Loan for ATP

blakman7

blakman7

Well-Known Member
Hello all,

I am a prospective student for ATP. Basically, everything is ready to go but the money aspect which is the most important part. For those out there who couldn't find a cosigner with a credit score of 680 or better and/or may have been turned down for the loan through Sallie Mae, what did you do to get the money? Are there other loans that you can take out that won't rape you when it is all said and done? Any help or advice would be greatly appreciated. Thank you.
 
Check out key loan I did this in college for a while, its not too bad. I am borrowing money from a family member (only catch to that is you have to find one with enough!) for the ATP training. There are a bunch of loans out there if I can remember more I will pass the info along.
 
Hey there blak,

Have you called Diane at 800-255-2877? She is the financing GURU and I have heard she can do some wonderful things for you... if not she may be able to suggest alternative financing...

Bob
 
Hey Cap'n,

Yeah I have spoken to them in the financial office and basically, that is how they do things. You have to have that cosigner if you can't do it on your own and I certainly can't do it on my own.

Others,
I am hoping that maybe I can dig myself into a hole and take out a private loan with some ridiculous interest rates or something. I have to get it done some way. If anyone has any other advice, I would greatly appreciate it folks. Thanks.

P.S. Cap'n Bob, you should have a PM waiting for you.
 
blakman7 said:
Others,
I am hoping that maybe I can dig myself into a hole and take out a private loan with some ridiculous interest rates or something. I have to get it done some way. If anyone has any other advice, I would greatly appreciate it folks. Thanks.

P.S. Cap'n Bob, you should have a PM waiting for you.
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Loans suck dude. I have a Key bank loan, I wish I had a rich relative. With rising interest rates, I'm looking at $500 a month payback for 15 years. Thats the main reason why I can't work for ATP and I just finished the program. I can't afford to pay back that loan on ATP's ridiculous salary. Luckily I just interviewed today with a local flight school, looks like I pretty much got the job and I'll be making double what ATP pays. That should help.

My advice: Goodluck with the loan, but be careful. A 15yr payback at $500/month is a HUGE weight on anyone's shoulders. Try to come up with as much cash as you can to reduce that loan amount. Aside from paying for it by yourself, thats the best advice I can offer. ATP's program costs are rising too with the increased fuel rates.
 
Airdale said:
ATP's program costs are rising too with the increased fuel rates.
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Hey Airdale, what's the skinny on the prices going up? You know which programs and how much. I'm planning on ATP this summer and want to get in before they raise rates.
 
Ryan110175 said:
Hey Airdale, what's the skinny on the prices going up? You know which programs and how much. I'm planning on ATP this summer and want to get in before they raise rates.
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I can't answer that. I just know that when I signed up for the ACPP it was $37,995, since then its gone up to $44,995 I believe in a matter of a few months. Its inevitable that the prices will continue to increase, not just at ATP but everywhere. Its the only way these places can stay in business. I just rented a CE-172 today and paid $180 for an hour. Just like automotive fuel, aviation fuel costs rise too, not too mention renters insurance. The FBO I rented from today has the most comprehensive insurance protection of all the FBO's around here, thats why I paid a few bucks extra.
 
Gotcha. Thought you saw something on their website I didn't. I don't know about you, but $180/hr for a C172. Kinda steep for anywhere. You might want to shop around other FBO's in your area. The going rate around here is $75-80/hr. I actually bought 15/hrs in a Cherokee for $60 wet! Pretty cool.
 
Ryan110175 said:
Gotcha. Thought you saw something on their website I didn't. I don't know about you, but $180/hr for a C172. Kinda steep for anywhere. You might want to shop around other FBO's in your area. The going rate around here is $75-80/hr. I actually bought 15/hrs in a Cherokee for $60 wet! Pretty cool.
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Yeah it is a little steep, but the other FBO planes look like crap. All of the planes at this school are in pristine condition with dual GPS, backup vacuum systems etc. I thought it was worth the extra bucks. Plus I'm in an interview process with this school for a CFI job. But I figured I'd rent a plane from them this weekend to take my Dad and brother in law flying.
 
Captain_Bob said:
Hey there blak,

Have you called Diane at 800-255-2877? She is the financing GURU and I have heard she can do some wonderful things for you... if not she may be able to suggest alternative financing...

Bob
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I heard that Diane is no longer at ATP
 
The SLM application leaves a lot to be desired. I can't believe that someone actually approved the application form whenever it was developed thinking that it was sufficient.

For example, If you are married, you and your spouse cannot be considered one financial entity. Likewise, if you choose a cosigner, say your parents, you can only choose one not the two of them together.

I was rejected at first, but then I found the right combination of name placement on the application. Me as the student, my wife as the borrower, and my father as the cosigner. The whole process is flawed. If you get rejected, try another combination, if you have any alternative combinations to choose from.
 
Airdale said:
Thats the main reason why I can't work for ATP and I just finished the program. I can't afford to pay back that loan on ATP's ridiculous salary.
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You could have deffered your loan payment while you worked at ATP...I was able to save to money and pay bills while I worked at ATP, the money really isn't "ridiculous" if you budget. Not working at ATP after you finish the ACPP is very foolish.
 
Ryan110175 said:
Hey Airdale, what's the skinny on the prices going up? You know which programs and how much. I'm planning on ATP this summer and want to get in before they raise rates.
Click to expand...

Get your $1500 deposite in ASAP to lock in the price. I put my deposite in last week, but I wont be actually starting until June 5th.
 
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