When I was still set for Spring, Rosie said in a e-mail Monday that I should be able to complete the loan before payment deadline if I applied on the 8th. So try to get a hold of her today or on Monday (8th) for counciling to apply right away just to be sure.
Www.animationmentor.com
Ibeechu
#9783
Well my biggest worry is that my parents’ credit will be too bad to get the loan. If my mom’s doesn’t work, I’ll try my dad’s. If his doesn’t work, I could ask my brother. Hopefully this will all work out, though.
BrianHarris
#9784
Ok, just got off the phone with Rosie from loans.
I’m not sure this isn’t taboo to post here, since it’s generally hard to find any info on the AM loans, but here’s some details about the new loan, and how I might proceed. Plus these notes will help me remember what I just discussed 
NOTE: If you have any concerns, questions on the loan, please contact Rosie and don’t make any decisions based off what I list. She was very friendly and can help diagnose your situation.
Key points:
Loan length: The new loan is for 10 years, no longer 15 years. So this can make the payment higher than before, but my save you money.
Interest only: It seems it’s now standard to have interest only payments during school. You can still make extra payments. Just make sure to put in a note that any extra payment goes to the principle, otherwise they may count it towards the next month payment. Interest only payments may range from $90-$180 a month.
180 days: Again, now you can apply 180 days in advance, no longer the short 90 days.
Income to loan ratio: If I recall right, some areas at AM it was said your income needs to be 3 times the amount of the loan. When I brought this up, the new loan requires 2.5 the amount of the loan.
Interest rate: I’ve done very few loans, so I don’t know exactly how points work, APR, ect. The loan interest rate is not based on Prime Rate, but on the Libor Rate, which is 5 1/2 percent. From there, points are added based on your application. Unfortunately, these are considered high-risk loans, being there is no collateral, those points are probably impossible to avoid. Meaning, you may be looking at 8.9-15% depending on your situation.
Borrow for extra expenses: There’s an interesting way this works. The way the loan is paid is in at least 3 payments to animation mentor over time. Say if you applied for an extra $1,500, then what would happen is that too would be split over those 3 payments. When AM receives the payment, they’ll send you the difference, so that $1,500 is dispersed at $500 at a time. If you end up not needed the money, just put in back into the loan as an extra principle payment.
My plan with a down-payment to reduce the loan total: I’d rather not apply for a loan for the full amount, especially due to that 2.5 times income requirement. So I figure I’d pay a little upfront. Here’s what I was told I could do, which I think is a good plan so I didn’t go into any other options. What I could do is just pay for the first class at the start of the Summer term, then later as the Fall term approaches, apply for the loan totaling the remainder of the tuition. I swear she mentioned after that first payment, the loan would be $14,750. So that means my total is still as if I paid in full, not that higher amount if you did the installments for the whole school.
Concern with that plan: Now, I did bring up a concern about waiting to apply for the loan. What if after I’ve paid for Class 1, then can’t continue if I have trouble with the loan? At that point we went over my financial situation. Overall I’m in a good spot, would make it under the 2.5 times amount, I have good credit, little debt, which I plan lower or wipe clean that could improve my credit by then, etc. It was still suggested I have a co-signer lined up, to tell them it’s not likely, but just in case.
Extra note on Maya Workshop: I plan to do this, and pay the $495. One concern was if my High School diploma needed to be submitted to start the workshop. I’ve misplaced mine and need to request a new copy. So if you are fumbling around like me, you don’t need it to start the workshop.
HenryA
#9785
im ready to apply to the loan tomoro , quick question is the sallie mae the only way of getting a loan through animation mentor? or are they promoting that loan service because of the convenience and the great offers they have? what are some of the other ways of getting the loan
BrianHarris
#9786
I figure loans AM advertises are ones they have carefully worked out with the loan provider to make it easier for students to apply. There’s probably nothing stopping you from checking out local credit unions and banks, except AM will be new to them and I’m not sure what type of loan services they’d have to fit something as large of a tuition as AM.
I hardly have any experience with loans or student loans. But I figure this type of loan is difficult, since you can’t get a regular student loan, and this not like a loan for a car that could be used as collateral. it’s just as much money as a car, but nothing to physical to show for it, so your financial situation needs to be great for them to do a high risk loan. Looking at a local school credit union offers for loans, I kept seeing services for like toys, such as boats, rvs, etc, but nothing that was like a career loan with a longer payment plan. Try to look for career development loans.
Ibeechu
#9787
Henry, I spoke with Rosie earlier and, as far as I know, Sallie Mae is the only loan they offer. Though you certainly don’t have to use it. The Sallie Mae loan, she said, requires at least a FICO score of 720, which we just will not be able to do. So I’m looking into getting a loan through a credit union around here. They also offer 3 payment plans. One where you pay all at once, one where you pay around 3000 every 3 months, and one where you pay about 1000 per month. As long as you’re able to get the money, it doesn’t matter which loan you get (or if you even get a loan. My parents and I will probably have to pay quite a bit out of pocket).
BrianHarris
#9788
I wonder, if you apply for a loan that doesn’t pay in full, say it’s split into 3 payments to you or the school, but are you charged interest on the full amount. Seems odd if you start paying interest on the full amount even though they’ve only given a 3rd or less in the beginning.
HenryA
#9789
how do i look into credit unions also? i have really no experience or knowledge about them , im going to give myself a few days to find a co-signer maybe a distant relative because i can make monthly payments …i just need a co-signer with credit…
fig
#9790
So Maya Springboard workshop people, what are your thoughts on the course so far? It’s looking like I’ll be taking that starting in April if all goes well.
DreamThinkLive
#9791
Hey Fig,
I must say im loving it! I dont think i could have gone into class 1 without the training im getting at the moment. I would have been lost seeing i didnt have any maya training at all. But they trainer i have it great.
BrianHarris
#9792
Just finished my registration for the workshop. Can’t wait to start. I’ve seen some student projects for the workshop online, all seem simple enough. As in you are still able to focus on learning the program without being given something too complicated on the animation side.
DreamThinkLive, with the two days you chose, for the live Q&A, what were the times they eventually picked out? Don’t know what time difference there is from where you are and California.
DreamThinkLive
#9793
Hey brian,
I chose Tuesday and Thursday. and My time Is 7:00pm Local and 4pm Animation Mentor’s Time each afternoon.
But they try to keep the people who are roughly in the same time zone together if they can.
fig
#9794
Good to know, thanks man. Looking like I’m going to start the workshop at the end of March then Class 1 in July. Looks like I’ll see you there Brian
DreamThinkLive
#9798
ohok, are you currently attending AM? or will be starting in the spring Term on the March 26?
DreamThinkLive
#9800
ohok, Well ill look out for ya man But so far i love it at AM And i know your gonna like it once you in as well.
