Achieve your dream of flight We realize that aviation training is a significant
financial commitment. Our Rainbow Training Loan provides a financing
option that can put your goal of a career in aviation within reach.
New borrowers - get a decision now - 24 hours
per day, 7 days a week
$100,000 for combined undergraduate and graduate years
Repayment Options
Repayment begins 6 months after graduation, leaving
school or dropping below half-time status.
Loan Repayment
10 years for aggregate debt less than $15,000 and 15 years for
aggregate debt between $15,000 and $60,000. 240 months for aggregate
debt greater than $60,000
Monthly Payments
$50 minimum
Qualification
To qualify, you must be enrolled at least half-time
at a two-year private, or three-, four-, or five-year public or private
institution and meet the credit criteria. The Rainbow Training Loan
is taken in your name and usually requires a credit-worthy cosigner.
Note: Students must
be attending Rainbow Air Academy at least half-time and must be a U.S.
Citizen, national or permanent resident.
Sample monthly payments for 2003 program year
assume:
Interest rates are 4.57% for the interim period
and 4.72% for the repayment period. The rates were calculated based
upon an estimated 3-Month LIBOR coupon for 10/02, 11/02 and 12/02.
For a $10,000 assumed Amount Borrowed, the student
will owe $12,375.94 at the end of the interim period for the 4.00%
loan fee (or $12,965.40 for the 9.00% loan fee), and will make 120
monthly payment of $129.58 for the 4.00 % loan fee (or $135.75 for
the 9.00% loan fee) These are variable rate loans. The APR may increase
or decrease during the loan term. There are no prepayment penalties.
Total 46 months in school period plus six months
grace period after graduation for a total of 52 months interim period.
LIBOR is an acronym for London Interbank Offered
Rate. It is the average of the interest rate paid on deposits of U.S.
Dollars in the London, England financial market. U.S. capital markets
also use LIBOR as an index. LIBOR rates are fixed at monthly maturities
from 1 week to 12 months, but are generally used as 1-month, 3-month,
6-month and 1-year.
Repayment Example:
Loan Amount
Term in Years
Monthly Payment
Estimated APR
$40,000
15
$343.11
5.19%
$50,000
15
$428.89
5.19%
$60,000
15
$514.66
5.19%
$70,000
20
$498.57
5.10%
$80,000
20
$569.80
5.10%
Repayment Calculation Assumes:
In-school rate=4.57%
Repayment rate = 4.72%
Loan Fee = 4%
Interim period = 18 months (12 months in-school
plus 6 months grace)
