Key Bank loan - Page 4

SmitteyB · April 20th, 2005, 21:43

Ok, I agree its going to blow sending my paycheck to KeyBank every month for 10 years and I don't think it's going to be easy by any means, but because it is my dream I will do whatever it takes to make it happen.

Be that as it may, my backup plan/degree is all factored into my equation. I'll give you credit for taking out a smaller loan than the rest of us, but everyone is in a different situation and thats what we all need to keep in mind.

I'm young, I've got some time to burn before I can even take a drink of an alcoholic beverage legally, but I am planning ahead and keeping the fact that this might not work out in the back of my head, hence the backup degree.

My parents always taught me...

Hope for the best, but prepare for the worst.

JohnH,
I really wish you the best at SkyMates and please keep us up to date on your progress.

Indiana,
I'm still sticking to it and saying don't give up, not if its your dream.

Good discussion, even though we get at peoples throat on this forum, I think its great for people to read and thats why this place is so great.

Keysersoce · April 20th, 2005, 23:11

I think a good way to be able to afford your loans when you first start working as an instructor is to work a part time job while in flight school. Put all the money you earn into a savings account, and don't touch it until you have to start paying your loans back. Working a part time job should at least earn you $500 a month. If it takes you a year to finish school you will have $6000 saved up. That will buy you loan payments of a year and a half on an instructors salary (6 months deferal, and assuming your loan pymt. will be $500 per month). In 1 1/2 years you should have enough hours built up to get a semi decent job where you can handle loan pymts and living expenses.

The reason I would suggest working while your in school, and not while instructing, is so you can put 100% of your time towards instructing (a.k.a. building time quickly) and not have to worry about making your loan payments.

The downside of this is you will have to take out more loans (probably 8K?) to handle living expenses for the year your in school. Spread that 8K over 15 years, and it's not that bad, especially considering you will be able to easily handle your loan payments for the first 1yr and 1/2 on a really really bad salary. And I know F/O's don't make much, but 20K is enough to handle loans and living expenses (even though you'll be living on ramen for awhile).

Any comments? I'm open to good or bad, since this is my plan. I definitely want to hear what I should or shouldn't do differently.

Thanks

jawright · April 20th, 2005, 23:14

I love you John!!

Seriously, debt sucks... I only have practically interest-free Stafford Loans from college that cost me $200 a month, but I am still not hypin the idea of being tied to that payment for the next 15 years, nor am I hypin having to work 2 jobs to cover bills and flight training. I don't want to owe another dime to anyone if I don't have to, even if it is for flight training.
I've met a couple regional pilots that aren't in debt from training...because they got a job and saved their money. If I could pay for my private by teaching random high school drumlines and working a part-time job while in school, I am sure I can finish the rest on a "real" teaching gig making 3 times more without going into debt. It may take me a little longer, but I have over 30 years to reach my goal, and I'd rather spend it being able to eat and live somewhere better than a van down by the river. Plus I'll also have experience in another field as a fallback!
If you also consider that some airlines barely pay you during training, and as someone else stated in another thread, your first year as an FO is expensive with all the crap you have to buy, and that loan to get things done 6-8 months faster starts to look less and less appealing.

farwellbooth · April 22nd, 2005, 00:01

[ QUOTE ]
FarewellBooth, yep i'd say airplanes do make some people crazy. Yes, me and my dad both understand the risks fully. My dad wants me to achieve this goal almost as much as i do. It's good to have him on my side, and trying to help any way that he can. Are you saying because it's risky we should not proceed ?? Think about the tons of proffesional pilots working right now....because they stepped out and took a risk...just like many of us are about to do. If i dont go forward.....years down the line...i'd be questioning....what if i did ? where would i be right now ?? would have i made it ?? Only way to know for sure is to try it.

[/ QUOTE ]

My brother issued a lot of debt and makes nothing flying the 400 for Horizon. He was furloughed, the upgrade looks like forever but oh he's living the dream!!!!! ya right. He's been at it over 6 years and did the whole Florida excellerated rip off deal. It's very tough, I guess I don't need to tell you that. This board seems so be a little biased towards the positive... which isn't a bad thing. It just made me nauseated when you mentioned your dad was thinking about selling the truck.

IndianaPilot · April 22nd, 2005, 17:04

lol...yeah the fact that he wanted to do that bothered me also. I didnt let him do it. I mean that was totally his idea....but i told him no way. I mean...he shouldnt have to suffer over this ya know ? Gonna have to find another way.

xavier0002 · April 24th, 2005, 03:29

indiana ... i just got a call from key bank, they desided that they would review my case again and give me the loan.... now my situation didn't change at all... so call them up...maybe they will reconsider...

anyway..good luck

IndianaPilot · April 24th, 2005, 13:13

oh really ?? thats interesting. i'll call them maybe...wouldnt hurt i guess. like i said we are both like..in awe at this whole thing. my dad has NEVER been denied anything...loans, cards, whatever. he's had nothing less than perfect credit since he was like 18.

junior · April 25th, 2005, 11:05

this may help.
i just got my repayment coupon book and I almost puked when i saw the amount of interest that I would have to pay on the life of the loan (15yrs). My monthly payments are $487.00 a month. Here are the details of my Key Loan.

$6,000 for private license + $654.00 loan fee
$45,000 for ATP Career Pilot Program + $4050.00 loan fee

Principal balance on repayment start date= $55,590.00
Unpaid interest to be capitalized= $2,126.00
Amount to be repaid= $57,716.00
HERES THE KICKER: Interest payable during repayment period= $29,486.00

Total amount to be repaid= $87,203.00

so for you interested in taking the loan think long and hard about what you are getting into and consider finding a sugar momma

SmitteyB · April 25th, 2005, 11:38

[ QUOTE ]
so for you interested in taking the loan think long and hard about what you are getting into and consider finding a sugar momma

[/ QUOTE ]

<<<<<<<<<<<<&l t;

And make sure she's not too expensive...

Texguy · April 25th, 2005, 13:40

[ QUOTE ]
Total amount to be repaid= $87,203.00

[/ QUOTE ]

Yao!

Timbuff10 · April 25th, 2005, 13:47

hmmmm, in reading that post some of the thoughts running through my mind were:

"The average bank robber rarely comes away with more than $10,000 so that won't work."

"Bankruptcy seems to work for United, why not me?"

"If I never check the mail again will I really miss out on anything special?"

"If I moved to another country and became a pilot there could they really find me?"

"Maybe if Key Bank goes out of business they will forget about me"

And in the end, my concluding thought is simply "damn!"

junior · April 25th, 2005, 14:42

it's funny. some people take out $45,000 on a car loan so that they can drive a nice car. In the end they end up paying the same price for a car that I paid for a great education and can now earn money doing something I love. When I put it like that I don't feel so bad.

Timbuff10 · April 25th, 2005, 14:58

[ QUOTE ]
it's funny. some people take out $45,000 on a car loan so that they can drive a nice car. In the end they end up paying the same price for a car that I paid for a great education and can now earn money doing something I love. When I put it like that I don't feel so bad.

[/ QUOTE ]

That is funny... That is exactly what my fiance' said

Just pretend you did too much drinking on a fun trip to Vegas last summer and came back in a new Caddy that you accidentally drove off a cliff!

Costs about the same.

Timbuff10 · April 25th, 2005, 14:59

Have any of you guys looked into consolidating the key bank loan at all?

I keep getting all this stuff in the mail for it and am wondering if it is worth looking into at all.

CRJDriver · April 25th, 2005, 15:25

I’m starting the ACPP on May 23, and I already got a bill from KeyBank in the mail saying I need to pay my first payment of like $400 some dollars? I thought they don’t disburse the loan until you start the program? Have any of you guys got a deferment on your loan? I know there is some kind of low-income or unemployment thing? Anyone know more? I’m going to call KeyBank here today or tomorrow and ask them if they have something like that…?

junior · April 26th, 2005, 10:23

You should not have to start paying the loan back until 6 months after you complete the program. As far as disbursement I'm sure they do it as soon as you get approved and all the paper work is complete. I would call Key or ATP to see whats up.

adreamer · April 26th, 2005, 10:36

which location you going for, UND_Flyer?

adreamer

CRJDriver · April 26th, 2005, 12:26

Yeah, I called KeyBank. The letter was send to my home address and it turned out my parents didn't look at the date correctly. It said April 2006

@ adreamer: I'm doing it in Sacramento (SAC).

@ junior: Who is that golfer chick? She's hot

junior · April 26th, 2005, 17:57

[ QUOTE ]
@ junior: Who is that golfer chick? She's hot

[/ QUOTE ]
Christie Kerr

SmitteyB · April 26th, 2005, 22:38

She's no Natalie Gulbis...

IndianaPilot · April 27th, 2005, 14:23

Alrighty here is an update. I did what you said Xavier, and called Key. They closely went over each part of the application...and found a mistake.....having to do with my dads income. They only had him listed as recieving 600 a month ! So....everything has been changed. His credit check came back perfect...with an extremly high credit score. So...we are good to go

SmitteyB · April 27th, 2005, 18:17

[ QUOTE ]
Alrighty here is an update. I did what you said Xavier, and called Key. They closely went over each part of the application...and found a mistake.....having to do with my dads income. They only had him listed as recieving 600 a month ! So....everything has been changed. His credit check came back perfect...with an extremly high credit score. So...we are good to go

[/ QUOTE ]

YES!!!! Excellent...I told you it would work out!

IndianaPilot · April 27th, 2005, 19:01

yeah thanks Smittey

i tell ya....if u can predict things and they are coming true like this......then keep predicting !!

freq_flier · April 28th, 2005, 15:19

WOW!! That is great!!! Congrats!!!!

xavier0002 · April 30th, 2005, 03:49

Way to go men... I am so happy for you....this is really nice to hear that you got it and are set to go....

So when would you start?

April 20th, 2005, 21:43	#76
SmitteyB Old Skool Join Date: Nov 2004 Location: SYR Posts: 2,152	Re: Key Bank loan Ok, I agree its going to blow sending my paycheck to KeyBank every month for 10 years and I don't think it's going to be easy by any means, but because it is my dream I will do whatever it takes to make it happen. Be that as it may, my backup plan/degree is all factored into my equation. I'll give you credit for taking out a smaller loan than the rest of us, but everyone is in a different situation and thats what we all need to keep in mind. I'm young, I've got some time to burn before I can even take a drink of an alcoholic beverage legally, but I am planning ahead and keeping the fact that this might not work out in the back of my head, hence the backup degree. My parents always taught me... Hope for the best, but prepare for the worst. JohnH, I really wish you the best at SkyMates and please keep us up to date on your progress. Indiana, I'm still sticking to it and saying don't give up, not if its your dream. Good discussion, even though we get at peoples throat on this forum, I think its great for people to read and thats why this place is so great.

April 20th, 2005, 23:11	#77
Keysersoce Newbie Join Date: Oct 2004 Posts: 22	Re: Key Bank loan I think a good way to be able to afford your loans when you first start working as an instructor is to work a part time job while in flight school. Put all the money you earn into a savings account, and don't touch it until you have to start paying your loans back. Working a part time job should at least earn you $500 a month. If it takes you a year to finish school you will have $6000 saved up. That will buy you loan payments of a year and a half on an instructors salary (6 months deferal, and assuming your loan pymt. will be $500 per month). In 1 1/2 years you should have enough hours built up to get a semi decent job where you can handle loan pymts and living expenses. The reason I would suggest working while your in school, and not while instructing, is so you can put 100% of your time towards instructing (a.k.a. building time quickly) and not have to worry about making your loan payments. The downside of this is you will have to take out more loans (probably 8K?) to handle living expenses for the year your in school. Spread that 8K over 15 years, and it's not that bad, especially considering you will be able to easily handle your loan payments for the first 1yr and 1/2 on a really really bad salary. And I know F/O's don't make much, but 20K is enough to handle loans and living expenses (even though you'll be living on ramen for awhile). Any comments? I'm open to good or bad, since this is my plan. I definitely want to hear what I should or shouldn't do differently. Thanks

April 20th, 2005, 23:14	#78
jawright Senior Member Join Date: Feb 2004 Location: Orlando Posts: 436	Re: Key Bank loan I love you John!! Seriously, debt sucks... I only have practically interest-free Stafford Loans from college that cost me $200 a month, but I am still not hypin the idea of being tied to that payment for the next 15 years, nor am I hypin having to work 2 jobs to cover bills and flight training. I don't want to owe another dime to anyone if I don't have to, even if it is for flight training. I've met a couple regional pilots that aren't in debt from training...because they got a job and saved their money. If I could pay for my private by teaching random high school drumlines and working a part-time job while in school, I am sure I can finish the rest on a "real" teaching gig making 3 times more without going into debt. It may take me a little longer, but I have over 30 years to reach my goal, and I'd rather spend it being able to eat and live somewhere better than a van down by the river. Plus I'll also have experience in another field as a fallback! If you also consider that some airlines barely pay you during training, and as someone else stated in another thread, your first year as an FO is expensive with all the crap you have to buy, and that loan to get things done 6-8 months faster starts to look less and less appealing.

April 22nd, 2005, 00:01	#79
farwellbooth Senior Member Join Date: Jul 2001 Location: Portland, OR Posts: 316	Re: Key Bank loan [ QUOTE ] FarewellBooth, yep i'd say airplanes do make some people crazy. Yes, me and my dad both understand the risks fully. My dad wants me to achieve this goal almost as much as i do. It's good to have him on my side, and trying to help any way that he can. Are you saying because it's risky we should not proceed ?? Think about the tons of proffesional pilots working right now....because they stepped out and took a risk...just like many of us are about to do. If i dont go forward.....years down the line...i'd be questioning....what if i did ? where would i be right now ?? would have i made it ?? Only way to know for sure is to try it. [/ QUOTE ] My brother issued a lot of debt and makes nothing flying the 400 for Horizon. He was furloughed, the upgrade looks like forever but oh he's living the dream!!!!! ya right. He's been at it over 6 years and did the whole Florida excellerated rip off deal. It's very tough, I guess I don't need to tell you that. This board seems so be a little biased towards the positive... which isn't a bad thing. It just made me nauseated when you mentioned your dad was thinking about selling the truck.

April 22nd, 2005, 17:04	#80
IndianaPilot Senior Member Join Date: Jan 2005 Location: Indiana Posts: 424	Re: Key Bank loan lol...yeah the fact that he wanted to do that bothered me also. I didnt let him do it. I mean that was totally his idea....but i told him no way. I mean...he shouldnt have to suffer over this ya know ? Gonna have to find another way.

April 24th, 2005, 03:29	#81
xavier0002 Junior Member Join Date: Sep 2004 Posts: 34	Re: Key Bank loan indiana ... i just got a call from key bank, they desided that they would review my case again and give me the loan.... now my situation didn't change at all... so call them up...maybe they will reconsider... anyway..good luck

April 24th, 2005, 13:13	#82
IndianaPilot Senior Member Join Date: Jan 2005 Location: Indiana Posts: 424	Re: Key Bank loan oh really ?? thats interesting. i'll call them maybe...wouldnt hurt i guess. like i said we are both like..in awe at this whole thing. my dad has NEVER been denied anything...loans, cards, whatever. he's had nothing less than perfect credit since he was like 18.

April 25th, 2005, 11:05	#83
junior Senior Member Join Date: May 2002 Location: CO Posts: 428	Re: Key Bank loan this may help. i just got my repayment coupon book and I almost puked when i saw the amount of interest that I would have to pay on the life of the loan (15yrs). My monthly payments are $487.00 a month. Here are the details of my Key Loan. $6,000 for private license + $654.00 loan fee $45,000 for ATP Career Pilot Program + $4050.00 loan fee Principal balance on repayment start date= $55,590.00 Unpaid interest to be capitalized= $2,126.00 Amount to be repaid= $57,716.00 HERES THE KICKER: Interest payable during repayment period= $29,486.00 Total amount to be repaid= $87,203.00 so for you interested in taking the loan think long and hard about what you are getting into and consider finding a sugar momma

April 25th, 2005, 11:38	#84
SmitteyB Old Skool Join Date: Nov 2004 Location: SYR Posts: 2,152	Re: Key Bank loan [ QUOTE ] so for you interested in taking the loan think long and hard about what you are getting into and consider finding a sugar momma [/ QUOTE ] <<<<<<<<<<<<&l t; And make sure she's not too expensive...

April 25th, 2005, 13:40	#85
Texguy Senior Member Join Date: Feb 2005 Location: KAUS Posts: 855	Re: Key Bank loan [ QUOTE ] Total amount to be repaid= $87,203.00 [/ QUOTE ] Yao!

April 25th, 2005, 13:47	#86
Timbuff10 Old Skool Join Date: Jan 2002 Location: Denver Posts: 3,309	Re: Key Bank loan hmmmm, in reading that post some of the thoughts running through my mind were: "The average bank robber rarely comes away with more than $10,000 so that won't work." "Bankruptcy seems to work for United, why not me?" "If I never check the mail again will I really miss out on anything special?" "If I moved to another country and became a pilot there could they really find me?" "Maybe if Key Bank goes out of business they will forget about me" And in the end, my concluding thought is simply "damn!"

April 25th, 2005, 14:42	#87
junior Senior Member Join Date: May 2002 Location: CO Posts: 428	Re: Key Bank loan it's funny. some people take out $45,000 on a car loan so that they can drive a nice car. In the end they end up paying the same price for a car that I paid for a great education and can now earn money doing something I love. When I put it like that I don't feel so bad.

April 25th, 2005, 14:58	#88
Timbuff10 Old Skool Join Date: Jan 2002 Location: Denver Posts: 3,309	Re: Key Bank loan [ QUOTE ] it's funny. some people take out $45,000 on a car loan so that they can drive a nice car. In the end they end up paying the same price for a car that I paid for a great education and can now earn money doing something I love. When I put it like that I don't feel so bad. [/ QUOTE ] That is funny... That is exactly what my fiance' said Just pretend you did too much drinking on a fun trip to Vegas last summer and came back in a new Caddy that you accidentally drove off a cliff! Costs about the same.

April 25th, 2005, 14:59	#89
Timbuff10 Old Skool Join Date: Jan 2002 Location: Denver Posts: 3,309	Re: Key Bank loan Have any of you guys looked into consolidating the key bank loan at all? I keep getting all this stuff in the mail for it and am wondering if it is worth looking into at all.

April 25th, 2005, 15:25	#90
CRJDriver Old Skool Join Date: Jan 2004 Location: KBOI Posts: 2,772	Re: Key Bank loan I’m starting the ACPP on May 23, and I already got a bill from KeyBank in the mail saying I need to pay my first payment of like $400 some dollars? I thought they don’t disburse the loan until you start the program? Have any of you guys got a deferment on your loan? I know there is some kind of low-income or unemployment thing? Anyone know more? I’m going to call KeyBank here today or tomorrow and ask them if they have something like that…?

April 26th, 2005, 10:23	#91
junior Senior Member Join Date: May 2002 Location: CO Posts: 428	Re: Key Bank loan You should not have to start paying the loan back until 6 months after you complete the program. As far as disbursement I'm sure they do it as soon as you get approved and all the paper work is complete. I would call Key or ATP to see whats up.

April 26th, 2005, 10:36	#92
adreamer Old Skool Join Date: Jul 2003 Location: AZO Posts: 1,797	Re: Key Bank loan which location you going for, UND_Flyer? adreamer

April 26th, 2005, 12:26	#93
CRJDriver Old Skool Join Date: Jan 2004 Location: KBOI Posts: 2,772	Re: Key Bank loan Yeah, I called KeyBank. The letter was send to my home address and it turned out my parents didn't look at the date correctly. It said April 2006 @ adreamer: I'm doing it in Sacramento (SAC). @ junior: Who is that golfer chick? She's hot

April 26th, 2005, 17:57	#94
junior Senior Member Join Date: May 2002 Location: CO Posts: 428	Re: Key Bank loan [ QUOTE ] @ junior: Who is that golfer chick? She's hot [/ QUOTE ] Christie Kerr

April 26th, 2005, 22:38	#95
SmitteyB Old Skool Join Date: Nov 2004 Location: SYR Posts: 2,152	Re: Key Bank loan She's no Natalie Gulbis...

April 27th, 2005, 14:23	#96
IndianaPilot Senior Member Join Date: Jan 2005 Location: Indiana Posts: 424	Re: Key Bank loan Alrighty here is an update. I did what you said Xavier, and called Key. They closely went over each part of the application...and found a mistake.....having to do with my dads income. They only had him listed as recieving 600 a month ! So....everything has been changed. His credit check came back perfect...with an extremly high credit score. So...we are good to go

April 27th, 2005, 18:17	#97
SmitteyB Old Skool Join Date: Nov 2004 Location: SYR Posts: 2,152	Re: Key Bank loan [ QUOTE ] Alrighty here is an update. I did what you said Xavier, and called Key. They closely went over each part of the application...and found a mistake.....having to do with my dads income. They only had him listed as recieving 600 a month ! So....everything has been changed. His credit check came back perfect...with an extremly high credit score. So...we are good to go [/ QUOTE ] YES!!!! Excellent...I told you it would work out!

April 27th, 2005, 19:01	#98
IndianaPilot Senior Member Join Date: Jan 2005 Location: Indiana Posts: 424	Re: Key Bank loan yeah thanks Smittey i tell ya....if u can predict things and they are coming true like this......then keep predicting !!

April 28th, 2005, 15:19	#99
freq_flier Newbie Join Date: Feb 2005 Posts: 6	Re: Key Bank loan WOW!! That is great!!! Congrats!!!!

April 30th, 2005, 03:49	#100
xavier0002 Junior Member Join Date: Sep 2004 Posts: 34	Re: Key Bank loan Way to go men... I am so happy for you....this is really nice to hear that you got it and are set to go.... So when would you start?

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