Real Answers from Real Pilots

Financing for flight school

Hi, I am 47 and seriously considering starting flight school with ATP.
When checking out the financing options thru ATP, it looks like there are two choices. Wells Fargo and Sallie Mae. Can those who have chosen one of these options or those who have knowledge about these options, or other better options, please tell me which one you chose and why ?

And how much were/are your monthly payments, when did you have to start paying it back, and over what length of time?

Did anybody get any grants to go to ATP?

Hello Anthony, we suggest applying with both Wells Fargo and Sallie Mae. One will always come back with a lower rate. These are your best options as they are deferred while in training and have a 6 month grace period after completion of the program. Monthly payments will depend on the amount borrowed and rate received. There is no penalty for early repayment. There are aviation scholarships that you can search for online. It just takes the time to search and find one that you and the school qualify for. Please call our finance department anytime at 904-595-7950.

Eric

what do you mean by There are aviation scholarships can you help me find some i tried and cant find non

Try https://www.faa.gov/education/grants_and_scholarships/

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Do you get to set the amount of money you pay back a month within reason?

Nathan,

Most lending institutions will allow you to make interest only payments for some time until you’re in a better position to make full payments. Obviously the interest will continue to accrue and you’ll end up paying considerably more money in the end.

Adam

Nathan,

You will have a few options available, but at the end of the day the lender sets the amount, not you. I recommend that you call in and talk with the admissions counselors, they are the experts on such things.

Chris