I’m at Final part (Loans) so I applied with sallie mae I stumbled upon two types of reviews when it comes to get a loan from Sallie mae (1⭐) or (5⭐) either the review is very bad or delightful, So my question did anyone here got a loan from them? and how is it durning flight school and after graduation? Any advices or caution steps I need to take?
Thanks in advance
I currently owe Sallie Mae a few cents short of my firstborn child… I haven’t had any issues with them, then again, I make my payments on time and don’t interact with them. I applied without a co-signer so my interest is higher and I can’t refinance with anyone else at this time, however if I land on hard times, they do offer reduced interest-only payments as loan forbearance until I’m able to make full payments again. Most people at ATP that I went with financed their training and SLMA got the majority of those loans.
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I applied and got rejected then added a cosigner and they didn’t accept that one, just informed me today about the decision, I have one more cosigner to add if didn’t work then I’ll look for different lenders, any advice?
Have yo tried other lenders already? It just the one? When I was enrolling last year both Sallie Mae and Wells Fargo were listed. I don’t know if WElls Fargo is still listed but it’s worth a try applying for them too? They are who I use because they offered me a much better interest rate.
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I will try Wells Fargo as well, no I haven’t tried anyone else yet.
Kinda feels like you need to be rich to get approved lol
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Ahmed,
You don’t have to be rich to be in ATP Flight School, Tory posted an article I read once that he needed a cosigner (if I remember correctly) and then refinanced later in life. Do you have an established credit score, if you don’t mind? Credit lenders such Sallie Mae and Wells Fargo are looking for an “okay” score from what I’ve been informed roughly 640+ with a cosigner. Bare in mind that the cosigners may need to have a good credit history, no delinquent accounts…Both lenders of ATP (SM & WF) understand we’re coming to them seeking financial help to fulfil our dreams. 
Brady
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I do have a good credit with 765, and my first cosigner with 680 but still I got rejected, even though I make close to 65k a year they still said you have insufficient income for that amount of loan lol so I’m honestly don’t understand what the banks expect from us 
I too went with Wells Fargo for paying for flight school. I believe that unsecured personal loans are harder to get because there is no collateral required which puts these banks at more of a risk. Therefore they are very careful about who they give 60k+ to.
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I was approved without a co-signer. However, that was back in 2013. The banks’ parameters for loan approval change often. You don’t have to be rich necessarily. Just good credit history. Your co-signer’s 680 credit score is probably not good enough.
Tory
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You should be looking for a cosigner that has very similar or better credit than you. The purpose of the cosigner is to reduce the risk of the loan to the lender. The lower credit score of the cosigner you used increased the risk vs you applying by yourself. Which is why that app was denied.
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I just turned 20 with a credit score of 693. Problem is that I don’t have a job and scholarships don’t count as income for them. Therefore, I needed a cosigner but the I got a pretty low interest rate between the two of us.
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My credit history is only 3 years old as that’s how long I’ve been in the country, but I believe with 765 score I’m in good shape with 100% payment history and one paid off car in 8 months, when it comes to cosigner I’m very limited to the number of people I know, then the one’s who are willing to cosign me with a over the minimum limit score of 640 are few, so it’s not like I have many choices to go with, I guess if this didn’t work then I’m most likely won’t be able to attend ATP
Just a guess, but. your short credit history is probably the problem here.
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I agree.
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@Tory @Chris I know it’s and I agree but unfortunately there is nothing to do about it, also when it comes to designers I have a limited people I know that are willing to cosign me, wish me luck
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Ahmed,
I do wish you luck. Keep at it, save your money and apply every year or so. It might take you longer than you wish, but if you keep at it, you will get there eventually.
Chris
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Yeah @Chris I guess I’m out for now, I tried every option available and didn’t get approved.
Thanks for everyone, you guys been amazing, wish you all great luck and have a Merry Christmas.
Ahmed,
I am sorry to hear that. Hang in there and keep the dream alive. Merry Christmas to you also.
Chris
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I am truly sorry to hear that. I was right in you shoes. After getting my PPL I recognized that I was going too slow trying to pay as I go and I’d need to eventually get a loan so I applied. I got denied for the loan but 7 months later I was able to apply and receive a loan. As Chris said, hang in there! I’m sure your time will come and when it does you can have this testimony to tell to others that may find themselves in your shoes in the future. Merry Christmas and Happy New Year!
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Thank you my friend, that’s my decision as well I’ll just go with it, probably I’ll get my ppl as that will save me some money and next time I apply the total will be less, and hopefully I’ll get approved, happy new year to you as well