Lanesuzza

Oh I have heard this before!

TAB Flight School in Florida and Makarion in Glendale ,AZ and Chino CA did the same thing.

Makarion owes student's KeyBank loans of over $7 million. yes $7 million. The CEO is filing Bankruptcy, I have been told his house and all personal assets have been transfered out of his name or were put into a trust fund before he filed. A very good friend of mine lost $56,000 to this "man of god." Yes he was supposed to be a minister, yeah right!

Many of my friends are just screwed. Yes, you can file bankruptcy on this debt. Tough choice. In fact a KeyBank Rep. Told me it was better for them (KeyBank) if you do file bankruptcy. It allows them to write it all off.

I don't know what to tell you. You are really in a tough position and it seems no one in government or the legal establishment wants to take on a bank as large as KeyBank. Keep us Posted.

Good Luck!

sigep_nm

This is just another example of why you should consider training at a college aviation program. Colleges dont seem to go bankrupt. It may take you a little longer to get your ratings but it could provide you with more security. Sorry to hear your misfortune and I hope it turns out for the best for you/

C152driver

Douglas Aviation, located at Olive Branch, Mississippi did the same thing earlier this year. I have heard about a million rumors about why, most of them are quite entertaining. A friend was screwed out of several thousand dollars in that deal.

If you can possibly avoid it, dont ever let someone else "manage" a loan for you. I would say "never" do it, but I know that you dont have a choice in student loans for attending a university.