Financing

madit

Well-Known Member
This is my first post here and I have to say I love the forum. I'm a low timer who is looking at the ATP and was wondering if anyone could give me advice of financing. My questions are:

Who did you go through?
How much was it to complete everything?
What are the standard loan terms? (like how many years you pay back, rates and what not)

I made it through my undergrad debt free and don't mind taking out loans to get where I want to go. Any advice or help is greatly appreciated
 

pscraig

Well-Known Member
I did the Key Loan, I'm not sure what ATP's maximum is however. Call the 800 number, and ask to speak to Erol, he handles the financial aid. He was a big help in transferring my existing Key Loan from my old flight school to ATP.

With Key, Less than 60K=15 year repayment period. There is a payment calculator on the Key Alternative Loan website.

Get a loan, take the writtens, study hard and go to ATP. I wish I could do it all again.
 

Dubbs42

New Member
I'm going to be starting in January and just talked to Erol today - max funds allowable is $52,000 with living expenses, the $2400 in checkride/examiner's fees, etc. At that rate he ran it out to be about $380-390/month for the 180 months. He also made it sound like you don't even need a cosigner unless you have some late payments or other major problems. My question to those who have gone through the program - what have been your average monthly living costs?
 

aloft

New Member
Damn...$380/month? So, assume you get hired as an ATP CFI and have $20k in student loans from college.

$1000/mo salary as an independent contractor instructor, less 20% taxes leaves $800;
less $200/mo to live in ATP's housing leaves $600;
less $380/mo for the key loan leaves $220;
less ~$300 for college loans leaves -$80,
less $100/mo health insurance leaves -$180;

Food? Soap? Laundry? Toilet paper? Car? Gas? Car insurance? Need not these things, an ATP Jedi must.....

I'd love to hear how some of you guys are swinging this financially.
 

TigerFlyer

New Member
I've paid off the student loans and am workin' in a different industry saving cash so when I do go I'll have a nest egg to fund it and the CFI lifestyle for a while.
 

blee256

Well-Known Member
[ QUOTE ]
Damn...$380/month? So, assume you get hired as an ATP CFI and have $20k in student loans from college.

$1000/mo salary as an independent contractor instructor, less 20% taxes leaves $800;
less $200/mo to live in ATP's housing leaves $600;
less $380/mo for the key loan leaves $220;
less ~$300 for college loans leaves -$80,
less $100/mo health insurance leaves -$180;

Food? Soap? Laundry? Toilet paper? Car? Gas? Car insurance? Need not these things, an ATP Jedi must.....

I'd love to hear how some of you guys are swinging this financially.

[/ QUOTE ]

Dont forget car payment/ insurance and a cell phone (which is required)
 

Dubbs42

New Member
Well the $380/month was with the max payout. I plan on using more like $40grand, which should drop around $100/month I hope. -and if you figure no payments for 6months while your instructing. That's not AS bad, but still I guess thats one of the huge sacrifices we have to take huh? Livin' off of ramen noodles and 99cent michelina tv dinners...yummm
 

Raskolnikov

Well-Known Member
Wow, I'd love to hear some real stories from real people who have done this too. I'm also sitting on $25000 in student loans and have put off learning to fly for at least another year...
 
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