 Re: Key Bank loan
Yeah Xavier that sucks dont it. My co-signer, Dad, has excellant credit for like 40 years....and has an income well over $70,000 a year, and we were denied by Key totally, and was only offered 25,000 from Salie Mae. Smittey your right, it does not look good for future pilots as far as banks are concerned. Steve i think you nailed it right on the head with your theory. Key Bank, Salie Mae, and a list of others are affiliated with flight schools and academies across the country. Seems like they are starting to realize exactly what we as students are aiming for....high priced training for a very low paid job. Was probably just a matter of time before they seen this. When you mentioned changing their lending policies, thats pretty much what i've been told is going on with Key right now. Used to be easy to get loans from them. But i guess recently they have undergone some changes, and their policies are changed. Obviously it's not the case anymore.
As far as i'm concerned, we've decided here to wait about a year before starting at ATP. I'm gonna pay off my other loan, bank some money, build some flight time and chip away on my instrument rating at the local FBO. At that time maybe it will be more realistic. But pretty much my dad and I have gone over all options right now, and it's just not possible. In a year we'll re-apply hopefully with better luck.
|