Sallie Mae Loans

tonyw

Well-Known Member
Does anyone have any experience with these loans? Sallie Mae has some career training loans and I am giving serious consideration to taking one out. That way, I won't have to find several hundred dollars a month out of my own pocket to pay for the training.

And does anyone know if the school gets it all at once, or if we tap into a credit line and send them money as we go along?

Thanks, guys!
 
I've got a Sallie Mae Loan out. Actually they're just the middle man, not the lender. They just shop for the loan for you and you apply through them. Mine is for 10 grand and they elected to disburse it in two 5K installments--one in fall, and one in spring. I suppose you could work out the disbursement amounts with them if you needed to. I'm at a university, so I don't know how it works with an FBO (don't know which one you are).
 

bluelake

Well-Known Member
I am about to receive a Sallie Mae loan for $19K. I dont know if I will use it all at the FBO/school where it will be authorized at....

I found that it was really easy to 'trip up' the process and my app and approval got delayed for a while. The way the disbursements work is more or less that you can use up to 30% for 'non-tuition expenses', like housing... or in my case, a rating or two at another location.

The interest rates are tied to the Prime, so this is a good thing for nowntil the economy picks up.
 

GirlInTraining

New Member
I took out a Sallie Mae loan last fall for $12K to use at my flight school, since I didn't qualify for any of the other traditional loans. I applied online, and didn't hear anything for a couple weeks. Called them, got the run around for about 3 months, and after numerous phone calls between my flight school and Sallie Mae, FINALLY got the first dispersement (I chose 2 $6K dispersements, 6 months apart). I was actually sent the first payment notice a month before I actually had the money in hand. I just got the renewal notice and the rate went down 2% overall from last year, which is good, but I am not looking forward to the economy picking up and paying like 24% in the future.

Overall satisfaction rating: 1 out of 5 stars. Customer service sucks, your payment notice is a sheet of paper (nothing for your records, and it takes about 2 months to get coupons if you so request) and you can not "lock in" an interest rate. The ability to request the "living expenses" amount was handy, as was the opportunity to delay premium payments for up to 18 months.
 

ready2fly

Well-Known Member
Other than having to wait the two months for the payment coupons, I had just the oposite experience with Sallie Mae than dianef (where ya been D??) and rate them a 4 out of 5 stars.

Applied through my FBO - got the acceptance the next day - money was dispersed on the date I had chosen with no problems.

Only other snafu I had with them was that we assumed that we could make the payment on line..... wrong assumption. You have to mail in your payment. They're a tad behind the times there.

Other'n that - no problems. I've been quite satisfied!

Good luck.
 

ZachmanJZ12

New Member
Hello guys,
I'm just inquiring about the sallie mae loan with regards to the approval part. Did any of you guys struggle with being approved? In essence, do you or your co-signer both have to have a good credit rating? I'm just curious because I'm going to be applying here shortly through a FBO and we just took out a loan for our house. But anyways....give me what you got. Thanks
 

GirlInTraining

New Member
I don't think I've got absolutely stellar credit... 26, single, no dependents. Had just bought a house 4 months before I applied for the loan, plus had car/motorcycle loan, and all the usual credit-sucking things that go along with life. I didn't have a co-signer, so my rate is probably a tad higher than if I did, but I don't have anyone that I'd feel comfortable with asking to co-sign.

The actual approval process was painless - it was just trying to actually GET the money once I had been approved.
 

Visceral

Well-Known Member
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and you can not "lock in" an interest rate.

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I think you'd be hard pressed to find any of these types of loans that have a fixed rate. All the ones I researched had the statement that not only is the rate tied to prime, but they also can raise it additionally when they want. Thats the price of using someone elses money though....get it...thats the price.

I'll be here all week, be sure to tip your waitress.
 

farwellbooth

Well-Known Member
It's going to cost you thousands of dollars per month for training. (hundreds if you want to take years to get your ratings) Once pay back kicks in when your with a regional, you're going to have to find a few hundred/month for Sally.
 

19dagger94

New Member
My FBO was great, Sunbird Flight Services, Chandler. They did all the paperwork and I never thought about the whole process until a week later when they called with the approval. I took out $4500 that was disbursed in two installments to the school. I think that's something the school works out with Sallie. My experience with sallie was very smooth and painless. The part I don't exactly like is you start paying 30 days after initial disbursement if you didn't take the interest only option while in training.
 
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