Falcon Journey: It Begins

[surreal1221]

Alright guys. I'll go ahead and start the "Falcon Blog" right now.

I'm coming to Falcon with my PPL-ASEL, and will start on the 7th of May. Took care of the student agreement paperwork today, as well as had copies of my drivers license, medical, and temporary certificate today. Signed my name on a couple of documents in regards to rental policies, and the program student agreement (contract).

Next step will happen after I close on our house that we just purchased (a member announcement is coming on that - Should become the SE Headquarters of JC - pending DT's approval - which he doesn't know about yet. . . haha), and that'll be the weekend of the 27th. That step is . . applying to SLM for a presently undetermined amount of money, not to exceed 40,000. Spoke with Louise who provided some insight in the SLM loan process, as well as some tips to make the process go easy (disbursement(s), deferment, etc.).

Before I left, I had my username and password set for the online scheduling system. After the SLM process, and my initial move back to the area I'll get set up with an instructor who is willing to work with me Mon-Sat, with the occasional Sunday.

I'll make another update after the SLM process is taken care of. But hopefully this will provide some added insight for anyone looking at Falcon as their choice of training.

[TexasFlyer]

Looking forward to seeing the blog. I'll be right behind you in a few months if the visit to the school goes well in 2 weeks and I am able to find affordable housing in the area that offers a flexible lease term of some kind since I can't sign long term leases as a pilot on the move.

[thestaton]

me too. I just found out about falcon today and I'm very interested. might head down in a few weeks to check it out.

its either Falcon or Ari...

[surreal1221]

Joe, I'd call up to Falcon, and talk to someone in management or administration concerning a local apartment. They seem to have "unofficial" ties with a couple local places, albeit, I'm not sure which ones offer a garage for your bike and which ones do.

thestation,

I'd definately take a look at Falcon before you sign ANYTHING with Ari. Falcon blew me away when I visited last November. Ari has it's benefits, but the aircraft at Falcon RARELY go down (if ever) for any maintenence besides a 50, 100, and the annual. Where as at Ari, the fleet is MUCH MUCH older, and they tend to have a larger percentage of their fleet down due to X,Y, and Z reasons. All up to you though.

[thestaton]

Are you by any chance taking part with any VA benefits? Just curious if they have an on sight rep?

Do the offer any housing, Also how's the local area compared to Ari?

thanks for the help

[surreal1221]

Well, it's GA not FL. So no beach, but you're 20-30 mins from Atlanta (depending on where you choose to live). They do not offer any "housing," but if you call them they will point you in the right directions for a reasonable apartment complex, or rental homes in the 700-1000 range. Also, I didn't bother to check into this as an option as I just purchased a house - but see if there are any instructors who are rooming together somewhere when you call.

Yes, I'll be using VA benefits at Falcon. They have an onsight finance manager that deals with SLM, and the VA, Louise is her name. Real nice lady.

I grew up in the PTC / Newnan area. It's peaceful, and offers a great deal of shopping / social avenues if you are so inclined. I would definately say it's much cleaner than Ari as well, not that Ari was dirty to me - it's just that it IS the beach, and it is Florida.

[Champcar]

Whats a student agreement?

[surreal1221]

Originally Posted by Champcar

Whats a student agreement?

Addresses certain liability and insurance issues in regards to aircraft and any damage done to them. It's essentially a rental agreement with the school, but for the students who are going through one of their programs (professional pilot (IFR thru CFI)). It also addresses the students progression through any of the programs, and the student's or Falcon aviation's ability to terminate the training at any point (due to training issues, safety issues, or attitude / lack of professional issues on ANYONE's part). Also addresses the refund policy of any monies held in Falcon's quickbook account in the students name should the student leave Falcon, or wish to terminate their training all together.

[thestaton]

got any updates on how its going?

[surreal1221]

No I do not, sorry. I'm still up in Columbia SC full time. My first day of "training" at Falcon will be on the 7th of May. I just wanted to get this thread going a little early since I had already started some of the paperwork process.

[Wxman2000]

Wow, sounds like you're starting a little earlier than the last time I talked to you. Be sure to get ahold of me sometime so we could fly somewhere before you go off on your adventure.

[surreal1221]

I'll try my best Aaron. I can't make any promises, I'm being kept on a short chain until I start training (money wise).

[surreal1221]

Update:

This weekend we closed on our house in Newnan GA. Saturday afternoon I went ahead and did the SLM loan paperwork online, and sent it in.

I asked for 42000. I may knock it down to 40 or 41k before it is all said and done. Used one co-signer (my wife). I'll let you guys know how SLM treats me when the results are in (either today or tomorrow).

[TexasFlyer]

If SLM comes in short, but with a co-signer I'll assume they will not, Bank of America just approved me for a Personal Line of Credit.
* Up to $25,000 at a rate of 8.9% with a 6 year payback timeframe.
* No co-signer needed.
* I do not bank with them.

I applied online via thier website under Personal Loans. It came back approved in under 10 seconds. So that just gave me piece of mind and it's there if I need it. I'll still most likley use my credit card that offers 6.9% fixed rate on up to $25,000 since that's a low rate and it's a fixed rate for the life of the balance. Can't beat that!

But at least I now know I have $30k from SLM at 10.5% variable. $25k from Bank of America at 8.9% variable. And $25k from my Credit Card at 6.9% fixed. So all the ducks are in a row in case I need them. But I doubt I need to touch the Bank of America money. It's just there now in case I need it in the future once life gets tough on that CFI salary.

The funny thing about this is, my credit card treats me the best and the student loan screws me the most. I'm at a loss for words on that one. But at least my funding search is over. I'm now just saving a couple extra bucks over the next 2 months before I make the big leap since everything is all set to go for July.

[surreal1221]

Yup, SLM came in short with me too. Plan B it is. SLM offered me 20k at 10.25, and I'll end up putting the rest (minus money coming in from my GI Benefits) on my credit cards - something I'm not fond of doing, but as I start to see a steady flow of cash coming from the VA it'll be a different story.

May look into the BoA personal loan as well, just to see what they can offer me.

[TexasFlyer]

Only $20k and you had a cosigner too, wow I better stop complaining about SLM then! Actually, I think I'll complain more...

[surreal1221]

Yeah - I have my opinions why so low. But, neither is nor there right now. Doesn't help we purchased a house (although I figured it would), didn't help my wife's old Camry died on her a month ago, and we had to buy a new(er) (02') Camry.

But hey, like I said - plan B it is . . .and in the long run, I think this is the best plan (lower payments to SLM), and I'll be able to enjoy the VA benefits as they come in, floating them if need be and utilizing the credit cards as needed.

[TexasFlyer]

Definitely good to have plan B. If fuel prices go where I think they will, I'll need a plan C.

[Maximillian_Jenius]

Originally Posted by TexasFlyer

If SLM comes in short, but with a co-signer I'll assume they will not, Bank of America just approved me for a Personal Line of Credit.
* Up to $25,000 at a rate of 8.9% with a 6 year payback timeframe.
* No co-signer needed.
* I do not bank with them.

I applied online via thier website under Personal Loans. It came back approved in under 10 seconds. So that just gave me piece of mind and it's there if I need it. I'll still most likley use my credit card that offers 6.9% fixed rate on up to $25,000 since that's a low rate and it's a fixed rate for the life of the balance. Can't beat that!

But at least I now know I have $30k from SLM at 10.5% variable. $25k from Bank of America at 8.9% variable. And $25k from my Credit Card at 6.9% fixed. So all the ducks are in a row in case I need them. But I doubt I need to touch the Bank of America money. It's just there now in case I need it in the future once life gets tough on that CFI salary.

The funny thing about this is, my credit card treats me the best and the student loan screws me the most. I'm at a loss for words on that one. But at least my funding search is over. I'm now just saving a couple extra bucks over the next 2 months before I make the big leap since everything is all set to go for July.

The personal line of credit is for home owners right?

[TheAlchemist]

Originally Posted by Maximillian_Jenius

The personal line of credit is for home owners right?

I know that....for home owners it can be way more than 25k! Of course it will depend on ur home value x how much you own

[surreal1221]

Originally Posted by Maximillian_Jenius

The personal line of credit is for home owners right?

No, you may be thinking of a Home Equity line of credit.

Homeowners, and non-homeowners can apply for a Personal line of credit though.

But of course, it would be better (if you have the equity in your home), to ask for the HELOC.

[killbilly]

Originally Posted by surreal1221

No, you may be thinking of a Home Equity line of credit.

Homeowners, and non-homeowners can apply for a Personal line of credit though.

But of course, it would be better (if you have the equity in your home), to ask for the HELOC.

HELOC interest is generally tax-deductible. Always a plus.

[surreal1221]

As an update, there isn't a damn thing going on.

Word of advice. Don't close on a house on Friday, and expect to start training with a SLM within a week and a half. SLM has been the biggest pain in the ass, and I'm sure it is only a sign of things to come.

Another thing that is slowly starting to concern me a bit is the fact that I have yet to find an instructor. I'm awaiting a phone call from one of the Asst. Chief instructors to discuss what I need. (Full time attention, IRA, then into CMEL. . .).

Time will tell. SLM should finalize their dicked up paperwork today, or tomorrow morning, and I hope to be doing something productive tomorrow afternoon or Friday morning.

[TexasFlyer]

Yeah, SLM is a pain. I am still up in arms about them only lending me $30k when that's like a piss in a bucket when someone confirms my financial status and risk factor. But, then, a person in my place always has options so I went with my plan B (luckily I had no need to get to plan C). But even that Plan B which was the BOA line of credit took over a week to get the final paperwork in the mail for me to activate (even though it was approved automatic online as soon as I hit the send button).

So this stuff always moves slower than expected. The good news is I won't need the line of credit for several months, but it's there once I do need it. Just a lesson for new people looking into starting a program. Plan a couple months ahead since no one will care about your timeframe. You are stuck on everyone else's timeframe and everyone else's limitations. And clearly professionals like myself and surreal hate when this happens, but not much you can do about it...

And Surreal, keep us updated on how things go once the SLM crap is all in line. I'm very interested in seeing how Falcon runs their show with you since I am right behind you in a couple months.

[surreal1221]

Oh I will, don't worry. I may not post some things here in public, but I'll let you know.