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SteveC · April 16th, 2005, 18:48

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wow do airplanes make people crazy? Does your daddy who may sell his truck understand the risks your getting into? do you? The bank is denying you bc they did the math, literally

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Well Key has given money to people less qualified. Why deny perfectly good people? Are there really that many CFI/FO's defaulting on their loans? And most parents will give up a hell of lot so their children can chase their dream. Who is anyone here to tell try to convince otherwise.

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I think what farwellbooth was getting at, and I also said it earlier in this thread, is that Key is denying the loans because they believe there is a chance that the applicant won't pay it back! That should be a big clue to take a look and re-think whether or not the applicant should be borrowing that large an amount of money, especially considering their earning potential for the next few years. It's not a matter of denying someone their dream. It's a matter of dollars and cents.

As I said before, the lending institutions want to loan people money. It's how they make their money. The only thing that they don't want to do is to loan it to people that can't pay it back (with interest, of course). The banks will bend over backwards to help their clients get as deeply in debt as they think they can get them, while still having a chance of making payments. If the borrower goes bankrupt or defaults, everyone loses. The banks don't even want to have to go after co-signers if they don't have to. It costs them time and money to pursue payment from deliquent accounts and from co-signers.

Key and Sallie turn people down for a reason. The fact that people are (occasionally) having a hard time getting approved should make everyone seriously consider the difficulties involved with paying back those huge flight training loans.

April 16th, 2005, 18:48	#48
SteveC Ameliorator Join Date: May 2003 Location: GRR Posts: 11,203	Re: Key Bank loan [ QUOTE ] [ QUOTE ] wow do airplanes make people crazy? Does your daddy who may sell his truck understand the risks your getting into? do you? The bank is denying you bc they did the math, literally [/ QUOTE ] Well Key has given money to people less qualified. Why deny perfectly good people? Are there really that many CFI/FO's defaulting on their loans? And most parents will give up a hell of lot so their children can chase their dream. Who is anyone here to tell try to convince otherwise. [/ QUOTE ] I think what farwellbooth was getting at, and I also said it earlier in this thread, is that Key is denying the loans because they believe there is a chance that the applicant won't pay it back! That should be a big clue to take a look and re-think whether or not the applicant should be borrowing that large an amount of money, especially considering their earning potential for the next few years. It's not a matter of denying someone their dream. It's a matter of dollars and cents. As I said before, the lending institutions want to loan people money. It's how they make their money. The only thing that they don't want to do is to loan it to people that can't pay it back (with interest, of course). The banks will bend over backwards to help their clients get as deeply in debt as they think they can get them, while still having a chance of making payments. If the borrower goes bankrupt or defaults, everyone loses. The banks don't even want to have to go after co-signers if they don't have to. It costs them time and money to pursue payment from deliquent accounts and from co-signers. Key and Sallie turn people down for a reason. The fact that people are (occasionally) having a hard time getting approved should make everyone seriously consider the difficulties involved with paying back those huge flight training loans.