Payment Deferment

SmitteyB

SmitteyB

Well-Known Member
I've read of a few instructors who go to ATP or Ari or Skymates that go their with little or no college and go from Zero to Hero and get hired as an instructor, then once they begin instructing they begin online classes/degrees.

My question is, if you begin classes after you become an instructor, can you're loan payments be deferred until you get that degree done?

Sounds like that could help out a little when it comes to the loan payment on an instructors salary (And I realize the interest will keep building up).
 
[ QUOTE ]
if you begin classes after you become an instructor, can you're loan payments be deferred until you get that degree done?


[/ QUOTE ]

Did you take out a loan dor the online degree? If you have taken out a loan for the schooling, you should be able to defer. As for defering the ATP Flight Training Loan, I doubt that is possible. Student loans are usually deferrable until xx months after employment/graduation.

[ QUOTE ]
I've read of a few instructors who go to ATP or Ari or Skymates that go their with little or no college and go from Zero to Hero and get hired as an instructor, then once they begin instructing they begin online classes/degrees.

[/ QUOTE ]

Also, from what I understand, if you get hired by ATP, they work you like dogs (not necessarily a bad thing) and there is not much time for schooling.
 
In most cases you can get it deferred as long as you are at least half time status as a student somewhere. If you are using the same loan for the degree as you did for training you almost certainly can get it deferred while getting the degree, if not then I'm not sure but I'm guessing you still can. The thing to consider though is that you will be acruing interrest while deferring so it will cost you more in the long run, but may help out in the short run. Another option is to pay just the interrest on the loan while deferring which could save a lot.
 
It doesn't matter what loan you got for which training/education. Provided you are enrolled, half-time, in an accredited higher degree program, you should be eligible for deferment. An educational forbearance may also be an option.

Example: When I still had my ATA loan from Key, which was an alternative loan, I continued work on my doctorate after moving back to Missouri at a different university. I was enrolled half time and they deferred my Key payments and my undergrad/grad school loans.
 
Awesome, thanks for the info guys.

I have a loan out for Ari now that if needed could cover a 2 year degree, which isn't exactly what I'm looking for.
 
Depends on the loan. If it's a career training loan from Sallie Mae, you can defer principal payments (only pay interest) but not totally defer the payments. Thing is, it's only like $20 a month more for the full payment since most of your payment early on goes to interest. I've got a SLM loan for flight training and stafford loans for ERAU online. The stafford are deferred as long as I'm in school half time, but the SLM isn't. Key bank has different terms and different deferrment options. You just have to read the fine print of any loan you sign for.
 
I used a Key loan to pay for ATP, and you start repayment six months after "graduation." You can ask for a deferrment later on if needed, but there are costs associated with that, as the interest keeps building.

If you go back to school full time I believe you can put the loan into deferrment as well. I'll confirm that you will not be able to go to classes or hold another job working for ATP-it's definitely a full time job. Some of the guys that run their own offices have time when it's slow, but that's an exception.
 
You must log in or register to reply here.
Back
Top