If required, financing is available through private student loan programs by various banks, for US residents that have an
acceptable credit rating and credit history. Student loans are subject to credit qualification, completion of a loan application/consumer credit agreement,
verification of application information and if applicable self-certification form, school certification of loan amount and student enrollment at a credit
approved school. Almost all lenders require borrowers applying for a loan have a co-borrower with an acceptable credit rating and credit history to be
eligible for a loan. With today’s economy, banks have raised an acceptable credit score from 660 to 720 to be considered for credit. Financing is only available
to non US residents if they have a co-borrower who is a US citizen and has an acceptable credit rating. UHI only offers a service of applying for a loan on behalf
of the applicant with their approval. UHI does not provide any in house financing. Once an application has been submitted by UHI on behalf of the applicant, any
and all communication with the lender from that point, will be directly between the applicant and the lender. The lender will inform the borrower or co-borrower of
any further information they may need and will have the applicant e-sign the loan agreement or send documents to the borrower for signature via the mail. Loan
agreements are between each individual student & co-borrower and the lending institution.
Financing and the Credit Crunch
Private loans have been significantly impacted by the present credit crunch although they are available:
- Credit Standards are stricter at present due to the fact there are fewer lenders making loans.
- Greater emphasis on a co-borrower. It will be crucial for students to apply with a credit worthy
co-borrower in order to get approved for a loan even for graduate and professional students.
Full Time and Part Time enrollment of students who take a minimum of 6 credits per semester at an acceptable college or university are eligible for private student loan programs.
There are no loan application fees.
With the private student loans, a student can borrow up to the cost of their education minus other financial aid to pay for tuition, books, a computer, housing and other education expenses per academic year.
Interest rates are variable and depend on the market and the credit rating of the borrower or co-borrower. There are loan fees associated with all loans through every lender. Each lender has a different fee schedule.
Repayment on private student loan programs begins six months after graduation or withdrawing from The college or university. The maximum repayment term is different for each lender and type of loan.
Some offer a 10 year repayment term and others may offer up to 25 years depending on loan amount and credit rating and borrower’s income for repayment. Loan repayments can be deferred 2 to 10 years while continuing
your education with a minimum of six credits per semester.
Loan Applications and Information
For loan applications, or more information about the loan programs, please contact Universal Helicopters at 1-866-I-FLY-UHI (1-866-435-9844).
Student Enquiry Form – We may request you to complete a Student Enquiry form to help us to assess your training enquiry against your specific situation and flying objectives. We will advise you if
and when we would like you to return the completed form.
This form is for special use only.
Once completed on line, e-mail to UHI at email@example.com
Please note that “hand written” faxed forms are not acceptable.