Real Answers from Real Pilots

Loan Advice


(Sergey Kireyev) #63

Also, great news on the housing for you. It is a major expense and in my part of the country, ATP housing is a good deal compared to renting on your own.


(Sergey Kireyev) #64

I applied for the 2nd part of the loan with SLMA without a co-signer this morning after waiting for 30 days and got instantly approved. Unfortunately, the interest rate was 2.375% higher for this part of the loan. About $20k more in interest than the first half. I guess I will try to consolidate and lower the rate in later years.


(Sergey Kireyev) #65

Kimberly, one bit of advice I can give is IF you have someone that can co-sign, even as a remote possibility, and they have decent credit, ask them to do so. I immigrated here on my own in my teens and I have no relatives that can do that for me. If you have a co-signer not only you can get approval easier, but your rate is likely to be lower. The SLMA range for interest is 4-13%. I got 7 and 9.375 with excellent credit, and a 20+ year credit history. Your mileage may vary…


(Zee) #66

Hey All,
I am curious what you needed to do to verify income to get the student loans from Sallie Mae. Did they require you to submit taxes or w2?
Thanks in advance!
-Zee


(Sergey Kireyev) #67

I don’t recall having to submit anything to SLMA like that, but most of such information is available through your SSN.


(Zee) #68

Was it just a basic online application?


#69

Zee,

I recommend that you talk to the financing department on this one as they are the experts on such things.

Chris


#70

Zee,

It is an unsecured loan for a significant amount of money, they are going to have a lot more than just an online application.

Chris


(Zee) #71

I’ll give them a call. Thanks a ton!


(Brian Doherty) #72

Congrats Sergey. Ready to make the leap?


(Sergey Kireyev) #73

I didn’t wait long :joy::joy::joy: Got approval on a Sunday, reserved my date on Monday. ATP was a no-brainer choice.


(Michelle Canaria) #74

I just want to share my experience here about the loan application. This forum is really helpful and I wanted to be able to give back even in the smallest way I can. I applied for the SLM loan yesterday with my mom as a cosigner and I got a notification that they need to speak with me so I called them this morning and spoke with one of their credit underwriters. He interviewed me a bit and asked if I already have a degree and how am I planning to pay the loan if my income as a CFI is not sufficient. I’m an immigrant and just got here early last year so my credit score is not even in the 800’s. I don’t have savings, stable income or sufficient work history here, in fact I just started with my new work last month but I did work for a global bank for 8 years back in my home country. He also asked me what was I doing back then and how much I was earning. I told him if the CFI income is not sufficient, I will supplement it by working part time with the same bank as I didn’t burn bridges. He then put me on hold and came back with an approval. So yeah, I think it really helps if you have a fallback and that they just needed to make sure that you will be able to pay them back if this career don’t work out.

I almost got discouraged seeing how many people are getting declined but with a little encouragement with everything I read here, I gave it a shot.

Thanks @forourspam :slight_smile:


#75

Michelle,

Great story and I’m glad it worked out. Just know that if you’re instructing for ATP you will not be working part-time to supplement as ATP instructors work full-time and need to be available for their students without restriction. On a positive note Tuition Reimbursement is available if/when you sign with a Regional and that should cover any deficit.

Adam


(Michelle Canaria) #76

Hi Adam,

Yes I do know that for a fact and I mentioned to him the tuition reimbursement as well. Told him that as far as I know it will be sufficient because there will be a tuition reimbursement program but I kinda felt that he’s waiting for another answer so I felt that I needed to prove him that yes I will have the ability to pay you and I will do everything in my power to pay you so please approve my loan hahaha and oh yeah, it’s for the full amount!


(luis) #77

Hello, my name is Luis.
I’m strongly considering to start a pilot school.

I will like to know if your will be a full time student and you need housing.

How much money will you need to get all your certificates?


#78

Luis,

I recommend you visit the ATP website (www.atpflightschool.com) and our FAQ section (https://www.airlinepilot.life/c/Ask-your-questions-and-get-real-answers-from-real-pilots/frequently-asked-questions). There you’ll find answers to mist if not all your questions. After that please come back with more specific questions if you have any.

Adam


(Marcus) #79

Hi Michelle,

Do you remember who you spoke with? And was this someone through Sallie Mae?


(Michelle Canaria) #80

Hi Marcus,

I don’t remember his name. I called the number listed on my application. After I submitted it, there was a number that I need to call to verify additional information.


(Marcus) #81

If you don’t mind me asking, how much did you apply for? And were you initially denied until you spoke with the underwriter?

I don’t want to give up myself, but I have no luck when I have called them. Maybe I am not speaking with the right people.


(Michelle Canaria) #82

I applied for the full amount $99,000ish. I didn’t get denied initially, it just said that I needed to call the number listed on the next step. Hope everything works out for you!