Real Answers from Real Pilots

Shopping Around for Loans

Ok,

I have looked at Wells Fargo as well as Sallie Mae for financing. Neither seem to have great interest rates, even with an extremely qualified cosigner. Can I go with a local bank and shop around? Or, should I go with one of the two that ATP endorses?

Jonah,

Money (as long as it’s green and in US currency) is gladly accepted at ATP and I don’t believe they’re overly concerned where you get it from (unless of course it’s stolen or drug trafficing etc). If you can get better rates or terms elsewhere then you definitely should. ATP has their resources to help provide a service to their students but you are of course under no obligation to use their products.

Adam

Jonah,

Keep in mind that student loans are uncollateralized and as such the banks are taking a pretty big risk. If you and your co-signer both default on the loan there is nothing that the bank can come and take from you, as this presents a higher than average risk to the bank the interest rates are usually higher than for other types of loans, no matter which lending institution you look at.

Chris

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