We get a lot of questions about financing, so I called into the office today to ask for specifics on what loan programs are available to ATP students, specifically I was interested in how long a student can defer a loan payment for while they are instructing. The following is what I learned:
Wells Fargo offers a loan deferral for instructors until they reach 1500 hours (up to a max of 48 months, excluding the 6-month post-graduation grace period) and interest rates start at 4.81% for a 15 year loan. This program is called “Internship Forbearance”, contact Wells Fargo for more information.
Sallie Mae rates start at 4.37% for a 15 year loan and they offer an interest-only payment (for up to 24 months) while instructing for ATP. ATP projects 18-24 months of instructing at ATP in order to reach 1500 hours, so either program should carry a student to day one of being at an airline.
As always, contact your financial advisor for guidance and the lending institutions themselves for more on the various loan programs. Of course ATP’s financing department is also happy to help answer questions.