I applied in the last week to both Sallie Mae and Wells Fargo for a loan equalling the amount estimated by using the ATP website calculator which for me, was ~97k from “0” to CFI. Unfortunately I was unable to be approved for a loan of that amount from either company without a cosigner, and I have reached out to my parents and they are unable to co sign on the loan. I do not have any other viable options for a cosigner.
Obviously this is a huge disappointment. I have about 28 hours from 2 different part 61 schools while tying to work full time and take lessons in the ever changing New England weather. I decided last fall to put that all on hold, save my money, take a leave from my current airline and go to ATP full time starting this summer when my lease was up.
That being said, has anyone had any luck with securing a loan without a cosigner, for part of the whole amount? Without giving financial advise, because I know the risks and detriments of taking multiple loans/a loan from my 401k for the rest. I’m not sure what else to do.
I know it isn’t an ideal situation but I’m trying to weigh all my options to move forward. I will obtain at least my PPL at my home airport if possible over the next few months, before trying again for ATP to “finish up” …
I know thats a lot of “what if” questions, I’m just pretty frustrated with my situation and trying to see what my options are to get to my goal as quickly and efficiently as possible.
To add: I am a 28 year old female, working full time in Boston as a flight attendant for a major airline, I applied to my own airlines ab initio program and that has a similar price tag so I would be in the same situation of needing a co signer, I already have a 4 year bachelor of science degree so a college program doesn’t make sense either.
I’m curious why you attempted to take out the 0-hero amount when you plan to come in with your PPL? Just FYI you will also need 78 hours TT to begin that program. But the lower loan amount for the credit private might benefit you in getting approved. There is also the option of taking out 2 loans for smaller amounts versus 1 big loan. Kirk at ATP HQ is the finance wizard so I would give him a call to see what your options are if you haven’t already.
I didn’t apply for the loan trying to start from 0, I have hours from training over the past year before I decided to go with ATP. I am unable to secure the loan so my next option is to come in with my PPL lower the loan amount and not waste any more time.
I’m running into the same financing problem. My credit limit isn’t high enough to get a loan secured without a cosigner for a full-time accelerated program like ATP. While that has been a big disappointment and setback, I’m continuing to work more than full-time to save money while living with parents and working on my private license. My goal is to go into ATP in a couple months with my private license done, with money in the bank to throw into training, and with the amount of money that I’ll need to borrow reduced.
Is this the most ideal path? Obviously not, but if you’re like me and coming from a low middle class family, trying to borrow in a loan market where credit is tight and tightening due to the Covid-19 economic mess is really hard. I’m working a 9-5 during the day, delivering groceries at night, and studying for my PPL in any spare time I can find. It’s hard to save enough pay to get the borrowed amount under your credit limit, and it’s maddening that we don’t have government funding available for training for low-middle class folks seeking vocational training to improve our careers like there is in Europe, but I truly believe in my case that the hard work will pay off and get me into ATP by year-end.