School Loans

SierraPilot

New Member
I was wondering if anyone had any experience with switching Part 141 schools and how that affects the loans disbursed to the school.

Does the unused money get returned to Key Loans and then Id have to reapply again for a new loan? Or could they transfer the unused amount to the new school?

As it is.. if I have to reapply I'll just stay where Im at.. Its not that Im not happy with my school or education I'm receiving.. its just some of the other big schools have things to offer that interest me more.

Ive emailed Key but have yet to receive a response so I thought id check to see if anyone had some experience with this process.

Ryan
 

pavelump

Well-Known Member
Forget email. Get somebody on the phone and ask them.

At FlightSafety, and I believe that this is somewhat unique, they give you the checks so that you can deposit them in your own BANK account. Then you simply pay with a check or credit card as you go. Personally, I ran everything through my Citibank Sony card and I'm about to get a pretty kick ass Clie PDA. It's not much in the grand scheme of what I have spent, but it's better than nothing. In addition, I've also been able to get interest on my loan via a savings account. And if there's money left at the end, it's up to me what to do about it. Unfortunately, I don't anticipate that being a problem. But I digress.

You should call Key and see what's up. It would suck to have to start a new loan because you would probably have to pay another origination fee which would suck.

I take it that you go to Sierra (by your icon)? Have you talked with anyone there about it or do you have the original contract that you signed with them. Maybe there's a part regarding refunds, withdrawals, ect.

Good luck,
Dave
 
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