Flight training financing options for part 61 schools

skypilot6 said:
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I'm financing ATP via Sallie Mae and haven't had any problems so far. Rates and application details were about the same as Wells Fargo, the other one I bothered with. Notifications, processing times, etc have all been about as expected and acceptable. PM me if you want to know rates, etc.

With a lender of that size people are bound to have different experiences. I've been fortunate enough to be on the good side. Then again, we've had to play the student loan game before, so maybe we already knew the hoops to jump through and are able to head off potential issues before they crop up.

In any case, I wouldn't write them off... it can be tough to nail down a loan of that size since flight training is treated as a trade school instead of higher education. The options are far fewer and more expensive.
 
Rosstafari said:
I'm financing ATP via Sallie Mae and haven't had any problems so far. Rates and application details were about the same as Wells Fargo, the other one I bothered with. Notifications, processing times, etc have all been about as expected and acceptable. PM me if you want to know rates, etc.

With a lender of that size people are bound to have different experiences. I've been fortunate enough to be on the good side. Then again, we've had to play the student loan game before, so maybe we already knew the hoops to jump through and are able to head off potential issues before they crop up.

In any case, I wouldn't write them off... it can be tough to nail down a loan of that size since flight training is treated as a trade school instead of higher education. The options are far fewer and more expensive.
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I sincerely hope that you don't have problems, myself and just about everyone I know that has had a loan with them have had issues. Some much much worse than the ones I had. But as I said everything being equal at the start of the loan, same disbursement date, amount, rate ect my ATP partners payments and rates are now almost double mine, that's the joys of a variable rate loan which I'm sure you have.

I really hope you don't have problems, you won't know till it goes into repayment unfortunately. Best of luck with your flight training!
 
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