Here I have my Financing that I have been accepted to for ATP Flight School. It’s with Sallie Mae and I just was wondering how this compares to other peoples financing that has recently started.
11% is a bit high but that all ultimately depends on your credit score - Did you apply with a co-signer? If not you may want to reapply.
My interest rate is 5.25% - 800 credit score, no co-signer, also with Sallie Mae.
I have over a 700 credit score and I used a co-signer and still got this rate. I plan to refinance it once I’m out of the program.
I’ve heard that is what a lot of people do. Probably your best bet - it’s just bad timing for trying to finance ANYTHING right now with interest rates so high. But, I’d imagine once you’re at an Airline you’ll be able to make double or even triple payments to knock it out quickly and avoid the long-term interest. I know you can also request a forbearance if necessary for financial hardship if while being a CFI that payment amount is going to be like half your paycheck. Basically you’d stop making payments but interest would continue to accrue but that is something you’d have to work out with Sallie Mae.
I can say, I saw a little higher interest rate than you in 2019 when I enrolled… I hence have refinanced and cut my rate in almost half when hired into a regional airline. Beside credit score, credit lenders also want to ensure they will meet repayment so having a good co-signor with a positive net income is a bonus.
Any financial questions, we recommend reaching out to ATP’s Finance Department. 904-595-7946
I can second what Brady said. Rates that high were usual for my classmates and I back in 2019. I have also refinanced since and brought it down to 3%. It’s not the best of times for interest rates right now. Feel free to talk to the finance department and discuss your options. They are the experts!
I refinanced with Earnest, I could have shopped around, but I was pleased with their customer service, option to allow multiple payments throughout the month, and UI. I plan to refinance again in a little while once I get the book value much lower and hopefully rates nationwide decrease.
I used citizens!