How did you pay for ATP?

Only 10 years? Must have gotten it done when it was cheaper then? for real though i mean if you want it that bad and you want to be in debt do what you have to do. Otherwise you can wait and find alternative routes to it. just my 2 cents!
 
SkyHawg said:
I got approved for $51k easily through NextStudent. Was going to be more but I decided to pay for the PPL out of my pocket. Rate is about 9.75%. I have about $20k in the bank and will be doing some computer work on the side.
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Never heard of this, how hard is it to qualify? I was turned down twice by key/sallie with a cosigner.
 
Tram said:
I danced for a lil' while at the Fantasy Ranch in Dallas, while going through training at GKY to pay some of my payments.. :D
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i watched one of the guys spend his checkride money there (night before) and get another couple hundered out of the ATM and spend that too.
 
Cold hard cash! I figured if I was career changing, I didn't want to handcuff myself with a loan. I'm glad I did it that way, because right after I finished up the ACP and instructed for about a year, 9/11 happened and we all know what the industry did for the next year or so. Timing is everything and since I wasn't strapped with a loan, I had the freedom to walk away--which, I did. Although I "threw" away around $35k (what the program cost when I went through), what I learned from the experience to apply to life was invaluable. I don't look at work as seriously as I did before, I get to tuck my kid in bed every night, walk him to school every morning, eat dinners at home every night, and have my weekends. Looking back on career changing for me, I really think I was just running away from a very bad job.
 
casey said:
i watched one of the guys spend his checkride money there (night before) and get another couple hundered out of the ATM and spend that too.
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Didn't he get left there? Got some sort of VIP room for the night or something?
 
Thought about selling my left Kidney on the black market.... I was talked out of that idea by a few of my friends and my parents... instead the folks are paying for mine.... guess they thought I wanted that kidney...
 
I'm gonna have to take out a loan for almost all of it... Thats IF I can even get approved. Sheesh I'm screwed.
 
NextStudent. It's not cheap but I left a $60k/year job to fly.

Not many people in this crowd will beat you for wanting to fly for food.
 
SwimAway said:
Thought about selling my left Kidney on the black market.... I was talked out of that idea by a few of my friends and my parents... instead the folks are paying for mine.... guess they thought I wanted that kidney...
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Can you hook me up with your contact?

Oh, yeah. That's from when I sold my kidney. I figured with all the advancements in modern science, I'd better sell it while someone still wanted to buy it. Smartest thing I ever did, Clark. -Cousin Eddie, National Lampoon, Randy Quaid.
 
I recently applied and got approved through the devil(SLM) for 20 years at 15.499% interest...payment 821.00. I called ATP and asked if they had another company and they do MRU...15 yrs 9% interest and a 500 month payment...so If Sallie want to take a bite out of you...call and ask about the other....hope this helps someone.
 
Here's my question.....I've got no savings right now. I know that it's best to get into flying as soon as possible to get seniority as soon as possible. Is it best to wait a couple of years and save up or to go ahead and finance the total amount? Is the extra money financed worth the earlier entry into the job market?
 
That is something you will have to decide for yourself. Noone is going to be able to definitively tell you that getting in early is worth the amount of debt you are going to incur. For all you know, you could shell out all that money, have your ratings and time, but the airline industry takes one of its' downturns and you wait a few years to get hired anyway.

I am kind of in the same boat as you, though I am 32 years old(Making me feel even more hurried to "get in"). I am taking the next 7-8 months to pay off everything I owe money to, save my house, so that we can survive, with a bit of a safety net, on my wife's salary.

But that leaves me with little to nothing to pay for ATP. I think I am going to meet halfway and pay for 35-50% of ATP myself by waiting and saving. If I could find a financing option that is 5-6% interest, I would save less.

Heres the thing though......If I were even 3 years younger, I would wait and pay the whole thing. Do you really want to pay $500/Month for 20 years? Did they explain the kind of interest that you will be paying on that loan? I mean, when you look at how much money you spend on interest, it is really staggering. Do you also want to try and pay that loan when you are a First year FO, bringing home $1300/month? What about as an instructor where you won;t even make double that?

Just food for thought........
 
amckinnerney said:
I recently applied and got approved through the devil(SLM) for 20 years at 15.499% interest...payment 821.00. I called ATP and asked if they had another company and they do MRU...15 yrs 9% interest and a 500 month payment...so If Sallie want to take a bite out of you...call and ask about the other....hope this helps someone.
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Christ, how much are you trying to get . . . and is this with deferment?
 
The loan was for 50k...I made a mistake...I got my paperwork work last night and its for NextStudent not MRU....its a much better deal. I am going to do it and I start ATP Nov 20th.:nana2:
 
"I would wait and pay the whole thing"

Sacrilege...

You have to get that seniority number ASAP, it's ALL about seniority at any cost, forget the payments (I'm kidding).
 
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