SLM Financial

[anavalairman2]

Hey guys and gals, I know it's been a while but I am still kickin rocks in this Navy of ours, proudly.

Here is my Q about SLM but first I want to give a breif over view of my situation.
So, I have a year left in the Navy and their is an early out option available to those who have a REALLY GOOD reason as to why the Navy should release a shipmate. So I've been high on the idea of going to ATP for a while now I'm trying anything to speed up the process.

I was looking over the financing options from SLM and yes, I know the ##### stories of it but If I can get approved for the loan, I can present it to the commanding officer and maybe he can release me. So my question is:

If I fill out the loan application and say it gets approved for the full amount, am I able to accept the loan but basicly put it on a hold until I finally start attending or will I have to start payment and class with in the next start of class date? Any input is helpful.

-Rich

[Airdale]

Originally Posted by anavalairman2

Hey guys and gals, I know it's been a while but I am still kickin rocks in this Navy of ours, proudly.

Here is my Q about SLM but first I want to give a breif over view of my situation.
So, I have a year left in the Navy and their is an early out option available to those who have a REALLY GOOD reason as to why the Navy should release a shipmate. So I've been high on the idea of going to ATP for a while now I'm trying anything to speed up the process.

I was looking over the financing options from SLM and yes, I know the ##### stories of it but If I can get approved for the loan, I can present it to the commanding officer and maybe he can release me. So my question is:

If I fill out the loan application and say it gets approved for the full amount, am I able to accept the loan but basicly put it on a hold until I finally start attending or will I have to start payment and class with in the next start of class date? Any input is helpful.

-Rich

As a former shipmate, in the Coast Guard of course, stay in your last year!! Why get out a year early? Use your last year to work on some college credits, work on SAVING as much money as you can. If you are attached to a ship, this should be easy for you! You shouldn't have much debt, so bank bank bank those paychecks! I saved $10,500 in ONE year in the CG. No reason you can't do the same.

Take this opportunity to better prepare yourself. Are you signed up for the GI Bill? If so, you may want to start using that with tuition assistance and get some college courses and CLEP exams out of the way. You may even consider a part 141 VA approved school rather then ATP. You'll have MUCH less debt and the GI bill will cover 75% of the cost, leaving you with a small amount to pay out of pocket.

When I was in, I made E4 quick, got every qualification I could and saved as much money as possible. I chose to finance ATP to use the VA GI Bill for college. What ever you decide though, I would highly recommend you finish your last year. The military takes care of you. Sometimes I miss it. I don't get a housing allowance, a food allowance and 100% free medical and dental care. It sucks out here!!

[SRA_kbad]

Originally Posted by Airdale

If so, you may want to start using that with tuition assistance and get some college courses and CLEP exams out of the way.

CLEP, CLEP, and CLEP some more!!!! I knew a guy who CLEP'ed his entire Associate's degree. Its not a bad deal at all.

[Chewie von Nubbins]

I know exactly what you are going through. I was in the Navy for a total of 9 years. I got out back in 2000. If you recall, this was at the very peak of the internet bubble, and I just couldn't wait to get out and get paid. I stayed to the very last day of my EAOS and I don't regret the decision. I used the last year to get certifications and such, so that when I got out I could hit the ground running. If I wouldn't have focused on getting the certifications and making my resume scream, I would have been a casualty victim of the internet bust which started about 9 months after I hit the job market. Now that you have made your decision to get out and you know exactly what you want to do, I know the trapped feeling that you have. Hang in there. Get your PPL, and start the Instrument if you can before you get out. Really, do as much as you can now, before leaving the Navy and you will be several steps ahead when you can get into a training program.

That is, unless you are in a sea going billet and have a 6 monther coming up. If you are shore based or sitting pier side, then I would say to stay for the last year.

On going to ATP, I totally understand why you would want to. I would love to do this program as well. However, since they are primarily a part 61 school, the VA will not pay one single penny for your training. The problem with most of the other flight training schools (what I have figured out in my research) is the structure just doesn't compare to the regiment that ATP has setup. Now, this is where your work ethics from the military come in. If you can find a good part 141 program that is somewhat self paced (which most of them are), your speed in which you finish your training will mainly depend on the effort that you put in. Seriously, treat it like an A or a C school, and you will have a good chance at setting a record in how fast you can achieve your ratings.

The GI Bill will pay for 60% of the training after your PPL. This means that they will pay for your Instrument up to the CFI/CFII/MEI ratings.

I think that taking 4-6 months for your training, being in an environment that is VERY Veteran friendly and only owing roughly $20k is much better than taking 4-5 months and owing around $50k. I have no idea how Vet. friendly ATP is.


Hope this helps,
Bryan

[Captain_Bob]

Originally Posted by Chewie von Nubbins

I have no idea how Vet. friendly ATP is.

ATP was actually founded on giving military pilots their ATP ratings... it's what built the company and it is still probably 50 percent+ of their short programs.

You can bet your bippy that ATP is Vet Friendly...



The biggest compliments I ever got as an instructor came from the military pilots saying how much they appreciated the training style at ATP and how much it mimicked the military training environment.

That same style transfers over to the 90 day program... but... as you said... ATP is not 141 at this time. So on that note... you make good points. We did have many military guys choose to use ATP for the 90-day course when I instructed there and they elected to use their GI Bill bennies toward a degree instead.

If you are already commissioned with a degree... then you just have to really analyze whether or not spending a set period of time for a set cost with the ability to time build via instructing in Multi's and having an opportunity to get hired into 121 fairly quickly is worth the extra 20K over a 141 program with no "set cost", no set timeline, minimal multi, and lot's of paperwork issues... Of course... that's a best case/worst case scenario... but that's what the mil. folks were relating to me when they were going through ATP's program.

Either way... keep researching. There's been rumors out there for some time that ATP may come up with a 141 program... but... you know how government "red tape" and rumors can be.

Bob

[Chewie von Nubbins]

Originally Posted by Captain_Bob

That same style transfers over to the 90 day program... but... as you said... ATP is not 141 at this time. So on that note... you make good points. We did have many military guys choose to use ATP for the 90-day course when I instructed there and they elected to use their GI Bill bennies toward a degree instead.

Bob

Bob,
The advice and information that you give on this forum is, as always, second to none! Thanks for answering my complete lack of knowledge on military friendliness at ATP.

I really wish that ATP was part 141 and approved for the GI Bill bennies. From what I see out there, ATP is setting the standard that everyone really compares their programs to. There is no doubt that ATP would be my first choice of where to train at. No doubt. But, the best thing that I can do is to find a program that will allow me to get close to the regiment that ATP has established for the 90 day program. And, that was the prospective that I was trying to convey above. In no terms was I trying to disrespect ATP. Not at all.

I guess it's like chosing the chubby friend of the hottie to take home. You surely aren't getting your first choice, but you know that your needs will get taken care of. Plus, instead of having to take her to eat at a Morton's or Ruth Chris' steakhouse, you know that you can get away with dragging her azz into a Golden Corral!

Bryan

[subpilot]

Find a pt 141 school and a good instructor. The training can be as structured and regimented as you and your instructor make it. The key is you must find a good instructor.

[excessthrust]

Originally Posted by anavalairman2

I am still kickin rocks in this Navy of ours, proudly.

Where do they store the rocks on the ship?

[LAFF]

look into www.prairieairservice.com

Similar to ATPs program without the added 20K.

Good luck.

-LAFF

[anavalairman2]

Ah, yes. Thank you everyone for your time. Number one thing, I am trapped but I'm trying not to think of it that way because I have already accomplished alot throughout my naval career. I need roughly 9 more credits for my AS and then I start on my BS so I need 69 more credits to grab my degree and run. As far as deployment goes, I have one comming the 2nd week of Jan '08 for oh, 7-8 months but I'll only be on half of it before my EAOS is up.

So anyways, I talked to SLM and got the info I needed.

Thanks for all of your thoughts.

[Chewie von Nubbins]

Originally Posted by anavalairman2

Ah, yes. Thank you everyone for your time. Number one thing, I am trapped but I'm trying not to think of it that way because I have already accomplished alot throughout my naval career. I need roughly 9 more credits for my AS and then I start on my BS so I need 69 more credits to grab my degree and run. As far as deployment goes, I have one comming the 2nd week of Jan '08 for oh, 7-8 months but I'll only be on half of it before my EAOS is up.

So anyways, I talked to SLM and got the info I needed.

Thanks for all of your thoughts.

Not sure if you know it or not, but if your EAOS is just a couple months into the first part of the patrol, the Capt. will almost always allow the transfer to shore station and not make you do the first part of the cruise. Or, will approve a few months early out before push off from the pier.

At least, that is the way it was back around 2000. Although we weren't at war then, they were implementing a stop loss because so many people were getting out then. And, they were still approving people to get off the ship before the deployment. Ask your Chief...I am sure they will help you out if you sell them on your plan. If you don't have a plan, they won't give you the time of day. Hope that helps man. Good luck.