Can anyone enlighten me on the loan repayment process. For instance, if I take out 75k in loans from Sallie May or Wells Fargo, when does the repayment begin on those. I believe it’s 6 months after completion of the program but what does that refer to…A) the roughly 9 months it takes to get all certifications or B) the estimated 2 years of obtaining your certs plus becoming a CFI with ATP to get your 1500 hours
I would be starting in January so my estimated completion of certs would put me around Oct 2019
The loan payments begin after you’re done training (9mos). However, you can elect to defer the payments till after you get hired by an airline. What you need to know is if you defer the payments the loan has already starting building interest which will increase the amount of the debt. On the plus side ATP students who sign an agreement with one of ATPs Regional partners can begin receiving Tuition Reimbursement to help cover the payments which is why most students don’t need to defer.
Make sure to call the financing department to get the official answer on this and to begin the financing process. Class dates have been filling up several months out, so start the process as soon as possible.