I feel like my interest rate is super high. What is the normal interest rate and what are some other loan options that may be out there besides Sallie Mae?
Your interest rate may seem high, we’re in a time where interest rates are at an all-time high. My interest rate when I started in 2020 was over 11%… I since then refinanced for a little lower being hired at a Regional.
Any financial questions, I would recommend reaching out to Kirk at ATP Finance Department, 904-595-7946.
A) Interest rates are higher than they’ve been in years.
B) These loans are “unsecured” meaning the bank has no collateral should you default.
Factor in recent events and IF the banks are going to give you a loan at all its going to be at a higher rate.
With that in mind as Brady says I would speak with Kirk and you’re free to shop around but I’m doubtful you’ll do much better. The good news is the Regionals are still offering Tuition Reimbursement and bonuses that are so high that if you’re successful you shouldn’t have that loan outstanding for very long which makes the rate moot.
You must remember that these are unsecured loans. As such, they will have higher interest rates than other loans that are secured. Many students start out with the higher rtes and then refinance once they get into their careers.
This is a huge concern, but as has been stated again and again and helps ease that concern is the fact the regionals are offering some great reimbursements and signing bonuses.
I respectfully disagree. While no one likes these high rates the environment has never been better literally EVER for new airline pilots. Six figure bonuses, starting pay in the $80k’s, upgrades within a year, transitions to the Majors in 2-3 years and Major upgrades in 1-2yrs where pay is over $200k.
I’d take a high interest rate for today’s opportunities in a heartbeat!
That’s what I mean. The interest rates are yikes, but the return right now is well worth it. I just need to get some intro flights and if I’m for sure, then figuring out how to cover the two or so years…