Input on financial aid

wanafly

New Member
Can someone that has attended ATP give me some info on financial aid. I have called twice and received a flyer in the mail. The person that answered the phone couldn't help me and said they would have someone call. I' still waiting on that call after about 4 weeks. Also anyone have any input on ATP Dallas. Thanks in advance.
 

Skeeter

New Member
I think their website has some info on it. www.allatps.com Try there. I do know that you can't get the Sallie Mae "details" until you pass the interview and lay down the $1000 deposit. Message a guy named "socal" on this board. Use the user list above. He can help as he is a CFI there.
 

Tbone

New Member
Hey Wanafly,
I visited ATP Dallas in march. The offices there were pretty small and sparse, but the instructors I talked to seemed pretty knowledgabe. And of course the seminoles are very nice. Right now it looks like I'll be attending that location in October. Didn't get a chance to look at the student housing, but I'm planning on heading back down there for a visit in late July. I'll let you know if I find anything else out.
 

wanafly

New Member
Thanks for the input. I will drop SoCal a message.

Tbone drop me a line when you are heading to Dallas in July. I hope to get started earlier than Oct. but untill i interview who knows.

Thanks all
 

bluelake

Well-Known Member
Well,

IT seems like that the perception is that you can only apply for the Sallie Mae loans THROUGH ATP and therefore the belief that one needs to pay the $1,000 hurdle before applying.

There needs to be a way to know if one is going to pass the loan approval process prior to laying down the 1K!

ATP says that all applications to Sallie Mae have to go through them. I am wondering if this is true? Remember who is lending you the money. ATP does the training, SM does the loan.

I am seriously planning to go to ATP in the fall, but I can assure anyone out there that I will establish a relationship b'tween myself and Sallie first. I am not gonna pay $1000 just to verify my credit-worthiness. I can do that with $8.00 and Equifax just down the street.


Socal, and others: please respond. ATP aint no 141 school where one can smooze through the fed aid scheme. People cant spend $1,000 and go to an interview and all that JUST to find out that Sallie Mae says "the answer was no!" (any George Thourogood fans might catch th e quote)

Thanks,
DeanR
 

Sig

New Member
This is a common, completely understandable misconception. I held the same belief before I got started.

You do not put your grand down until you get the loan. They do not force you to, it is not a term of acceptance, nor is it a term of filling out the loan paperwork.

You certainly CAN do the Sallie Mae stuff even before the interview. I know this because I did it! I got the loan online, using Florida as my base, and ATP as the school. The disbursements won't occur until Erroll (the Executive VP of ATP, Inc) signs the EXACT guarantee that the student and the co-borrower sign. This is to make absolutely sure that the loan is disbursed for the right reasons to the right people on behalf of the correct student. Sallie Mae sent a copy of the paperwork to ATP, which did throw them for a slight loop. All they did was forward it to me, I signed it, and we were done.

Incidentally, my loan response took 5 seconds.
 

Skeeter

New Member
Sig,
Thanks for clarifying. I must have misunderstood what I heard at the 800 number.. Glad to hear it's not the case. I never thought of it like Blue put it.
 

aloft

New Member
Hey Sig, what are your payments on that bad boy like?

Everybody, if you're seriously considering something like a $35,000 Sallie Mae loan, think VERY seriously about your ability to repay it, especially the first few years. You're not gonna make squat as an instructor or regional FO, and if you've already got college student loan payments, car payments, credit card payments, you're gonna be seriously bankrupt. With a bankruptcy on your record, I doubt any of the major airlines will ever hire you (dude can't even manage his/her finanaces, how can he/she manage flying a jet?)

If you don't have the means to pay for an accelerated program with cash, by all means, PLEASE go the FBO pay-as-you-go route. Taking on serious debt for a line of work that won't pay you more than between $15k - $25k/yr the first SEVERAL years is just insane.
 

bluelake

Well-Known Member
Skeeter,

I 1/2 correct myself.

Where I was right:
the ATP web site (until their most recent revision) said that the "loan applications were to be processed through ATP", and they listed this activity as one that occurs after the interview.

Where I was wrong:
I was wrong on one zero. I didnt mean to suggest that one had to commit enrollment to find out the loan results, but that the web site ("Steps to Enrollment") kinda implied that you had to pay the $100 interview (not $1,000) BEFORE getting to do the loan application. Thjis is fine. Hell, you cant apply to and MBA program for less than $75....

Knowing that I can go directly to Sallie Mae (and now .. breaking news from their website... Key Bank) is good news.

And to the good and helpful pilots who man the phones at 1-800.... I dont expect you to be financial aid advisors. I know its not why you are there. I just wanted to say that 'cuz everyon on the phone (and here) have been extremely helpful.

Bluelake
 

bluelake

Well-Known Member
Sig,

"a common, completely understandable misconception"

why is it common and understandable? Anything you guys can all do to clarify this to the prospective students?


Thanks for all the help,

Bluelake
 

Sig

New Member
Ask the guys that are employed by ATP. Right now, ATP is employed by ME.

/ubbthreads/images/icons/smile.gif
 

wanafly

New Member
"If you don't have the means to pay for an accelerated program with cash, by all means, PLEASE go the FBO pay-as-you-go route. Taking on serious debt for a line of work that won't pay you more than between $15k - $25k/yr the first SEVERAL years is just insane."

WHats insane is to take six or seven years to get your ratings. I agree in part if you can't manage your finaces now adding debt won't help, everyone else should be fine. I can slap down the cash and then some but it makes more sense to borrow the money and live off the savings. And as for the several years what FBO are you flying out of... with a reasonable school most people should hit there 1200 in 14 months are less. If you get a chance at multi time even better. Life is a gamble some make it, some don't. I thing is for sure death, and if you don't try you want know.


For everyone else keep the post coming.
 

Tbone

New Member
Wanafly - I'll be down there the last weekend in July for a visit, will contact you prior to. As for the post about dropping 30K of debt vs. the FBO route, no thanks on stretching it out! I've been putting off flight school for 9 years, it's time for me to go full bore into this thing. Agreed that you shouldn't do it if you're already swimming in debt, but that is not the case for me. Yes I'll be paying this off for many years to come, but at least I'll be doing something I love for a living. I'd rather be poor and happy than rich and miserable, but that's just me.
If you're already sitting on student loans, car payments and credit card debt, I doubt you'd be in much position to make flight training worth it at this point, if you're only flying a couple times a month. Now if I could just win the lottery...
 

bluelake

Well-Known Member
I have to siblings that worked for student loan servicing companies and they told me that there are pretty much unlimited methods to hold those babies off for a while.... worth looking into.

Set yourself up to make interest-only payments on those loans ought to give yo umore capital to put into flying.
 

giladal

Well-Known Member
If I do take a $35,000 loan, how can much do you think I will have to pay per month to return it?
I mean is it about $300 a month for the next 15 years or something?
 

Adlerson

New Member
I have no idea. Perhaps someone else here knows, who've used one of the financial aids we have available?

You could also try to call the main office and ask to talk to Errol, he handles everything that has to do with the economical side of things, including student loans.

Or, call Sallie Mae (sp?) directly and ask them.

Cheers,
Helge
 
Top