Student Financing

General question if anyone knows…how long do the lenders typically give students to pay off the large loans that may be required to cover training here? For example you borrow 70K to get through ATP. You don’t start earning money until you start as an ATP instructor many months later. You don’t place in an actual job position (regional airline for example) until many months after that. How long are the terms typically for the loan?

Great question !! I am interested in the answer as well.

or call the admissions department and ask them as they are the experts on such things.

Approved 2 months ago — Wells Fargo offered us $90K which is the amount needed for ATP Zero to Airline Pilot Fast track program, with a 15 year repayment $1200month (no longer term offered). The school website explains more about getting money towards your loan payments, so I have no details to offer on that as my husband doesn’t start until July 1st.

We plan to cash in investments to clear this and/or refi ASAP because the interest is not like on a regular school student loan and expect to need a cosigner. The bank did not care about our home equity or saving balance…just wanted a high income cosigner with low debts, as the student will not be working so current income is not considered. We saved enough for my husband not to have to work for 1 year in preparation, but we hope he will have income as CFI and offers towards the loan payment before we hit 12 months. I hope this helps you!

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It should be up to a 15 year loan term with 6-9 month deferments, but check with the finance depot to verify.