Real Answers from Real Pilots

Loan

Hey all!

Just returning here to give a quick update. I just completed the Wells Fargo Student loan application. If all goes well I will be applying for March.

To all mentors, What should I do in the meantime I receive an answer from Wells Fargo? What would be the next steps if approved?

Angel,

In the meantime I suggest that you start preparing for the written exams. In your case I wouldn’t actually take the exam until you have the approval for the loan, but you can definitely start studying with StudyBuddy.

Also, check out this thread for some more info.

Yarden

Angel,

As Yarden said I’d start working on your writtens. Also have you gotten your First Class Medical yet?

Adam

Will do and yes Adam I have.

Angel,

If that’s the case my best advice is relax, enjoy your family and friends and the holidays. Once you start training you’ll be MIA, studying and training and have little time for much else. After that you’ll be working hard to build time and then you’ll be the new guy at a Regional. Enjoy this lull while you can because once you dive in…

Adam

Hi all! Another update*

I recently filled the Wells Fargo loan with my dad as a cosigner but he wasn’t approved for it… I will be asking my grandfather if it is possible to get him as a cosigner. I’m really hoping for this to go foward

Fingers crossed! Keep us posted.

Adam

Hey guys,

I applied with my grandfather and was approved!!! Now I am a bit overwhelmed/worried at the fixed interest rate of 10% which brings me to the question of how can one be expected to manage monthly payments of 900 a month? Am I blowing things out of proportions? I am just worried that I will be constantly missing on payments after finishing the training. Any insight is appreciated

Angel,

Keep in mind that you can defer the payments for the first six months after completing your training. Then if you participate in ATP’s Tuition Assistance program that can reduce your monthly loan payment by up to $500 per month, which is a huge help. That money will continue through your first year of employment at the airlines.

Even still though, $900 or even $400 is a sizeable payment, it will take some sacrifices on your end to be able to make the payments. You might have to give up some things, but I think you will find it is worth it, I certainly did. Bear in mind that missing a payment is not really an option, especially since your grandfather’s credit score will be tied directly to your account just like it were his.

Chris

Are you referring to the tuition reimbursement or something else?

Earv,

Yes he is referring to the Tuition Reimbursement Program.

With the new pay structure, you can make a good paycheck if you want to put in the time. Even without the tuition reimbursement you can easily make enough to cover the loan payments. I wouldn’t be too worried about it.

Yarden

1 Like

Earv,

Yes, I was referring to this program: https://atpflightschool.com/airline-career-pilot-program/tuition-reimbursement.html

1 Like

Ohh ok I see! :wink:

Now does the $500 directly go toward the loan or “pocket money”?

The money earned through the Tuition Reimbursement Program is paid directly to the lender on your behalf. If you do the program without financing any of it the money is paid directly to you.

Chris

1 Like