Real Answers from Real Pilots

Financing without Cosigner


(Jesse Osswald) #42

SO the SLM and WF loans. Does anyone know if they offer the repayment to start after you have completed the class? Like a typical student loan. It would be hard to repay the loan while going through the school. When reading about Discover this sounds like something they do. They allow you to start repayment after, and I believe it was this long, 42 months. Just trying to find out about the repayment process. Thank you for any help.


#43

Jesse,

Yes the payments aren’t due till after you complete training. You can even defer them longer but you will continue to accrue interest so it’s not the best idea financially.

Adam


#44

Payments can be deferred from between 6 to 24 months. It is up to the student to choose within that range.


(Jesse Osswald) #45

Thank you @Adam. I know it is not the best idea to defer payments and accrue interest but I fear it may be my only option at this point.


#46

I deferred my payments for six months. While it was probably not my best financial decision, it was what I needed to do.


#47

Jesse,

Absolutely understand! I did the same. Just saying in case you weren’t aware.

Adam


(Jesse Osswald) #48

Thank you both. I am fairly certain that I can find a co-signer if required to do so.


(Joseph) #49

I just got approved this morning for a loan up to $100,000 and I’m going through applying for a mortgage loan here in Hawaii. Coming from
the lending point of view, if you drop out of flight school and don’t outside it… how are you going to pay back the loan is the biggest question to be answered. For me I am a manager of a insurance company, which I am now retiring and collecting residual income to pay for my mortgage and loan for flight school. I will be turning 31 on super bowl Go Rams! They asked me directly, if you decide this school or aviation isn’t for you, “ will you be able to get your job back” was what they asked. Lenders are just trying to minimize risk. Try to go establish some sort of financing and credit history and try back in 1-3 years is my recommendation. Save save save as much as you can as well.