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Sallie Mae - Piloting loan for $90k questions

Azza
Regular Contributor

Sallie Mae - Piloting loan for $90k questions

Hey all.

 

I'm interested in flight school and becoming a professional pilot. Currently working for FedEx Express, and am interested in working for FXE as an airline transport pilot. I know it's not the easiest job to get into because they're a legacy carrier, but with my history of employ at FedEx, it definitely gives a positive direction with their Purple Runways program. The goal is to get into a FedEx feeder after my hours are satisfied.

 

Anyway, my wife and I are looking at financing my flight school. Right now the options are Meritize and Sallie Mae through a couple of the different flight schools offered out here. My current credit info looks like this:

 

798 Eq, 794 Tu, 797 Ex F8

789, 781, 781 F9

 

14% Util on 6 accounts, 99,000 total credit limits

One card with 68% util (Discover), $6487/$9500

1 inq in the past year, was for a mortgage-related thing

 

Zero derogs

 

Honestly I think that my credit is in pretty good shape, and I'm wondering if I would be able to pull a successful loan for $90k to go to school. Apparently they give it out in quarterly disbursements to the school so it's not a lump sum to them all at once, which makes me feel a bit better. I'd be doing the $90k loan through Sallie Mae.

 

I am open to your guys' experience. Also note that none of the programs I am going through will accept a federal loan such as FASFA or anything, which is disappointing. I have the option to pursue one of the flight schools through a local community college and I'll be getting information on that tonight with a Zoom meeting. NOTE: I WILL NOT BE PULLING CREDIT FOR THIS UNTIL I HAVE ALL THE INFORMATION!

 

Thanks all o/

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Clegga
Valued Member

Re: Sallie Mae - Piloting loan for $90k questions

Hi @Azza !


I'm planning on starting flight school in the next 6 months. Did you apply with Sallie Mae and start flight training? I agree that you have good credit, and if you have decent income at Fedex I imagine getting approved shouldn't have been too difficult.

 

Do you plan on refinancining the Sallie Mae loan or is the interest rate actually not too bad? I've heard from the ATP forum that rates are high while people from ATP's financing department claimed rates were low.



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