So you got accepted for the whole amount Nicole by breaking it up ?
So it worked?
Yep! It worked, split the loan up and applied 30 days apart. You have to keep the loan active by visiting the loan often, but it worked.
Gosh. That’s great. I didn’t want to tap my savings if I could avoid it . I’ll check that out . Thank you.
Just to confirm. Without a co-signer, correct ?
My wife was my co-signer. But yes it worked for me.
I did one with, and one without. Worked for me 
Sounds good.
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I am applying for the 2nd part of the loan in two and a half weeks. I am doing both without co-signer. I will let you know how it goes. My first half was an instant approval.
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Thank you sir. Appreciate it.
Was there any particular reason you waited 30 days between applying for each loan?
They are more than likely to approve your loan at a lower amount, than the full amount. I was advised by the finance department from ATP on this trick after I was denied the full amount. You can always call Kirk, he is pretty awesome, answers any questions you may have.
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Thanks! Was there any reason behind waiting 30 days instead of 14 or any other number?
I think that’s a Sallie Mae limitation.
Hey all… this is such great info! I have also been denied for both SM & WF without a cosigner and prefer to not have to go that route. If you don’t mind me asking, how much was the total loan that you applied for? I know they say $65-$80K depending on if you’re starting from 0 hours or with your PPL, but I just want to make sure I have enough to get me through. TIA!!
Kimberly,
It is very common for the lenders to ask for co-signers. They are essentially giving out a very large, unsecured loan, they need to make sure that they will see their money again.
Chris
Thank you Chris. I have seen that response on this forum several times before and I completely understand why they would want a co-signer. However, the few co-signer options I currently have don’t seem to be working out at this time. I am also a bit older (40) and am extremely motivated to get through training as quickly as possible. The financing has been my biggest hurdle for sure so far (6 months I’ve been working on this) and I am just trying to explore all my options and make this happen.
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I am in the same ballpark age wise, have a high current income and a low 800s score. I have factored in the 0-hour program, examiner fees, housing and living expenses. You can use the same calculator on the ATP site. I think the total is a bit shy of $100k. SLMA rates are variable and for me were around 7 percent. So, in the end, my new career will cost me about $170k plus opportunity costs in lost wages and depleted savings. Your mileage may vary, but that is at least ballpark…
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Thank you for your response Sergey. Luckily I have a sister who lives near one of the facilities so I will be able to eliminate a decent amount of living expenses there. Though I would still be quitting my current career to get through the training, depleting my savings, etc. like you. Did you say you were approved for the loan without a cosigner? Did you apply for 2 separate loans for around $50K?
I got approved for half. I am waiting till Mid June to apply for the rest.