Loan Approval?

Hello everyone!
My name is Cameron and I am wondering as to what should my course of action be when it comes to financing the ATP program? A few years ago I applied for a loan for ATP that was denied because of the amount (too high). So, instead of ATP I enrolled in Liberty University to get a degree in aviaton (Bachelor of Aeronautical Science). With this I would become a Commercial Pilot and have a degree in four years. However, the pace of the program was too fast (Part 141) for me having to work on my studies, flight training, and working a full-time job.

Bradley,

Welcome to the forum. You could apply again if your financial situation has changed dramatically, but I imagine you might get denied again unless you have a cosigner. It’s an unsecured loan which is incredibly risky for banks. They want to see great assurances they will get their money back so it can be quite difficult to get approved on your own.

Where are you now in regards to your flight training and degree? Are you still in college just not pursuing the flight training aspect? I’m concerned that if the 141 pace was too fast, ATP’s fast track program will be a challenge for you. Granted you were having to balance school work and your flight training where at ATP it would only be flight training, however, the actual flight training portion is at a much more gradual pace since its stretched out over the course of semesters and years in school. You spend an entire year getting a private rating compared to 8 weeks at ATP. Just something you need to consider before applying for the loan again…

Hannah

Cameron,

I’m with Hannah here. If the problem was the pace of a 141 school (even with other studies), ATP will be blinding. Liberty stretches the program out hitting the required hours of a 141 school. Being part 61, ATP has no hour requirement and compresses what Liberty does in years into months.

Adam

Thank you both for your input! I have been debating whether to do Part 61 at my local airport with a pay as you go method or trying ATP again. I would prefer ATP because as Hannah said, I would only be doing my flight training. The pace would not bother me in this situation. However, unfortunately a cosigner is not possible for me (I know no such person with that kind of money/credit). Again, thank you for your advice! God bless!

And Hannah, I have about 17 hours of training. I did not apply for the next semester because I fell too far behind with my flight lessons. Part 61 is where I am comfortable. Also, I would have had my private rating completed in two or three months if I were able to keep up. One of my classmates finished his private rating in two months I believe. Granted, he lives about five minutes from the airport.

Bradley,

Good luck to you. The only thing I ask is if (when) you see your flight training going off the rails both time and expense wise you’ll rethink this. The fact is the majority of people who do their flight training part-time locally never reach their goals.

Adam

Bradley,

Don’t mistake part 61 with slower paced training. There are local schools that might be able to cater to your pace but ATP is definitely not that. If you are unable to secure a loan, the local schools will be your only option. Just be careful because it’s very easy to go way over budget and take 2 or 3x as long to get through the required training.

Also you didnt mention if you ended up graduating with a degree or not. If not, you need to consider adding that to your timeline. A career without a degree is limited right from the start.

Hannah

I am fine with the training. My problem was with the training and school work I had to do simultaneously. I do not have a degree. This is why I was working on both at the same time.