Question about interest rate on Sallie Mae loan

I have couple of family members that can co-sign for Sallie Mae loan. One is my Uncle is vetern pilot in the Navy and the other family member is my step brother. They both great credit and income is very high. Would I get lower interest rate if my uncle co-sign for the loan.

Adrian Randall


That’s really a question for ATPs finance people (you should give them a call) but generally better credit offers better rates.



To my knowledge, credit scores are based on people’s track record of repaying loans, prior military service does not factor into that. But, it is best to speak with the finance people at ATP to get their insight into who might be a better co-applicant.



We’re only pilots so we can fly planes well but finance knowledge is not our area of expertise. You’re fortunate to have two options! Best to ask those at Sallie Mae which qualities lead to lower rates and evaluate from there.



There is a lot of factors that play into interest rates, credit history being one. You also have to understand we are in an all-time high of the highest interest rates in history. Prime rate for mortgage rates for homes is around 8.5%… As far as the co-signor, they look at credit history, repayment guarantee, and more. I recommend reaching out to ATP’s Finance Department to inquire about what they think.

Take it with a grain of salt, I started ATP in 2020 with an interest rate in the mid 12%'s, I refinanced once I got hired shortly after 2 years of starting at ATP as a Credit Private and got an interest rate in the low 8%'s; saving myself a course of around $30,000 of total finance charges. Taking this risk of high interest rate allowed me to reach my dream job and paying back the loan is no problem. In fact, I’m looking at another refinance hopefully early next year depending on how this market proceeds going into this fall.