Have you received a Key Bank loan???

Adam2006 · April 13th, 2006, 17:38

1. If so, did you get approved without a co-signer?
2. Do you know what your credit score was at the time of approval?
3. What % in interest?
4. How much can one get for the Pro-course?
Please feel free to answer these questions if you received financing with a co-signer, any and all help is appreciated.
-thank in advance for your replies-

maverick2 · April 13th, 2006, 17:57

1. I got approved with a co-signer, didn't get approve by myself (bad credit history)

2. Yes, I did know. Im not gonna tell you what it is, but its below nat'l avg.
3.I believe its around 7.5% right now.
4. You can get as much as you want, and you could always get some more if you need more. Simply just call them.

Hope this helps.

Diamnd15 · April 13th, 2006, 19:21

I would advise you not to get a key bank loan, try to get a loan that is fixed rate. I got my loan for 45,000 in March of last year, and it’s already gone up around 5,000 in interest since then. They said you could count on about 10 dollars a day for interest since the rate just went up to about 8% recently. The rate is going to vary a lot, just keep that in mind and I hope you make the right choice.

greaper007 · April 13th, 2006, 19:24

That's great advice diamond. However, I'm not sure what the alternatives to the key bank loan are.

Diamnd15 · April 13th, 2006, 20:23

well they should be looked into...just like i should have dont but i didnt, now im up s**** creek for the next i dont even know how many years, key bank gave me the loan when i was 17 and i had a 70 year old co-signer, if anything try to get a student loan with lower rates, just anything but key...it might take longer but dont rush into it. flying isnt going anywhere

CommPilot76 · April 14th, 2006, 12:33

If you go to www.aribenaviator.com/finance they have a whole list of different lenders to choose from. Sallie Mae and Teri loans are there as well as AMS and Sun trust. They also have a preferred lender list that gives you the interest rates and costs for the loans.
Good Luck

Adam2006 · April 14th, 2006, 15:43

Does anybody know which bank is more preferable (easier to get approved at, and better interest) between Sallie Mae and Key Bank? I've searched both websites and various forums and have learned the value of truth through peoples actual experiences with these institutions. As Diamnd15 said, Key has increased his loan $5k already. Thanks all, and keep the replies coming....

kailuaboy · April 14th, 2006, 22:25

Key Bank is the way to go.

or VA if you have the benefits.

myron96 · April 15th, 2006, 01:06

I got a key bank loan, was approved with out a co-signer, however, if I recall correctly, even though I was approved without a co-signer, I would actually have gotten a lower interest rate if I had a co-signer, which doesnt make sense, since usually you get the lower rate if approved on your own, but I guess they have more insurance with a second party. The other thing was that since the school i was going to was no longer going to be served by key bank,(I think about a year ago, they stopped serving a lot of flight schools) THey sent me a lump sum check for 35k, which I deposited into my bank account and was then responsibnle for paying the school myself.. Actually not a bad way to go since you control the money, not the school..

Diamnd15 · April 15th, 2006, 19:32

what kind of intrest rate did you end up with?

myron96 · April 15th, 2006, 20:21

I cant recall off hand, but it was the lowest rate I coudl get for being without a co-signer..Which i think was in the 5-5.5 range...Still seems weird though that the rate is lower with a co-signer then without.

BrianNC · April 18th, 2006, 01:54

Quote:

Originally Posted by myron96

...Still seems weird though that the rate is lower with a co-signer then without.

Not really. You are basically being "rewarded" with a lower interest rate because there are two people on the loan, theoretically making the loan more secure, or less risky for them.

If you are the only person on the loan, then you are paying for their higher risk. They don't have a second person to go after if you default.

Brazilian_Pilot · April 19th, 2006, 19:28

Any one have problems with Sallie Mae?
I thought key bank stopped lending to flight training programs...

Airdale · April 19th, 2006, 21:55

DO NOT USE KEY BANK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dude my interest rate is up to 7.9% now in just a few months, my payments are soon to be well over the $500 mark. *News flash*, as a CFI, you won't be able to pay this back with the daily cost of living!!! I'm finding this out the hard way as I am frantically trying to refinance this stupid loan to get a fixed rate. I say stupid loan, but I'm the stupid one for taking this loan out. I have no health benefits, I'll barely be able to pay my car insurance, food bill and loan repayment. It sucks to be in my shoes right now....THINK about what your getting yourself into with debt before you do it. I jumped and can't find the rip cord on my parachute.

MFT1Air · April 19th, 2006, 23:03

Quote:

Originally Posted by Airdale

DO NOT USE KEY BANK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dude my interest rate is up to 7.9% now in just a few months, my payments are soon to be well over the $500 mark. *News flash*, as a CFI, you won't be able to pay this back with the daily cost of living!!! I'm finding this out the hard way as I am frantically trying to refinance this stupid loan to get a fixed rate. I say stupid loan, but I'm the stupid one for taking this loan out. I have no health benefits, I'll barely be able to pay my car insurance, food bill and loan repayment. It sucks to be in my shoes right now....THINK about what your getting yourself into with debt before you do it. I jumped and can't find the rip cord on my parachute.

My question. . .as I play devil's advocate. Key Bank recognizes the problems with the transition from lowly paid CFI to someone having just transitioned to the regionals. What's your worse case if you don't pay?

Now, am I saying don't pay? No. . .never. What I am saying is that with consumer credit companies available to you, can you call them and have them refinance without the hits to credit ratings, but still have low payments?

bike21 · April 19th, 2006, 23:07

Anyone find a fixed rate to consolidate for private loans yet? My search has turned up nil

Brazilian_Pilot · April 19th, 2006, 23:53

Airdale, cant u defer the loans until you can get on your feet or make interest only payments?

Adam2006 · April 20th, 2006, 03:52

I believe some people are getting in the 5-6% range, Myron96. Also, I have heard that you can defer up to 36 months if you keep getting a forbearence(SP). Airdale, I believe it is possible even with a $500+ payment. You could wait-tables on the weekends and pull in an extra $800. Their are single women that work full-time and go to school while raising kids. It's all up to you!

Maximillian_Jenius · April 20th, 2006, 04:02

Quote:

Originally Posted by Airdale

DO NOT USE KEY BANK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Dude my interest rate is up to 7.9% now in just a few months, my payments are soon to be well over the $500 mark. *News flash*, as a CFI, you won't be able to pay this back with the daily cost of living!!! I'm finding this out the hard way as I am frantically trying to refinance this stupid loan to get a fixed rate. I say stupid loan, but I'm the stupid one for taking this loan out. I have no health benefits, I'll barely be able to pay my car insurance, food bill and loan repayment. It sucks to be in my shoes right now....THINK about what your getting yourself into with debt before you do it. I jumped and can't find the rip cord on my parachute.

I have heard that Sallie Mae is better then Key. Anyone else heard the samething? Does Sallie Mae have fix rate loans?

Airdale · April 20th, 2006, 10:45

Any unsecure loan, like the Key bank loan, is going to be variable rate. I didn't think being at the Mercy of the market was going to be this bad. Alternatives are to obtain a secure loan. In order to do that you need collateral - like a house.

My parents, realizing my situation, have offered to take out a home equity loan to get rid of this variable rate loan. The good news is, I can refinance and get payments as low as $350/month, the bad news is there is no grace period.

Right now I am in a grace period for my loan. I don't have to start making repayments until Sept. While this is all good and fine, the interest is building and the way the market trend has been the last few months, my projected payments are impossible to make on my CFI salary. Not to mention I have no health benefits working for ATP to my knowledge. So God forbid something should happen, I'll REALLY be in deep ****.

While my situation isn't the end of the world, because I do have a really good family who, between my fiance's parents and my parents have offered to help me out with whatever they can be it car insurance or helping with the loan. I don't like to look to other people for help, but its nice knowing that your family stands behind your career goals, so its not the worst case senario. But others out there who decide to finance this much money for flight training, this could be a huge problem for them. Knowing what I know now, I would suggest anyone considering an unsecure loan, through anybody, stop considering and start looking for another alternative. If you have good relatives, thats a good place to start with getting a co-signer for a secure loan. Lock in an interest rate and save yourself some money as well as the agony of having your nads locked onto the market.

And I know there's a bunch of people out there who say don't finance flight training, pay for it at an FBO or save the cash then do it. Thats great if you can do that. But for the rest of the population who would like to get their career started before their 50, financing is the only option. Just look at all the options and make a wise decision.

Adam2006 · May 8th, 2006, 22:06

Quote:

Originally Posted by Maximillian_Jenius

I have heard that Sallie Mae is better then Key. Anyone else heard the samething? Does Sallie Mae have fix rate loans?

Max, what have you heard, that Sallie Mae had better interest, or was easier to get approved?

Does anybody else have any experience with Sallie or Key? thanks

Cruise · May 11th, 2006, 21:10

Quote:

Originally Posted by Adam2006

I believe some people are getting in the 5-6% range, Myron96. Also, I have heard that you can defer up to 36 months if you keep getting a forbearence(SP). Airdale, I believe it is possible even with a $500+ payment. You could wait-tables on the weekends and pull in an extra $800. Their are single women that work full-time and go to school while raising kids. It's all up to you!

Not sure about the 36 month thing.........I was recently about to enter repayment and requested a forbearance......was told could only go for 6 months????? Ouch.....I am big-time screwed. There is no way I am going to be able to pay the full amount of my loan payment when it comes due as a patheticallly-paid 1st year F/O. I'm seriously wondering what I'm going to do. Now for all you expert-advise people out there that say I should get a second job.....I've already done that and it's still not gonna cut it.

I'm thinking of running away to a far-off land and never come back to the states.....try and find me in Malasia Key Bank.....muuhhwaaahhhahahhaha.
Seriously......I've looked for alternatives to the variable interest rate loan and haven't had much luck.

If anyone finds anything, I would be very interested in finding out.

Adam2006 · May 12th, 2006, 03:47

Cruise, thanks for your reply. Could you please let me know if you did this without a cosigner, and what credit score you had? Feel free to PM if you don't want to post here. Thanks

Cruise · May 12th, 2006, 11:09

Quote:

Originally Posted by Adam2006

Cruise, thanks for your reply. Could you please let me know if you did this without a cosigner, and what credit score you had? Feel free to PM if you don't want to post here. Thanks

Yep, no cosigner. Not sure what my credit score was when I got the loan........it was average though. Nothing amazing....that's for certain.

kailuaboy · May 12th, 2006, 16:28

the 6 month forbearance thing is re-newable as long as you can show you have income problems and are unable to make the payments... ive been doing it for about 3 times now (so, 18months). Definately cant make the payments on 1st year FO pay.

Ivan

April 13th, 2006, 17:38	#1
Adam2006 Junior Member Join Date: Jan 2006 Location: Socal Posts: 214	Have you received a Key Bank loan??? 1. If so, did you get approved without a co-signer? 2. Do you know what your credit score was at the time of approval? 3. What % in interest? 4. How much can one get for the Pro-course? Please feel free to answer these questions if you received financing with a co-signer, any and all help is appreciated. -thank in advance for your replies- __________________ adam

April 13th, 2006, 19:24	#4
greaper007 Senior Member Join Date: Oct 2004 Location: West Hartford, Ct Posts: 1,128	That's great advice diamond. However, I'm not sure what the alternatives to the key bank loan are. __________________ <<<<<Hunter S. Thompson extends the Gonzo concept to flying.

April 14th, 2006, 12:33	#6
CommPilot76 Junior Member Join Date: Nov 2005 Posts: 52	Loans If you go to www.aribenaviator.com/finance they have a whole list of different lenders to choose from. Sallie Mae and Teri loans are there as well as AMS and Sun trust. They also have a preferred lender list that gives you the interest rates and costs for the loans. Good Luck

April 14th, 2006, 15:43	#7
Adam2006 Junior Member Join Date: Jan 2006 Location: Socal Posts: 214	Does anybody know which bank is more preferable (easier to get approved at, and better interest) between Sallie Mae and Key Bank? I've searched both websites and various forums and have learned the value of truth through peoples actual experiences with these institutions. As Diamnd15 said, Key has increased his loan $5k already. Thanks all, and keep the replies coming.... __________________ adam

April 15th, 2006, 01:06	#9
myron96 Junior Member Join Date: Aug 2004 Posts: 193	I got a key bank loan, was approved with out a co-signer, however, if I recall correctly, even though I was approved without a co-signer, I would actually have gotten a lower interest rate if I had a co-signer, which doesnt make sense, since usually you get the lower rate if approved on your own, but I guess they have more insurance with a second party. The other thing was that since the school i was going to was no longer going to be served by key bank,(I think about a year ago, they stopped serving a lot of flight schools) THey sent me a lump sum check for 35k, which I deposited into my bank account and was then responsibnle for paying the school myself.. Actually not a bad way to go since you control the money, not the school.. __________________ Far better it is to dare mighty things, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat.

April 13th, 2006, 17:57	#2
maverick2 Junior Member Join Date: Feb 2005 Location: LAX Posts: 203	1. I got approved with a co-signer, didn't get approve by myself (bad credit history) 2. Yes, I did know. Im not gonna tell you what it is, but its below nat'l avg. 3.I believe its around 7.5% right now. 4. You can get as much as you want, and you could always get some more if you need more. Simply just call them. Hope this helps.

April 13th, 2006, 19:21	#3
Diamnd15 Senior Member Join Date: Sep 2005 Location: SF Bay Area, Cali Posts: 312	I would advise you not to get a key bank loan, try to get a loan that is fixed rate. I got my loan for 45,000 in March of last year, and it’s already gone up around 5,000 in interest since then. They said you could count on about 10 dollars a day for interest since the rate just went up to about 8% recently. The rate is going to vary a lot, just keep that in mind and I hope you make the right choice.

April 13th, 2006, 20:23	#5
Diamnd15 Senior Member Join Date: Sep 2005 Location: SF Bay Area, Cali Posts: 312	well they should be looked into...just like i should have dont but i didnt, now im up s**** creek for the next i dont even know how many years, key bank gave me the loan when i was 17 and i had a 70 year old co-signer, if anything try to get a student loan with lower rates, just anything but key...it might take longer but dont rush into it. flying isnt going anywhere

April 14th, 2006, 22:25	#8
kailuaboy Senior Member Join Date: Mar 2005 Location: CLE Posts: 302	Key Bank is the way to go. or VA if you have the benefits.

April 15th, 2006, 19:32	#10
Diamnd15 Senior Member Join Date: Sep 2005 Location: SF Bay Area, Cali Posts: 312	what kind of intrest rate did you end up with?

April 15th, 2006, 20:21	#11
myron96 Junior Member Join Date: Aug 2004 Posts: 193	I cant recall off hand, but it was the lowest rate I coudl get for being without a co-signer..Which i think was in the 5-5.5 range...Still seems weird though that the rate is lower with a co-signer then without. __________________ Far better it is to dare mighty things, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat.

April 19th, 2006, 19:28	#13
Brazilian_Pilot Senior Member Join Date: Mar 2005 Location: Chicago Suburbs, IL 1C5 (Clow) Posts: 314	Any one have problems with Sallie Mae? I thought key bank stopped lending to flight training programs...

April 19th, 2006, 21:55	#14
Airdale Old Skool Join Date: May 2005 Location: Dirty Jerzey Posts: 2,141	DO NOT USE KEY BANK!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Dude my interest rate is up to 7.9% now in just a few months, my payments are soon to be well over the $500 mark. News flash, as a CFI, you won't be able to pay this back with the daily cost of living!!! I'm finding this out the hard way as I am frantically trying to refinance this stupid loan to get a fixed rate. I say stupid loan, but I'm the stupid one for taking this loan out. I have no health benefits, I'll barely be able to pay my car insurance, food bill and loan repayment. It sucks to be in my shoes right now....THINK about what your getting yourself into with debt before you do it. I jumped and can't find the rip cord on my parachute.

April 19th, 2006, 23:07	#16
bike21 Old Skool Join Date: Nov 2004 Location: People's Republic of Boulder Posts: 2,299	Anyone find a fixed rate to consolidate for private loans yet? My search has turned up nil __________________ Free SAPA! (and Tibet) ____________________ www.glenntilton.com

April 19th, 2006, 23:53	#17
Brazilian_Pilot Senior Member Join Date: Mar 2005 Location: Chicago Suburbs, IL 1C5 (Clow) Posts: 314	Airdale, cant u defer the loans until you can get on your feet or make interest only payments?

April 20th, 2006, 03:52	#18
Adam2006 Junior Member Join Date: Jan 2006 Location: Socal Posts: 214	I believe some people are getting in the 5-6% range, Myron96. Also, I have heard that you can defer up to 36 months if you keep getting a forbearence(SP). Airdale, I believe it is possible even with a $500+ payment. You could wait-tables on the weekends and pull in an extra $800. Their are single women that work full-time and go to school while raising kids. It's all up to you! __________________ adam

April 20th, 2006, 10:45	#20
Airdale Old Skool Join Date: May 2005 Location: Dirty Jerzey Posts: 2,141	Any unsecure loan, like the Key bank loan, is going to be variable rate. I didn't think being at the Mercy of the market was going to be this bad. Alternatives are to obtain a secure loan. In order to do that you need collateral - like a house. My parents, realizing my situation, have offered to take out a home equity loan to get rid of this variable rate loan. The good news is, I can refinance and get payments as low as $350/month, the bad news is there is no grace period. Right now I am in a grace period for my loan. I don't have to start making repayments until Sept. While this is all good and fine, the interest is building and the way the market trend has been the last few months, my projected payments are impossible to make on my CFI salary. Not to mention I have no health benefits working for ATP to my knowledge. So God forbid something should happen, I'll REALLY be in deep ****. While my situation isn't the end of the world, because I do have a really good family who, between my fiance's parents and my parents have offered to help me out with whatever they can be it car insurance or helping with the loan. I don't like to look to other people for help, but its nice knowing that your family stands behind your career goals, so its not the worst case senario. But others out there who decide to finance this much money for flight training, this could be a huge problem for them. Knowing what I know now, I would suggest anyone considering an unsecure loan, through anybody, stop considering and start looking for another alternative. If you have good relatives, thats a good place to start with getting a co-signer for a secure loan. Lock in an interest rate and save yourself some money as well as the agony of having your nads locked onto the market. And I know there's a bunch of people out there who say don't finance flight training, pay for it at an FBO or save the cash then do it. Thats great if you can do that. But for the rest of the population who would like to get their career started before their 50, financing is the only option. Just look at all the options and make a wise decision.

May 12th, 2006, 03:47	#23
Adam2006 Junior Member Join Date: Jan 2006 Location: Socal Posts: 214	Re: Have you received a Key Bank loan??? Cruise, thanks for your reply. Could you please let me know if you did this without a cosigner, and what credit score you had? Feel free to PM if you don't want to post here. Thanks __________________ adam

May 12th, 2006, 16:28	#25
kailuaboy Senior Member Join Date: Mar 2005 Location: CLE Posts: 302	Re: Have you received a Key Bank loan??? the 6 month forbearance thing is re-newable as long as you can show you have income problems and are unable to make the payments... ive been doing it for about 3 times now (so, 18months). Definately cant make the payments on 1st year FO pay. Ivan

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode