Silver State Shutting Down ?

[Skidz]

http://www.verticalmag.com/control/news/te...?a=6605&z=6

 

If it's true, I feel sorry for all those people who've put their money down there... :down:

[Mark_]

I think that Silverstate has been having troubles for years.

[Cole]

Seems as if to many people have been defaulting on silverstates in house loans.

[worldywings]

I read a post from a current SSH student last December on another board. He was rather upset as he had been led to believe that if they did in fact close the doors he was going to lose the money he had paid up front.

 

It seemed odd to me that this would be the case but who knows.

 

WW

[tDawe]

The pink slip email is posted on PPRUNE. Sounds like a lot of students were scammed into paying up front and are gonna be way down on the list to get money back, if they get it at all.

 

Not that I think anyone in Canada would do this intentionally, but theres a sad lesson here for perspective students about keeping your money in your hands, not in the schools. A CPL(H) is alot of money to be on the hook for with fresh licence in your hand, but its a lot worse if you've got nothing to show for it cause your school ran into hard times and filed for bankruptcy.

[Cole]

Fly then pay, nuf said.

 

SSH has students pay 70k up front.

If you cannot pay all 70 they will finance the remainder, this plan seems to be whats put them out of buisness. They'll finance anyone they can and so a year down the road student-x defaults on the loan with 40k left to pay off

 

30 students like that and youre 1.2 million in the red. Not a hard thing to do when you take on more than 1000 students a year.

 

Hope the students have some sort of recovery plan like the PCTIA etc.

[67november]

yes, it's true

 

http://verticalreference.com/helicopterfor...?showtopic=8914

[Kyle]

Also reference our own news section here.

[transquebecniece]

So very sad for all of SSH's employees, CFIs and students. Hope they all can find some sort of silver lining in the gray clouds, and soon!

[Jan Pluemer]

Indeed, very sad news...