I am already terrified of even gaining a loan , I have horrible credit that I am working on, I am 45 yrs old and this has been my dream forever, I don’t have a co-signer and I know I can become an amazing pilot,.what are my options
Do you have any retirement account or money market/CDs that you can maybe pull funds from?
Francis,
Not trying to be rude but if your credit is horrible and you have no cosigner there’s nothing to be terrified about because you won’t be getting a loan. Student loans are unsecured and as such require exceptional credit and even with often a cosigner.
You need to either find one or perhaps take a second mortgage or equity loan against your home if that’s an option.
Adam
Francis,
Until you get your credit situation under control, there will most likely not be any lenders that are willing to work with you. I recommend really focusing on improving your credit.
Chris
Hey Dorian I am in the same situation like you, I have a really good equaty in my house and after reading all this I really thinking about the Heloc, so my question is what happen with you situation?
Thanks
Should I call the office to find out my Sallie Mae Loan status? I’ve been getting repeated emails saying I haven’t completed my application or filled out a Sallie Mae Liam application. I did all of that. Right I should be waiting what if it was accepted or declined. What should I do?
To inquire on the status of your Sallie Mae loan application you should call Sallie Mae.
Tory
I just got approved for my loan with Wells Fargo! I’m so excited, things are starting to fall in place! I will be having my first class medical Friday. Is there any big tips you’d advise that helped you get through the program?
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Alex,
That is awesome, congrats!
Best tip I can give: https://atpflightschool.com/faqs/acpp-prep-written-knowledge-tests.html
Chris
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Thank Tory and Chris! I will be starting towards the end of June. I still have time to get prepared. I will definitely take a look at the links provided, thank you again for the response!
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Anytime. Let us know how else we can help you.
They gave me the same loan shark rates too with a FICO of 790.
It’s all about current assets and possible income after graduation. My rate was 5%. FICO 821 at the time, but the real kicker is that I’ve got enough in liquid assets to pay back the loan.
Does anyone know if these loans would also cover just the CPL course?
Aaron,
ATP doesn’t offer just one rating at a time. Its a program where you can enter at Private or instrument (or a custom program at commercial) but must continue on through the completion of the program at MEI.
-Hannah
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Hello Pilots!
So I am in a bind and I’d be willing to share more info if necessary. The gist is that I was “Approved with a co-signer” through Sallie Mae for the full $112,795 cost of the Fast Track program. And after speaking to multiple banks, Sallie Mae included, none can seem to grasp the possibility that I cannot obtain a co-signer to begin my career training with ATP.
For some background, I would be the first generation in my family to get proper career schooling/training. My tiny family (which only includes my father, my mother, and my sister as all of my other siblings, grandparents, aunts, and uncles are deceased.) has either 0 credit, or a score so poor that they couldn’t even get approved for a hotdog on credit.
Furthermore, the only friends I am in contact with have begun buying homes and starting families and simply cannot put their credits on the line to have me go to school. As such, I am at a total loss.
I can sit and moan about how unreasonable and unfair it is that I simply cannot go to school on my own without signing another person’s life away through a credit blood contract but that’s not why I’m posting this.
I need to know if ANYONE has dealt with these same circumstances before and how you still managed to go to ATP. FAFSA doesn’t recognize ATP as a school. Sallie Mae more or less told me ‘too bad’ over the phone, and all other grant/loan options have turned into an irritating game of mental Monopoly where I never pass go and only go to co-signer jail.
Thank you in advance and I hope to one day see you in the skies.
Stephen K
Stephen,
I’m sorry to hear that your in such a bind. I’m sure you already have exhausted all your options for getting a co-signer. Unfortunately without that loan, and without cash to pay your way through the program ATP won’t be an option.
However that doesn’t mean you can’t do flight training. Your options, work and save up as much cash as you can and build your credit and reapply down the line. Or you can save up your money and find another flight school that may take financing from a different bank where you’re approved without a co-signer.
-Hannah
Stephen,
Have you called ATP and spoken with Kirk in Finance? He may have some suggestions for you.
If that ends up being a dead end then there’s really not much else to do but save up until or look into different avenues.
Tory
Stephen,
I get your frustration with this, but it is not that the banks cannot grasp that you cannot obtain a co-signer, it is that they are unwilling to take the risk on you without one. You have to keep in mind that these are un-secured loans. It is not like a car loan where if you do not pay it, they can come seize the car. Because it is unsecured, they are requiring a co-signer to make sure that they get paid their money back.
Your best course of action is to work, save money, and apply again after you have built up your own credit and need to finance a smaller amount.
Chris