Flight Training Loan FAQs
Does ATP accept financial aid, grants, or scholarships?
Financial Aid, such as Stafford Loans and Pell Grants, that can be requested through the Free Application for Federal Student Aid (FAFSA) can not be used to help cover the costs of flight training at ATP. This type of aid is meant to assist students with college coursework. ATP is not a college. Keep in mind that Stafford and Pell covers a limited portion of college coursework and Plus Loans (credit based loans from the Government) or Private Student Loans are still necessary to finance flight training through a college.
ATP has partnered with the two largest providers of Private Students Loans, Sallie Mae and Wells Fargo. These lenders offer credit based loans covering 100% of the cost to attend ATP. ATP’s lenders have more competitive interest rates than a Plus Loan and offer customized repayment and refinancing options. This ensures that students have the most advantageous and affordable repayment structure of any financing available for flight training.
Do I need a cosigner to be approved for a loan?
ATP’s lenders prefer that students apply with a cosigner. The minimum qualifications they’re looking for are:
- 640 or higher credit score
- 2 years of credit history
- No derogatory items on the credit report (bankruptcy, foreclosures, etc...)
While you are eligible to apply as a stand alone applicant, most students will need someone to cosign in order to be approved. Loans have a better chance of being approved and will always have a lower interest rate with a cosigner.
I need to explain my flight training loan to my cosigner. Where do I begin?
Be sure to review ATP’s cosigner prospectus for valuable information to discuss with potential cosigners. It outlines the benefits of flight training at ATP and the specific requirements and responsibilities for cosigners.
Will my cosigner be obligated for the life of the loan?
Sallie Mae and Wells Fargo both offer cosigner release options after a minimum number of payments have been made. If this is of interest, you and your cosigner should be aware of the minimum requirements for the Sallie Mae cosigner release and the Wells Fargo cosigner release.
How does ATP receive the loan funds?
There are three important facts you should know about ATP’s payment structure:
- ATP receives payments incrementally throughout the program.
- ATP quotes a fixed price.
- Refunds are issued in 15 days or less.
ATP’s multi-disbursement payment structure allows us to determine a student’s ability to be successful in this career early in the program, prior to spending the entire amount of tuition. Unlike other flight training academies, ATP’s program is structured so that ATP is motivated to quickly discontinue those who are unlikely to excel at ATP’s pace. With a fixed-cost pricing structure, ATP does not benefit from having to provide more and more training at an hourly rate—a common tactic found elsewhere.
When do I have to start repaying the loan?
Sallie Mae and Wells Fargo allow students to defer their loan repayment while they are in training. Both companies also offer an additional 6 month post graduation grace period.
ATP's primary lenders offer flexible repayment options after the traditional 6 month post-school grace period has been exhausted. Sallie Mae offers Graduated Repayment, which allows for 12 months of interest-only payments before the loan enters full repayment. Wells Fargo offers up to 24 months of Forbearance (no payments required) while flight instructors are building to 1500 hours of total time required to be hired by the Regional Airlines. These repayment plans give ATP's graduates the ability to earn a salary as an airline pilot (and in most cases secure a signing bonus) before making full payments.