Question on financing training

du4flyer · December 28th, 2005, 23:07

If you don't just happen to have a big stack of cash lying around, what, in your opinion, is the best way to finance training and where are the places to avoid? I have my pvt/inst, 175 hrs, and want to get my comm/CFI-I. I could do the pay as I go, but I'd like to get it before I turn 90, so I'm going to finance and do it as quickly as possible. I guess Sallie Mae and Key Bank are two popular ones, but I was wondering if anyone has had good/bad experiences with either or if there are better ones out there. Thanks for the advice.

(Also, if this should be posted somewhere else or is already talked about somewhere else, sorry.)

MedicRyan · December 29th, 2005, 10:38

I use Sallie Mae for my financing. Haven't had any problems yet. The only thing I do not like is the variable interest rate, so they can make you pay whatever they want and you can't say anything about it. I did a lot of hunting for financing that had a fixed rate, but came up empty.

launchpad · December 30th, 2005, 01:58

If you own a home and have good equity in it (as well as good credit), an equity line of credit is a good option with low rates.....if you don't, try to schmooze your parents into it :-D

du4flyer · December 30th, 2005, 02:05

Thanks for the advice. I do own a home, hadn't thought about the home equity option, maybe I'll look into that. Thanks again.

GSMPilot · December 30th, 2005, 17:55

Quote:

Originally Posted by MedicRyan

I use Sallie Mae for my financing. Haven't had any problems yet. The only thing I do not like is the variable interest rate, so they can make you pay whatever they want and you can't say anything about it. I did a lot of hunting for financing that had a fixed rate, but came up empty.

Were you able to use Sallie Mae at a Part 61 or Part 141 school? I didn't think Sallie would do Part 61.

casey · December 30th, 2005, 18:00

Quote:

Originally Posted by GSMPilot

Were you able to use Sallie Mae at a Part 61 or Part 141 school? I didn't think Sallie would do Part 61.

You can use sallie mae at ATP (part 61), or at least you could 2 years ago.

December 28th, 2005, 23:07	#1
du4flyer Newbie Join Date: Dec 2005 Location: Spokane Posts: 13	Question on financing training If you don't just happen to have a big stack of cash lying around, what, in your opinion, is the best way to finance training and where are the places to avoid? I have my pvt/inst, 175 hrs, and want to get my comm/CFI-I. I could do the pay as I go, but I'd like to get it before I turn 90, so I'm going to finance and do it as quickly as possible. I guess Sallie Mae and Key Bank are two popular ones, but I was wondering if anyone has had good/bad experiences with either or if there are better ones out there. Thanks for the advice. (Also, if this should be posted somewhere else or is already talked about somewhere else, sorry.)

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December 29th, 2005, 10:38	#2
MedicRyan Junior Member Join Date: Aug 2005 Location: Charlotte, NC Posts: 65	I use Sallie Mae for my financing. Haven't had any problems yet. The only thing I do not like is the variable interest rate, so they can make you pay whatever they want and you can't say anything about it. I did a lot of hunting for financing that had a fixed rate, but came up empty.

December 30th, 2005, 01:58	#3
launchpad Senior Member Join Date: Feb 2004 Posts: 587	If you own a home and have good equity in it (as well as good credit), an equity line of credit is a good option with low rates.....if you don't, try to schmooze your parents into it :-D

December 30th, 2005, 02:05	#4
du4flyer Newbie Join Date: Dec 2005 Location: Spokane Posts: 13	Thanks for the advice. I do own a home, hadn't thought about the home equity option, maybe I'll look into that. Thanks again.