How did you pay for these? And I am not familiar with tuition loans, can this be added on top of tuition?
Jacob - ATP has credit-based student loan options with two banks, Sallie Mae and WellsFargo. Students can apply for funds to cover the program cost, materials fees, examiner fees, housing, and living expenses. Funds are sent to ATP and credited to students account. Students can receive a monthly distribution of funds to cover fees and expenses while in the training program.
You can apply for financing here: https://atpflightschool.com/financing/
If you have more questions we are happy to discuss financing with you at 904-595-7950.
Thank you that’s what I neeeded to hear!
@DanielleCalnin Hi Danielle is it common for ATP students to come in with student debt they are already paying from their bachelors degree? If I joined the program would that defer my current student debt?
Andy - Yes, there have been students approved for financing that have outstanding student debt. You would have to check with your current lender on their deferment requirements.
@DanielleCalnin Thanks for the info! I have looked over the ATP site, and only saw two financing options available. Are there any financing options available as these lenders rates are extremely high between 9-12%
The two lenders on our site have loan options from 3% - 12%. Keep in mind this is for an unsecured loan, rates generally are higher because they are a higher risk to the bank. Secured loans are lower risk and tend to have lower interest rates because the bank has collateral if the borrower defaults on the loan, ex. car loans or home equity loans.
Those are the two lenders that ATP works with. The rates are really not high at all when you consider that these are unsecured loans that are not federally subsidized like student loans are.
That’s another question, I have a large mortgage, i am starting to think I may need a co-signer, my father will be moving into it and taking over payments but the loan will remain in my name. If I provide a contract will that keep me from needing a co-signer.
A rental agreement* is what I meant by contract.
Often students will apply initially solo on the loan and may be approved. If the bank can’t approve you as a solo applicant they will ask you to add a co-signer. Often the interest rate on a solo application will be higher than an application that includes a co-signer. I can’t answer your specific question because we don’t have detailed visibility to loan applications. I can offer that there is no fee or obligation to applying for a loan so I recommend applying to both loans and go with the lender that offers you the best interest rate and terms.
Great point, thanks Chris!