessary.

So not only do you have to commit to the entire 3-year progam at Tab, you also have to take out an aviation educational bank loan from Key bank with the following terms:

Interest Rate Calculation Variable Quarterly: tied to 3-Month LIBOR plus 2.75% in school and 2.90% during repayment

Fees 4% with cosigner added after final disbursement
9% without cosigner added after final disbursement

Estimate Annual Percentage Rate (APR)
back to top Cosigned = 4.69%
No Cosigner = 5.48%

Current Rates Interim Period = 3.92%
Repayment Period = 4.07%

Annual Loan Maximum Cost of education less aid
Aggregate Loan Maximums $80,000 for undergraduate years only
$100,000 for combined undergraduate and graduate years

Repayment Options Repayment begins 6 months after graduation, leaving school or dropping below half-time status.
Loan Repayment 10 years for aggregate debt less than $15,000 and 15 years for aggregate debt between $15,000 and $60,000. 240 months for aggregate debt greater than $60,000

Monthly Payments $50 minimum
Qualification To qualify, you must be enrolled at least half-time at a two-year private, or three-, four-, or five-year public or private institution and meet the credit criteria. The Key Alternative Loan® is taken in your name and usually requires a credit-worthy cosigner.

 

[deadstick]

I loved the commercial pilot wearing four stripes, doesn't it take an ATP to be the Captain? He even has one of those shoestrings hanging around his neck that holds his ID. Man, I am impressed.



enigma

Not when you operate under 135....and that is what they are doing.

 

[bart]

Fees 4% with cosigner added after final disbursement 9% without cosigner added after final disbursement

In other words, if Mom and Dad sign the note, we will take a $3,200 upfront fee on an $80K loan, if they don't, that will be $7,200. This effectively makes that low looking 4 to 5% interest rate effectively around 6 to 7%, much more if the LIBOR rises.

Those fees are exactly what I would expect to pay to a guy that looks like their CEO.

 

[Kingairrick]

Not when you operate under 135....and that is what they are doing.

I'm pretty sure that to act as PIC of a Large Turbine Aircraft "like a 1900" (over 12,500) you have to have an ATP, when operating under FAR Part 135...

 

[enigma]

Not when you operate under 135....and that is what they are doing.

I was sort of posting tongue in cheek. I fully understand that they are 135, but 135 doesn't count as airline anymore. Are they not putting themselves out to be airline training?


enigma

 

[Typhoon1244]

My curiosity is killing me: can anybody summarize what this alleged TAB guy was saying on this infamous thread?

 

[deadstick]

...and they are using 60+ CA so they can't be 121. "Scheduled and unscheduled 135" is what they are planning.

 

[enigma]

...and they are using 60+ CA so they can't be 121. "Scheduled and unscheduled 135" is what they are planning.

If I remember correctly, scheduled 135 went out after Pena and the FAA instituted "one level of safety". I believe that it is possible for a 121 carrier to gain an exemption to some 121 rules and use 135, but not for crew qualification. I.E., they can use 135 flight and duty time, but not 135 Captain qualification.

Really, whatever. The scumbags always find a way to fool some suckers.

enigma

 

[enigma]

My curiosity is killing me: can anybody summarize what this alleged TAB guy was saying on this infamous thread?

I forget exactly, I wasn't really reading for content, just amusment. He was basically expounding on the quality of training, etc. You know, a bunch of cRa p about the "airline environment" , checklist usage and such. He was full of it.

enigma

 

[USMCAirWinger]

I'll sell you a copy of the entire thread for 20 beans

 

[shamrock]

I'll sell you a copy of the entire thread for 20 beans

I think you may have stumbled onto a good second job there, U. If all the fun threads keep disappearing there will be a good market for the service.

 

[flewa72]

RE: Key Bank loan

Another interesting thing about the Key Bank loan is that it goes directly to the school and is disbursed prior to the student actually signing the contract with the school. In the case of the now-defunct Airline Training Academy in Orlando there were several students with loans ranging from 40K to 80K who never got to set foot in a classroom before it shut down and Key still wants them to pay back the whole loan.

If any of you are interested in more details try redtrainer.org. That's the site that was set up by the 300+ students who were left holding the bag when the retired airline captain who owned the school took the money and ran.

 

[bobbysamd]

Florida A-G

I hope that redtrainer.org puts it to those scoundrels.

I would bet that by now they've contacted the Florida Attorney-General. Just for fun, here is a webpage to the A-G that discusses deceptive trade practices.

Hope this helps some more.

 

[SDF2BUF2MCO]

I heard a rumor tonight that one of the guys who "owns" TAB worked at Airline Training Academy a couple of years ago and had a falling out there with the owner(s). Probably over ethical reasons I'm sure
Also heard a rumor that the former ATA folks(not the airline based out of IND or MDW) are doing some kind of brokering of charter services in the Daytona Beach area. Just repeating gossip.
Too bad, because I was very tempted to shell out $60K for TAB's 727 F/E program (joke).
Fight the good fight.