Supreeth,
While I’m not a CFI and haven’t even started with ATP yet, ATP’s website has their CFI pay-rates listed there. It is $20.70 per flight hour, $17.25 for simulator instruction, and $17.25 per hour of ground. My understanding is that for every flight hour, you are credited half an hour of ground, which brings the pay to $29.32 per flight hour. I do know some locations also pay a minimum base pay, or at least that is what I was told by the instructors at my location. There are also bonuses if your student passes a checkride on their first attempt. Additionally, there are several cadet programs that pay tuition reimbursement or a monthly stipend that you could look into. SkyWest pays $17.50 per flight hour up to a total of $17,500, Frontier’s cadet program gives you a $500 stipend each month until you reach 750 hours and then it goes up to $1000 per month. I’d definitely look into those!
Also, I would check with Sallie Mae and see what options for repayment are as I don’t have them memorized. I am paying $25 per month for 12 months after the first disbursement. That should provide enough time for me to start instructing before I have to start paying principle and interest payments. I believe Sallie Mae has an interest only option as well as forbearance where you stop paying your loan but interest continues to accrue if you have a financial hardship. At $29.32 per hour, you’d need to instruct at least 78 hours a month just to make your $2300 minimum payment, and don’t forget, you’ll have to set money aside for income taxes too. You either need to start saving or figure out what loan options you have. Based off your $2300 a month payment, I’m going to assume they didn’t give you a very low interest rate so it could also be in your interest to re-apply with a co-signer (if you didn’t with your initial application) who has good credit (if you can) so your monthly payments could be lower.
Also, use this forum to find answers, the search function is super useful! There is a ton of info on here from previous students and instructors talking about refinancing their loans after finishing the program as well as info on pay and average hours. From my research, I’ve found that most instructors average about 70 hours per month, some months less (usually winter when weather is not as good) and some months more (when weather is usually steady and a lot of flying can be done). Roscoe has a great write-up here: https://airlinepilot.life/t/zero-to-1500-with-atp-my-experience/37937
Best of luck!
-Steve