Real Answers from Real Pilots

Loan Advice


(Sergey Kireyev) #83

Congratulations, Michelle! From one immigrant chasing a dream to another—this is one heck of a ride and it goes FAST! Once you secure your spot with a deposit, hit the books and get those written exams out of the way.
I’m really happy you posted your experience for others to follow suit! :pray:t2::pray:t2::pray:t2: Thank you!


(Michelle Canaria) #84

Thanks @forourspam! I’m scheduled for the intro flight this coming Saturday. I originally wanted to submit the loan application after the intro flight but I was getting agitated and wanted to know if I can get approved. In a world where all the people around me are being cynical with my decision, coming to this forum and reading all your encouragements made me more determined to chase my dream so thank you all! Will want to start April of next year so I can get all the writtens out of the way.


(Sergey Kireyev) #85

Have you decided on location yet? If not, my vote is for Daytona Beach. It will definitely challenge you! Having writtens out of the way is a HUGE timesaver. That way if you have a chest cold and are waiting for your solo eval, you can rest and spend time watching Scrubs instead of sweating about the next exam. :blush:


#86

There should never be time spent watching TV, always studying. There is so much to learn.


(Sergey Kireyev) #87

Today my brain is a potato… I will get back to drawing systems later tonight.


(Michelle Canaria) #88

I’ll probably go at the Atlanta location. I will share housing with my sisters who are traveling nurses. I really need to tighten the belt during the first 9 months and probably during CFI days too. I really hope I can have spare time to watch Manifest on NBC :slight_smile: but if not, I’m ready for sleepless nights studying.


#89

Michelle,

This is America and you can watch whatever you like as much as you like. In fact you can miss days binge watching! It’s your money, your training and your career :slight_smile:

Adam


(Marcus) #90

Michelle / Sergey,

So what is the best information or advice you can give to me? I too have tried applying for half the loan amount and personally found no success in getting an approval still.

I am not going to take no for an answer and continue to chase after my dream, especially when I am hearing success stories like yours.

Sergey - you finally obtained your loan without having a cosigner? May I ask what else you included on your application other than applying for 50% of the loan twice?

Michelle - what questions did the credit underwriter ask you?


#91

Marcus,

I can’t speak for either Sergey or Michelle but if you read the info they posted, Sergey has a credit score in the high 800’s and a very high income, Michelle solid credit and work history AND has a co-signer. I believe you have neither? This isn’t luck or magic. The lenders are really put themselves out on a limb with unsecured loans. There’s no collateral they can lien or repo AND this is for a type of training that many people (20%ish) never even complete. There are no magic words or secret handshakes. You need to find something to give them a level of comfort.

Adam


(Marcus) #92

Adam,

Repeating the fact that these are unsecured loans does not help nor provide me with useful insight. I already understand that, and at this point is simply stating the obvious.

Also, I do have the credentials similar to Michelle/Sergey (thanks for asking :wink:). I have a college degree, a full time job and a high credit score. The only thing I do not have is a co-signer. It is not right to assume everyone has that someone directly in front of them with a pen ready to sign to become financially responsible as a co-signer EVEN IF they can be removed 12 or so month after making on time payments. Everyone is unique. Everyone is different. This should be decided on a case by case basis, similar to how Michelle was able to communicate with an underwriter verbally.

You telling me that I “need to find something to give them a level of comfort” is exactly what you are telling me there isn’t: magic. How am I supposed to believe these lenders are loaning on an equal and fair basis? They aren’t. I have the credentials. How is it even possible to “find something” when they don’t even want to talk to me about my situation? That’s been my point.


(Peter Banning) #93

Marcus,

This may be a silly question, so forgive me if you’ve already answered it somewhere else. Have you applied with both Sallie Mae and Wells Fargo? I have seen numerous people say they struck out with one but were successful with the other.

Good luck!

Pete


#94

Marcus,

With all due respect it’s YOU who keeps asking every person who’s been approved “WHAT DID YOU DO? WHAT DID YOU SAY? WHO DID YOU TALK TO?” again as if there’s some secret password. You claim “I do have credentials similar to Michelle/Sergey” (followed by an obnoxious and juvenile thanks for asking). But you see the reason I didn’t have to ask is because I took the time to read this thread as I do ALL the threads. Michelle has a co-signer while YOU stated clearly your parents won’t co-sign for you. Sergey has been a contributor on this forum for quite some time. His credit score is over 800. He’s also older and has been earning a high income for quite some time. YOU (again I read your original post) stated you just graduated with your Bachelors so there’s literally no way you have the income history Sergey has. So NO Marcus, based on YOUR own statements you do not in fact have “similar credentials” to Michelle/Sergey. If you did we wouldn’t be having this conversation.

Adam


(Marcus) #95

Adam,

You made an assumption. That is juvenile. You assumed I did not by stating that “you have neither.” I recommend you ask beforehand. Also, I do not believe I would be here talking about my uneventful experiences with both lenders if I knew I did not have the credentials. Like many have said on this thread…don’t give up, and I do not plan to.

I am not here to argue with you, Adam. I am trying to seek help and guidance, as well as any insight that I may not have heard about before.

And in fact, I do read these threads. I have noticed that particularly in many of your replies to individuals, you often come across as holier-than-thou or better than those who are just starting the process. I am not undermining your success thus far in your career (genuinely happy for you), nor am I saying you shouldn’t be upfront and say it how it is, but by all means be a bit more humble. That’s what mentors are to be: humble.


#96

Marcus,

Humbler than me you’re not going to find. I assumed nothing, AGAIN, I simply read your initial “I need a miracle post” and stated the facts. IF you took the time to LISTEN and read others responses you would have known you didn’t have their credentials, wouldn’t have gotten an attitude (like you did with Sergey in your other thread) and wouldn’t be backpedaling now. I simply took the time to try and explain why you’re having difficulty and you took that as an opportunity to lash out and lecture me on how I’m not being helpful. If you read my response there is zero attitude, tone, superiority or lack of humility. Just someone who has the job YOU want trying to be helpful. Because that wasn’t what you wanted to hear you got an attutude. You see that’s the problem. It’s all good until someone says no or something you don’t like then they’re mean and bad :frowning:

Now let’s talk about a lack of humility (aka arrogance). If I understand this correctly, you’ve applied and been shot down, everyone says you need a co-signer but don’t have one, so you want to get someone on the phone who can make an EXCEPTION for you despite your credit score, history, income, etc so you can explain to them why they’re wrong, you’re awesome and worthy despite the fact this is what they do for a living. And you say I’m not humble? You don’t want a mentor you want a Fairy Godmother.

I’m done.

Adam


(Sergey Kireyev) #97

Marcus, there was nothing more to my applications for two loans than my application for one single one. I filled an online application for $99k+ and got an email saying they are processing it. Got a call from SLMA similar to what Michelle has received. The lady went over my income, backup plans in case my CFI falls through, etc. and then denied my application. I waited for a month, and went and filled in the online app for $50k or thereabouts. I got an immediate online approval for the amount. A month and a day later I went in and applied the same exact way from the same profile for the same amount minus one dollar. Again, I got an immediate online approval. What Captain Adam summed up is correct. You can’t presume that there’s some secret formula or recipe. Our credit history’s are likely very different. I’ve had credit for more than 20 years, multiple car loans, mortgages, credit cards and no prior student loans with not a single delinquency. Perhaps that helped. The only advice I can offer is finding private lenders, co-signers, or just saving as much as you possibly can and applying for a smaller amount.


(Michelle Canaria) #98

Marcus,

The underwriter just asked my about my education, work history and backup plans if CFI doesn’t go according to plan. I do have a solid work history for a global bank so I think it really helped that I can always go back and work with them again considering that they have several locations across the nation and even abroad. My credit score is in the mid 700’s, same with co-signer. Both of us don’t have any outstanding loans or mortgage (everything paid off except for our auto loans), no credit card debts (always paid in full every month). I honestly believe that I won’t get approved if I don’t have a cosigner even with my work history and good credit score and I’m just really thankful that everything worked out for me. I really hope you can find a way through this. All the best!


(Brent) #99

I just applied for financing today. First through SM and then Wells Fargo. I’m needing to include an additional document for Wells Fargo to complete the process. Here are my stats:

I was approved through SM without a co-signer. I’m coming in with my PPL, so I applied for $65,000 (included examiner’s fees). I’m 35, have a solid work history (9 years at current employer), masters degree, around $150,000 household income (married), money in savings/retirement investments, and currently a 790 credit score, and zero debt (about to change that haha!). The term of the fixed rate loan is 8% for 15 years, at about $630 a month payment when they kick in.

Hope this provides some insight. I’ll let you all know what Wells Fargo comes back with. I’m pretty sure if you’re in your early 20s or so, you’ll need a co-signer for such a large, unsecured loan.


(Johan H Perez Lundqvist) #100

@michelle_canaria and @forourspam

I am also an immigrant (green card holder since 2016). I am wondering if ATP will take my european bachelors degree to meet the requirement of college credits. Did any of you go to school outside the US or do you know of anyone that did and where this would have been a problem?

Thanks,
Johan


#102

Johan,

Yes ATP will accept your European degree provided it can be verified.

Adam


(Johan H Perez Lundqvist) #103

Thanks Adam!