Wells Fargo Loan Limitation

ATP Admissions, Housing & Finance Questions
1

Hello, long time listener first time caller. I recently started the loan application process with my cosigner and Wells Fargo (WF). I followed along with the instructions provided on WF loan tips on ATP’s website and if you check all the boxes from zero-time (examiner’s fees, housing, etc) the total comes to $104,295. I just received a call from WF and they said that is over the limit but they can finance me for $99,999. Honestly this is a little frustrating since WF is partnered with ATP to provide loans for training but they won’t cover the total cost of tuition if you need full assistance. I checked all the boxes because things can happen down the road and it’s easier to get the money up front than to have to worry about it down the road and the pilot mentors on this board have recommended taking the full amount.

If you are in the process of figuring out your cash flow, please take this into consideration. I’ll hang up and listen.

edit: “take the full amount” Question about loan

2

Kyle,

Did you call Admissions and speak to the finance representative? (Kirk)

If not, I’d definitely give him a call, he is very helpful and should be able to offer you assistance.

3

I have not, just wanted folks to be aware of what happened with WF. I told them to go ahead and reduce the request to 99k, possibly will reduce further. First go around was a 7.49 percent interest rate but that was with a 0.25 reduction since I have a WF account.

4

Kyle,

You sound like you listen to the E.I.B. Network from time to time.

I would absolutely recommend speaking to Kirk, he is very good at such things.

Chris

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5

Sooooo you got the answer from WF, came on the forum to express your frustration with WF and ATP BEFORE you contacted ATP and gave them the opportunity to possibly remedy the problem? Not sure they can but I hope you’ll post as quickly if that’s the case.

Adam⁸

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6

Never heard of the EIB network before but google tells me it’s Rush Limbaugh’s Show. Most of my knowledge of Rush comes from Family Guy sketches I must admit.

edt: I reread my post and I forgot I put the radio jargon in there. That is mainly a reference to the AM radio sports programs I consume. I live and breathe for NCAA football.

7

OK maybe “frustration” was not the right word but the WF loan consultant did say 104K is over an arbitrary limit. I am calling ATP tomorrow to tie up some loose financial ends and I will see what they say and report back. No word yet from Sallie Mae application.

8

Well, “now you know, the rest of the story.”

Some more classic radio jargon for you. Props to anybody that gets that reference without looking it up.

Chris

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9

Update: Per Kirk the WF limit is real you just need to break up the 104k into smaller loans, e.g. 99k+5k if you need the full amount. No limit on sallie mae and their rates were same as WF.

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