Financial Aid

[desertdog71]

Looks like we are finally making progress on the financial aid situation. I should have an official announcement in 2-3 weeks.

[gcman6]

That's Great! I've been hoping that would occur. Is the current career program under part 141 or 61, and if it is 61 are you in the process of seeking Part 141 certification? It doesn't make that much of a difference either way. Happy to hear about the hopeful financing option.

[desertdog71]

Originally Posted by gcman6

That's Great! I've been hoping that would occur. Is the current career program under part 141 or 61, and if it is 61 are you in the process of seeking Part 141 certification? It doesn't make that much of a difference either way. Happy to hear about the hopeful financing option.

We are Part 61 and going through the Part 141 Certification process. That will take a few months but it is under way.

[meyers9163]

Van i was under the impression 141 takes a longer time then most expect. Anyways to help out with the person who asked nothing wrong with part 61. Only difference is between your ppl and ifr you can get that ifr and time build stictly IR conditions. I mean you still need 250tt to get that comm any ways.... To me no big difference 141 or 61. Look at product not if they are 61 or 141 (my 2 cents again)

[surreal1221]

I thought 141 comm time was at a 120 hours?

[desertdog71]

Originally Posted by surreal1221

I thought 141 comm time was at a 120 hours?

190 if I am not mistaken.

35 Private
35 Instrument
120 Commercial

190 Total for commercial.

[surreal1221]

Make sense Thanks Van!

[nabd30]

What type of financial aid are you guys hoping to offer? I might slow down my progress at my current locale if your guys are getting key or something similar!

Could you guys possibly get accredited as an undergrad program like Ari-Ben so I could get student loans there w/o having to go to Florida!!!

[desertdog71]

Originally Posted by nabd30

What type of financial aid are you guys hoping to offer? I might slow down my progress at my current locale if your guys are getting key or something similar!

Could you guys possibly get accredited as an undergrad program like Ari-Ben so I could get student loans there w/o having to go to Florida!!!

We are most likely going to be offering an Associate Degree program through Neosho College starting in Fall 2007. Just waiting on approval from the board of regents. There will be a variety of financial aid possibilities with that program. This other deal will be similar in nature and within a couple weeks time, I am just waiting for things to finalize.

[nabd30]

any more word on your financing options? sorry to be persistent!

[desertdog71]

Originally Posted by nabd30

any more word on your financing options? sorry to be persistent!

Nothing yet, I will post something as soon as we know.

[meyers9163]

How hard is it to get the financial aid approval from Sallie Mae? I was just thinking if it is nearly as difficult as something like 141 approval from the FAA that could be a while. But then again its all about business and money and i'm sure sallie mae cannot wait to get you approved! best of luck with that Van! Might want to buy some more planes before you start getting sallie mae students coming your way! FYI

[nabd30]

Just look at the numbers (among non-college affiliated flight schools):

Tons of schools offer SLM continuing education loans, so it must be fairly easy

Only one school offers KeyBank and Federal Education Loans (a-ben)


It must be easier to get approved to offer SLM loans...and hard to get approved for KeyBank loans...otherwise you'd see more schools offering Key loans, since they have wayyyyyy better rates.

I would be in pie heaven if White Air were approved for Key loans, or Fed education loans, but I'm not sure since Neosho isn't on Key's list of schools.

[meyers9163]

Originally Posted by nabd30

I think it's an issue of whether you're applying for the "continuing education" or "undergraduate alternative" loan programs at those lenders.

For example, if White air sets up their financing through a collegiate institution, we might be able to get the same loan that a B.A. student at University of Whatever applies for. Those are much much easier to get than the SLM continuing education loan. That's why I'm hoping White Air will obtain a similar accredidation to Ari-Ben one day...then I can use Fed Loans and undergrad private loans to pay.

I would be in pie heaven if White Air and I could somehow convince Key Bank to let me use my Key Bank loan there. Don't know if it will happen, but it's worth asking Santa Claus. I didn't see Neosho on KeyBank's list of approved institutions. Either way, I'll wait and see what happens.

That would make sense! I have no clue how that stuff works. So I was wondering about the process!

[nabd30]

PS Van--I think you should make a case to a regional college accredidation committee that your program should be accredited as an undergraduate program like A-Ben...if they give you any crap--just point at A-Ben...if the Federal Government lets one flight school have federal and undergraduate-grade student loans, they should have to offer any similar flight school the same deal.

[desertdog71]

Originally Posted by nabd30

PS Van--I think you should make a case to a regional college accredidation committee that your program should be accredited as an undergraduate program like A-Ben...if they give you any crap--just point at A-Ben...if the Federal Government lets one flight school have federal and undergraduate-grade student loans, they should have to offer any similar flight school the same deal.

Well that is the plan. I can't snap my fingers and make it all happen today though. We are working hard to get this accomplished.

[BrianNC]

Originally Posted by desertdog71

I can't snap my fingers and make it all happen today though.

Slacker.

[meyers9163]

Originally Posted by BrianNC

Slacker.

I agree! Come on now van get er done!

[desertdog71]

Unfortunately, sometimes you have to depend on other people to do their job, before you can do yours.

[meyers9163]

Originally Posted by desertdog71

Unfortunately, sometimes you have to depend on other people to do their job, before you can do yours.

AWWW very true..... Only so much we all control no matter what we think!

[nabd30]

I just hope we all have "control" of the "controls" when we're flying!!!

[SmitteyB]

We wouldn't even be having this discussion if it weren't for Airline Training Academy and TAB Express...I mean I usually don't sympathize with Key Bank, but they and their borrowers got royally <edited>.

[nabd30]

Further encouraging news for us going-into-debt people...the Fed said today they would leave interest rates untouched...and many analysts on CNBC were saying they think rates might be LOWERED slightly in mid or Spring 2007. Baller.