I applied for a Sallie Mae loan and was told I would need a CoSigner for the loan. Short story is my family loves me but not enough for $120k. Even though I have a good credit score, I believe some of the factors that went into the loan was my $50k in auto and student loans from my BS in Mechanical Engineering degree and that I would take a pay decrease by stepping down from my $64k project management position to go back to school full time for this program. So I have thought of a few ways I can still get to flying.
Ask here for advice and potentially directed to scholarships and etc.
Submit a Officer application to the Air Force. I will be turning 29 this month so I would need to get a waiver which is not a deal breaker but adds another hurdle on top of the selection mafia.
Wait 2 years to pay down my debt and apply again. Sucks cause in 2 years I would be flying and making more than what I am making now.
If you have any other advice I would appreciate reading them!
my first suggestion is to call Kirk in finance as he’s the expert and may have alternatives. Scholarships are few and far between.
I know MANY military pilots who are now airline pilots and every one of them has said joining the military simply to learn to fly is a bad idea. It’s a huge commitment, particularly if you secure a flying gig. Further you’ll be that much further from getting to the airlines as that’s one of the most inefficient routes. If you have a desire to serve your country then by all means but if it’s simply to fly I don’t think I would.
Yes waiting is lousy but you’re still young. Perhaps you could try again in a year?
Something I discovered about a month ago is a program ATP is doing where you can work as a Training Support Specialist for 18 months and you “ can qualify for guaranteed, 2% fixed interest rate financing with no co-signer required”.
I know very little about this and am only informing you of another possibility, if this is something you are interested in you should definitely call ATP.
Would your prospective co-signers be willing to reconsider if they were made aware of the possibility of being released from the loan after 12 consecutive interest and principal payments?
I found this info on ATP’s website:
“Most lenders offer a cosigner release option. After making as few as 12 consecutive on-time principal and interest payments, the borrower may request that the lender remove the cosigner from the loan entirely as long as the borrower has sufficient credit individually. After achieving a regional airline pilot job, it may be possible to refinance the loan at a lower rate and without a cosigner. Citizens Bank will work with ATP Graduates to refinance their loans.
If a student discontinues training with ATP, the refund will be issued directly back to the lender, not the student. This minimizes interest expense and protects the cosigner.”
The program Ben linked above is a huge opportunity. It is a new program that is paving a way for people in your position to eventually be able to receive financing to make their dream a reality. Months ago, it was not an option leading many to a sad dead end. Luckily, that doesn’t have to be the same story for you…
Update: I have been approved for a loan through Meritize and I went ahead and knocked out my first class medical on Friday. My intro flight is scheduled for this coming Sunday with a high of 103 for the day… going to be a fun ride. Last time I flew in the hill country in the summer took a beating out of me in a 172 without AC and hitting every pothole on the way back.
My admissions flight with Ruben at the Georgetown, TX location went great until we were on approach back at the airport when the heat and my empty stomach hit me. Luckily I had water with me and Ruben handed me the barf bag just in case. A few minutes after getting some water my stomach eased off and the unused barf bag was returned to its normal, stowed position. I was too excited about going up flying I hadn’t thought about lunch and we didn’t get back till after 2 pm. Other than that issue, Ruben thought my flying was great! Flew around downtown, then some maneuvers over Lake Travis and back to Georgetown. I can’t wait for the the next flight!