Apply for Student Loan

Hello guys,

I am looking for attending the ATP, but I am just a senior student at college so that I don’t think I will be qualified for the loan either with Wells Fargo or Sallie Mae. However, I will try to apply for Sallie Mae to see how qualified I am. I don’t want to have a cosigner because I don’t like to bother people with money.

  1. If I get approved, do I have to use the loan immediately because the interest will start right after the approval? Am I thinking right?
  2. If I don’ get approved, will it affect my future application with the same lender in a allowable certain amount of time (Example: I can only apply once per 6 months)?
  3. Will it be smart if I divide into smaller amounts and have couple loans instead of only 1 big loan?

I called ATP and they said that I won’t have to worry about the loan because if I even have the loan, I won’t be able to start school until I register and pay the deposit ~$950.

Thank you.

1 Like


To be clear, the mentors on here are pilot mentors, while we can try and answer your questions the official source is the admissions counselors at ATP.

  1. No, you do not have to use the money immediately and the interest does not begin to accrue until after the loan disbursement is made, so there is no rush on it. However, I would not apply until a few months prior to when you want to attend the program.

  2. You will need to speak to the admissions counselors on this, I am sure there is some prohibition against frequent applications with the lenders. Also keep this in mind, if you don’t get approved the odds of getting approved six months later are rather slim unless there is a dramatic change in your circumstances.

  3. I personally would rather have one loan, but that is just my thought on the matter.

I know that you do not want a co-signer, but unless you have an extensive credit history of your own, a good credit score and a job to show that you are able to pay the loan back you will likely need one. Remember that these are unsecured loans and as such the threshold for issuing them is rather high. I would plan on having a co-signer.


1 Like

There is a loan offered by the state of Kentucky called the Kentucky Advantage loan that is a much lower rate and supposedly a bit easier to get than either Sallie Mae or Wells Fargo. The catch is that is is only available for schooling or job training in Kentucky. So that means you would have to be willing to go to the Bowling Green location in order to use it. If finances are the only thing in your way you should definitely check into this. I’ve heard from several students at BG that this loan was the only reason they made it in at ATP.

Do you think 5 years of credit with mix lines of credit (auto loans, credit cards, student loans) with a low DTI, could qualify with out cosigner?


Really no way of knowing for certain. I’d get my credit score and call ATP’s finance people. They can give you a better answer than any of us guessing.


Yeah you’re right! I’ve been talking to them and let them know I plan on applying at the end of March or middle April… Hopefully I can get approved without cosigner!!! I take care my credit very well…


To give you an idea, I have 13 years of various lines of credit, never missed a payment, have a low DTI, and a current score around 800. I was not eligible without a co-signer.


Oh wow!! I might be stuck! :weary::weary::weary:

If you don’t mind me asking, when you were declined for the loan what were the reasons?

They cited not having credit long enough…apparently 13 years wasn’t enough haha

Oh wow!! Now I’m getting reality worried as I don’t have a cosigner :confused:

I’ve never had a problem getting a home or car loan, but this one is much different. As Adam said, talk to ATP and they’ll set you on the right track. That’s how I figured out what I needed to do…I did need a co-signer though.

I would plan on having a co-signer, no matter what your credit score or history is. If you think about it, these are unsecured loans, meaning that there is nothing the bank can take from you if you fail to make your payments. As such, they most often require a co-signer.

Hey Spencer, I’m just curious, if you get approved with Kentucky advantage, why do they want you to go to bowling Green, are they affiliated? I have no problem going there if it means getting approved, Kentucky is a nice state and looks like the apartments for housing a really nice too.

They would want you to go to Bowling Green because it is a Kentucky based program.

Well then I asked a stupid question because I thought it was more to it, sorry! :fearful:

Mr. Backus,

I was just going through some finance related topics here on the forum and saw that Kentucky Advantage had been referenced as a potential option for you to attain financing.

Currently we are not working with them for financing options, as Wells Fargo and Sallie Mae have proven to be the most competitive options available.

When you feel your credit history is a s strong as it is going to be, feel free to apply with both Sallie Mae and Wells Fargo.

Hey thanks for contacting me on here Kirk I really appreciate it! I just got a raise with my company and am up to 58k/year hopefully that would help with income to debt ratio. Tory said he made 40k and got approved with a 750 score, I plan to wait til my score is the same which should be 750 by March when all my cards are paid and my biggest one down to under 30% utilization. My credit score should be 700 next month been paying $1000/month on my crefit cards it’s gone up 70 points in 6 months. Thanks for letting me know because I really wanna go with Sallie Mae and their program because i have no cosigner and WF requires that.:wink: Hey I’m going up flying again planning on next Sat, do I contact you to pay the $150 fee or call anyone in admissions and can I also request Mac again for CFI? He had some info about my options of possibly flying cargo for Key Lime in the future, right there in Centennial when I’m eligible and of course have passed this course and make CFI and I thought he’s a great CFI and pilot, he has an awesome future ahead in flying! :flight_departure::flight_departure::flight_departure:

I’m moving closer to the Centennial school pretty soon. When you said Sallie Mae has a $1600 Max overage does that mean I can get up to 1600 month for 9 months while I'm in school for rental & living expenses? I'm trying to figure all this out. I will be getting a lot of for Christmas bonus & tax returns and can use to pay off my debt much sooner and apply much sooner to start school ASAP. If I can get enough living expenses while in school and pay off all my debt in Feb I’ll use the $, otherwise I’ll need to save it for when I’m in school. I’ll check out Sallie Mae site and see if I can find the overage info but just thought I’d ask now in case I can’t. Oh one last thing… I need to get a new SUV mine doesn’t have 4 wheel drive and I’m gonna need it here, payment is also too high. I’d like to lease a new one, the payment will be much lower on a lease, that shouldn’t affect my credit right? I need to do that while I have good proof of income before I start school otherwise I don’t think I can get it. Thanks Kirk and have a great weekend!


I went on Sallie Mae site and can’t find anywhere with a search of maximum living expenses or $1600/month maximum overage… can you send me or tell me where to find the link? Thanks

Disregard Kirk, I found it on ATP site under stipend, had to read your email again.