Sallie Mae interest rates

I’ve been approved for my loan, but wondered what is considered a good interest rate. I have excellent credit but the interest rate seems extremely high, especially when the ATP site lists an “as low as” rate of 3.75 . Just wanted to know what others are getting for interest rates ( I realize it’s a moving target, but average is fine.).

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Things have changed since I went through the program in 2019, but just for reference most of my peers had 7-11% interest rates initially. Once we all started instructing and making an income, a lot of us refinanced and got in to the 3-5% rate.

Hopefully someone will chime in here soon with more recent rates.


Thank you for the info. Never really thought I would be taking out such a huge loan. Pretty daunting thought.



When I took my loan out, I saw a range from 10-13% interest on my loan; since being hired at a Regional Airline, I have refinanced and got a lower rate, around 7-8% (without digging back into my agreement).

Any question related to finance, we typically direct you to Kirk at ATP Finance Department, 904-595-7946.



Given current Fed rate hikes it is unlikely interest rates will go down to historic lows like 2018-2021 levels any time soon.

I’d plan for 8.5-13% rates and maybe refinancing after 1-2yrs down in the 6.5% range at best.

A bank went bankrupt yesterday and Charles Schwabs stock dropped like a rock. All banks will likely be tightening their belts by keeping rates high and increasing their lending standards (means harder refinancing).

Make a budget, use conservative estimates and decide if you’re ready to jump in full time.

Best of luck,
Chris F

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I remember seeing 1% rates advertised for ATP loans.

Hard to budget and live in anything more than a hovel these days. Sadly we’ll have to sell our house for this work and crash with my parents again. Can barely pay the bills even now making a decent income.

I suppose the only reason I’m still even looking into this is because the regionals are offering pretty serious signing bonuses right now (my luck, that will be gone by the time I get to 1500 hrs!)

We all get it, big decisions with no guarantees.
I’d consider renting your home depending on your market. Even if you’re just breaking even, you’ll gain equity in a house you likely have a lower interest rate than one you can find the next few years…not to mention higher current home prices.

Things to consider,
Chris F



If this is in fact the only reason you’re doing this I suggest you reconsider and don’t. This industry can be very volatile and if Covid-25 hits those bonuses could very well disappear. In fact there’s such a backlog for training is newhires you could see things cool sooner than later.


I just barely got my loan approved from Sallie Mae and they gave me an 11% interest rate and I needed to have a cosigner.

How long do I have to pay back the loan from Saile Mae. From my understanding it’s 6 months after training, is that correct?


Everyone’s loans are different, some may be 15-year loan, others may have 10-year…depends on your Terms of Service and Loan Agreement that you sign. When approved, you will have the option to review and accept/decline your options.

Sallie Mae Smart Loan is 6 months post-graduation of ACPP, yes.



I really appreciate your response. Thanks for your help!


Hey guys, I did the admissions flight- enjoyed it and can confidently say I can see myself doing this a long term career. Doing more research and making a plan to really get this going.

Undergoing the financing part currently. I have a cosigner and they have a good credit with a decent amount of income, while I have a great credit score of 784. Sallie Mae is giving me an interest rate of 12% (very high) for a $98,995 loan.

Wondering what the interest rate anybody else is receiving along the credit score??

If there are other alternative options to look into, please feel free to forward any information as well.

Thank you

Try out Meritize, ATP’s other financing partner. I went with them.


You MAY choose whoever you would like to service your loan. Have you seen the economical standpoint of the US? Interest rates are at an all-time high recently, you’re looking at borrowing enough money that could cover a mortgage to do something you enjoy and in return, will make hundreds of thousands greater in value than your initial loan.

Any time we get financial questions we recommend reaching out to the ATP Finance department as they specialize in finances and loans, which can answer questions better than we can.


I recently applied as well and received an interest rate that ranges from 10.5% - 11.75% with sallie mae(no co-signer). Although interest rates are going up and the era of cheap money is coming to an end, it’s still better than 15%+.


Not quite sure where people are securing the 5% unless it’s an old post or post-refinancing. Even back in 2019 when I secured financing my initial rate was 11%. That seems to be pretty standard. However, once you start making an income instructing or even at the regionals you can always refinance! I got mine down to 5% as a CFI and now down to 3% as an airline pilot.



Absolutely correct about that being an older post, a much older post. Excuse the miss information. Did you by chance have a co-signer when you first applied?


I had a 12% interest rate, with a cosigner. That loan was applied and approved in the early 2020 when covid was just starting. Since, similar to Hannah, I’ve refinanced and got my rate down to 8%, however it was never under book value so I’m guessing that’s another good reason to why I couldn’t get a lower rate.


Hey Phillip,

For another data point: I just applied to Sallie Mae this week without a cosigner, my credit score is 817, and I was approved for up to $110,995 (likely won’t take it all) at 7.75%-8.75% fixed. I’m currently in a very different industry and career, for reference.