 Loan for flight school, Any thing i can do? |
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 Jun 10 2009, 03:27 PM
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Group: Newbies
Posts: 1 Joined: 10-June 09 Member No.: 95,613  |
Hello my name is Lance and i am looking at attending this flight school and the cost is $70,000. I have looked into getting a loan for the amount but i have been denied because my credit history isnt long enough. Is there any way i can go about reciving a loan with 15 months of credit history, no late payments, collections, etc. on my credit. They say i need to add a cosigner but i dont have anyone that is able to help me. So is there any thing i can do other then waiting around for 9 months for my credit to gain time? Another thing is I sold a property that I own that had a $88,000 loan on it and when it posted to my credit it lowerd my credit score 14 points. Is there any way i can get that back up? Any help or ideas will be much appreciated.
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| Googie |
Jun 10 2009, 03:27 PM
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The MoneyMaker
Group: Accounting
Posts: One in Every Topic Joined: 1-February 03 From: Mountain Home, CA Member No.: 1 |
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Jun 11 2009, 05:59 AM
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#2
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Group: Members
Posts: 4,206 Joined: 31-December 04 From: Naples, Florida Member No.: 11,332 |
QUOTE (lrittmer @ Jun 10 2009, 03:27 PM)  Hello my name is Lance and i am looking at attending this flight school and the cost is $70,000. I have looked into getting a loan for the amount but i have been denied because my credit history isnt long enough. Is there any way i can go about reciving a loan with 15 months of credit history, no late payments, collections, etc. on my credit. They say i need to add a cosigner but i dont have anyone that is able to help me. So is there any thing i can do other then waiting around for 9 months for my credit to gain time? Another thing is I sold a property that I own that had a $88,000 loan on it and when it posted to my credit it lowerd my credit score 14 points. Is there any way i can get that back up? Any help or ideas will be much appreciated. Thought of doing the air force route?? Honestly I have seen others on this board and other forums posting about flight school loans. They cannot afford the payments on the loan because of the low wages of co-pilots and captains. There was an article in my paper in the past month....starting wages aroudn $24k. Consequently flight school loans have a high default rae.  Lynn
Ex-Student Loan Collector FFLEP & USDE Ex Financial Aid Officer Minnesotan escaped to Florida! |
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Jun 13 2009, 01:34 AM
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#3
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Group: Newbies
Posts: 5 Joined: 11-June 09 Member No.: 95,632 |
completely agree.... save yourself the 70k in loans and join the air force. I had some friends do the same thing. You get all the flight hours required to be a commercial pilot by joining for a specific amount of years. and, its always great to serve your country (unless you may have an ailment). plus, having all that on your resume, you are more likely to land a better job.
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