Real Answers from Real Pilots


I was approved for a $92k Sallie Mae loan with a loan shark interest rate of 11.25% (fixed) and an estimated monthly of nearly $1200 I’m only 20 and also have a car note of 180/month for 6 years. If i dive headfirst into this what are refinancing options once i graduate and after how long can i refinance. Not really sure if I’m ready to accept that amount of debt yet if there wont be any refinancing options down the road. I am prepared to live a not so satisfying life for the next 4-5 years so i can repay it quickly but would obviously like to avoid that.


I have heard of people refinancing their loans, but I do not know any specifics of it, you will have to do some research of your own on that.

I would not exactly call 11.25% a “loan shark” rate on an un-collateralized loan. If you stop making your car payment, the bank will come and take your car from you to recoup their losses. If you stop making your student loan payments, there is nothing that the bank can do except for take you to court, thus the risk to the bank is much higher and the interest rate is accordingly higher.


You could always refinance later on down the road IF there is any other lenders that would give you a loan for that full amount and better interest rate after checking your credit score, and verify your source of income to pay back the loan.

Sofi and Credible have been used with some success by previous grads. Both will require a co-signer.

Better fixed than variable. The variable disclosures stated they could jack that up to 24.99% which would even be more of a killer. I’d say, 11.25% is good. Granted you’ll be making more than the average monthly payment, furnish your budget good and you won’t have to pay it for the 15 (or so) years.

ATP works with several lenders that offer refinancing options. Wells Fargo and Citizens Bank are two options that come to mind. Check out more info here:

Call Kirk in ATP Admin as he is the expert on all such things.

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Kirk is awesome! I second Chris!

I was just able to refinance my Sallie Mae loan with citizens bank. I had about a $59,000 balance at 10.75% over 15 years with $540 a month in interest only payments while in forbearance and now I have about 6.05% amortized over 20 years with payments of $420 a month for principle and interest. Hope this helps someone.