Financing through wells fargo

ATP Admissions, Housing & Finance Questions
1

Hi,
I believe a lot of people go for full financing at ATP. Assuming I choose to fully finance the tuition cost and housing estimated at 90,000, and I apply for a 90,000 loan from Wells Fargo, does anyone have an idea of the estimated amount I’d be required to pay every month and for how many years would I pay that (assuming I do not miss a pay date)? I know you cannot tell for certain but an estimate please.

Please personal experiences would be very much appreciated. Thanks

2

Kings,

Call the admissions department as they will be able to give you a pretty darn accurate answer.

Chris

3

Kings,

As a reference, I got approved through Wells Fargo and have credit for my PPL, so adding in all the goodies (checkride fees, housing allowance, etc.), brought my loan total to $81,295. The repayment term is 15 years, and my monthly payment estimated at $806.23 (so add $100-$200 on to that, I would assume).

But as Chris said, the finance folks in admission could give you a more detailed answer, it depends on several factors including total loan amount, your interest rate, etc.

4

Thanks man.

5

The interest is very high and monthly payment on $90k loan is around $1800! But I’m not precisely sure, but go to ATP website and click on financial options and plug in numbers and they give your estimate. You don’t have to go to Wells Fargo application. Before application you can fill out a questionnaire and see an estimate.
I used to work for few banks in Washington DC and I used to do loans. The banks are not only going to consider your credit but more your credit history, they want to see that you have had installment loans paid off or good standing, line of credit. Etc. I had people getting declined Heloc refi with 809 credit score because they didn’t have any other installment loans in their history. Loans are different than lines of credit. In summary, the best option is to find someone who owns house or had loans taken and paid off and good credit to co-sign. You gonna end up with approval and lesser interest rate aka lesser monthly payments. Good luck