Real Answers from Real Pilots

Financing Approved

Today I was approved for financing for ATP!!! Next I have to chose the term I want then I guess call ATP. Im really excited!!!


Congrats Earv! I know that’s something you’ve been looking forward to!

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That is great news! Thanks for keeping us in the loop, please continue to update us and remember that we are always here to help answer any questions that you might have.


Nice Earv! Very nice!


So just an update I have scheduled my first class medical for next week. I’m a little worried due to my weight and BMI being over 30 lol.

Just relax, I bet you will be just fine. Let us know how it goes, please.

I will for sure do that. I’ll be happy when all the pre enrollment stuff is over and I can fly every day, but I will for sure let you all know how the medical go. Hopefully it goes well as I have no other medical conditions, just need to drop a couple of pounds. lol


Congratulations! How much do you plan on borrowing? Did you need a cosigner? Could you please give me an insight on the process ( in terms of the requirements they looked into). I plan on borrowing next year. Any tips will be appreciated

I would suggest paying off credit cards or paying them below 30%, also make sure you have no late payments or derog credit… other than that you should be ok… ohh and also prayers lol… I prayed really hard lol.

I tried my best to get approved without a cosigner by even a 770+ credit score they said I still needed one and that’s when I asked my dad who was willing to cosign… The monthly payments seems like a lot but I’m pretty sure with the tuition rebursement I should be ok.

If you have any questions feel free to ask, I know exactly how it feels… as I was once in your shoes.

Ohh and I only borrowed 70,150 to cover tuition + examiner fees

hello, if you don’t mind me asking what kind of interest rate did you get? also what dose your monthly payment look like? Ive been trying to save up enough to cover a years worth of payments.

Currently a 9% and a little over 800 a month. It seeem like a lot but tution rebusement will take care of the payment.

First of all, let me say THANK YOU for giving me a very honest insight into your experience with Sallie Mae. I’ve tried to approach people on their experience but you are the only person who gave me the facts that would truly help me prepare myself for the loan. While the experience is unique to everyone, sharing each other’s experience would never hurt but only help a prospect.
Let me tell you my story in detail, so if there’s any advise you can offer me out of your first-hand-experience to prepare myself better, I’d be forever grateful.
I first applied for the loan in Dec 2014. At the time I applied, my credit score was 720. ATP financing encouraged me to apply yet I couldn’t get approved without a co-signer. Unfortunately, it was less than a year since my wife immigrated to US so she did not have a credit score at the time. My parents were not in willing to cosign as they did not trust the airline industry so I was not able to work it out. My wife is very supportive towards my dream and a very smart lady. She did her research on building credit and within the next two years, she went from having zero credit to 758. Now at anytime I apply, she would be my cosigner. I would appreciate it if you could kindly share with me what factors they looked in your Dad when he signed as the cosigner ( in terms of income and employment history). My wife has a full-time employment and she’s been working for the same employer for 2.5yrs. If all goes well, at the time we apply, my wife will have over 3 yrs credit history and over 3.5yrs of work history with the same employer. She has been able to maintain her credit score over 750 during the past year. My only concern is that her monthly income is between $1800-$1900. Did Sallie Mae mention to you anything about a minimum income requirement? Her reoccurring credit debt is only 9% and she hopes to keep it that way. If you could share with me your Dad’s experience as a cosigner, I would greatly appreciate.

Yeah I had a little over 9 percent and a $750ish a month payment. It will be doable.

No problem, I completely understand as I was once in your shoes. I would say try to eliminate as much debt as possible. If you or her have any credit cards before applying make sure they are at least under 30%.
When it comes to income, their isn’t a “minimum income” requirement, the main thing is the bank want to see can you, and are you able to pay back the loan. In my case even with good credit they still denied me due to income (even with a low DTI). Unfortunately not having a cosigner will make approval odds a lot less. Keep us up to date with the financing as it can help someone else out too.

Thanks Earv,
As to my credit report, my total credit availability is $38k and my utilization is at 14%. For my wife, it’s $33.8k and her utilization is 9%. ATP is calling me every eight weeks to encourage to apply. They say it’s the right time but we want to set aside 15k in savings before I start school so it will help me cover my expenses while I’m at school. Thank you so much for your information. Really really appreciate it.

No problem! Like ATP is saying, I would encourage you that you try… I mean you will never know until you try. Please keep everyone up to date as it will help someone else! :slight_smile: