Loan experience

I’ve seen a lot of questions asking about how hard it is to get a loan either through Sallie Mae or Wells Fargo. So I figured I’d give my experience, I’m 23 have pretty good credit not perfect (730). Ive had a very repetitive income for the past 3 years averaging only around $40,000 a year. And have paid off a car loan. So I decided to apply for just Sallie Mae because I liked the options they offered a little more than the Wells Forgo. Applied for the $77,000 and got approved the same day with no co-signer needed. I was pretty nervous looking at what all forms, seeing people having trouble getting approved. Hope this can give some confidence to people that are worried about the loan portion.

1 Like

Hey Austin,

I assume when you applied for your loan, SM knew you would be without income for the initial 9 months of training. Did they ask you to prove you have enough in savings, or maybe ask you for a plan in case CFI pay wouldn’t be enough to cover repayment? Also, do you mind if I ask if you’ve put down your deposit for a class start date, or plan to do that after you’ve qualified for the loan?


They knew I wasn’t going to much income for the 9 months of training. I did deferred repayment option where you pay only $25 a month. I plan on paying more than that but I didn’t want to be obligated to anything just incase. They asked me how much savings I had but didn’t ask for proof. But I’m pretty sure they can see that with a credit check? I really don’t know. I’m making my deposit for my start date tomorrow which is the earliest I can enroll for the start date I want, 9 months out.

Credit checks only check credit, not bank account balances.

Congrats and welcome into the fold! 9 months out? Is that how long the “waitlist” is now?

Not 9 months hahah just in the military and don’t get out till July.

Congrats!! That’s a huge hurdle for a lot of people, and can stop them from moving forward with their dream. Says a lot that you were able to get approved so young without a co-signer. Good luck to you in your training!

I got a question for anybody who can answer. I a South African citizen and graduating from University of South Carolina here in the United States. The way I can stay in the U.S. is by getting a job in my degree field. More importantly, my real dream is the airlines(doing anything other than flying planes is misery for me) so I am trying to join ATP and need a loan. Anyone knows if internationals who aren’t permanent residents still get approved for the loans? Are the loans worth it, whats the catch? Before I came to the U.S. for the degree I was able to get my private pilots license, I went solo at 15 hours, I truly have a passion but money always gave me a “start, stop, relearn” problem.

Another part of the question, I understand this is an accelerated program and it must be very demanding but is it possible to maintain a part-time job during this time for living expenses and to reduce the burden of some of these loans. Like a job after I am done flying for the day.

You will need to either be a US citizen or permanent resident to enroll in ATP’s program, or fly for an airline based in the US.

Before I am crucified on here. I spent more time reading the several other topics and pretty much found the information. Sounds like it’s highly not advisable to work a part-time or at all so I am definitely not gonna try find a job and I’ll just work on saving up money. As for U.S Citizenship or U.S Permanent residency, fortunately me and my girlfriend have been going steady for a couple of years so that’s a likely path (we were together long before I was interested in ATP) no ill intentions, were genuine. I hope to join ATP in my journey to the airlines. Great forum you guys have!