I was curious if anyone knows if there is any way to get federal aid or federal student loans for ATP?
Im wondering this because I’m younger and do not have credit yet and think ill need a cosigner, however I do not have anybody that could do it for me. I know you do not need cosigners for federal student loans.
I read that the “Subsidized and unsubsidized loans are federal student loans for eligible students to help cover the cost of higher education at a four-year college or university, community college, or trade, career, or technical school.”
Is ATP a “career school”?
While ATP will train you for a career in aviation, unfortunately the govt doesn’t recognize it as such and will not give you aid towards it. Many of us were in the same situation as you. That often means delaying the training till you’re better off financially.
You can receive federal student loans for four year-flight universities like Embry-Riddle. It might be worth it since you are younger to look into those schools, since you could get a degree there!
But like Adam said, ATP doesn’t fall into those categories unfortunately!
I was wondering, if I would to take out a loan for ATP training to cover related expenses and considering the interest rate that is being offered by Sallie Mae ( around 10%) how realistic is it to pay off my debt as soon as possible? Do majority of ATP students have to go through loans or they have the money ready for the training so they don’t have to repay it later? How long approximately it may take to repay it back for someone that will start working in the industry right after the ATP graduation? Thank you
This is very hard to answer because everyone’s situation is different. Most students need to take out a loan.
My loan term is 15 years, but I’m trying to get it paid off in 7.
Those are all very nebulous questions as everybody’s situation is different and even the definition of “as soon as possible” varies from one person to the next. I can tell you that I paid off my loans in half the amount of time required, but your mileage may vary.
Ok, thank you guys. I understand that everyone’s situation is different but just wanted to ask since I thought that maybe I am the only one here that will have to take out a loan for ATP. I understand that being smart about my finances may help to pay it off earlier than expected. I appreciate your input.
I can assure you that you are nowhere near being the only one taking out a loan. While everyone’s situation is different the majority of ATP students need to take out loans.
I wouldn’t advise this unless you seriously do the math because I did this and 3/4 through the program was unable to secure financing from my bank which left me without the degree and without the ratings. Not to mention the loan originally was for the degree only and not the flight training.
just curious as to whether it is common for ATP students/current pilots to refinance their loan for a lower interest rates once they land a position with the airline and start earning better pay, even at regional?
I came from the private sector world where folks who took out loans for fancy MBAs would refinance them afterwards.
Yes. Something I wish I did, actually.