Income for student loan qualification

[Anonymous]

Hi,

So I am looking to apply for a private student loan later this year. I’m hoping to apply and qualify without a co-signer.

My question is that I currently have a very good credit score (750+) and I have an extremely good income (~100k) but how would the loan company, SallieMae or Wells Fargo in particular, look at my income?

Would they use this to consider if I can get the loan without a co-signer considering I would have to give up work when I started school? Or would they just assume I have no income and would have to have a co-signer?

My student loan amount would be around $60k for career training as well as opposed to an undergraduate course.

Thanks

[Anonymous]

Just curious are you planning on doing your flight training through ATP? Im not an expert but when I appled they look at the income you currently make to approve the application. However if you go beyond a single school year and have to apply again for more funds then you would have to provide a new income source which would be difficult considering your schooling. 

[Anonymous]

@tydawg yes, through ATP so it’s only really a 6 month course. That’s the reason I specifically asked about Wells Fargo and Sallie Mae since those are the 2 companies that finance that program

[Anonymous]

Make sure you get your free 1 hour intro flight after getting pre-approved. Wells Fargo will probably offer you the lower rate so I would go with them, make sure you establish a PREMIUM CHECKING account before loan closing, this will save you 0.50% instead of the 0.25% that is advertised for the regular checking. As soon as the loan closes you can close the checking account out to avoid the fee. This is not well advertised but it is a thing. Wells Fargo has been great to work with so far. 

On a side note as a fellow aviator, in the STRONGEST terms possible I urge to get you PPL before signing on with ATP. 

Best of luck

[Anonymous]

Thanks Tydawg,

I’m actually working on my PPL now through a private school and personal financing but I just have no way to personally finance all the ratings without a loan so ATP seems the only way to get the financing and with the speed to ratings, I don’t want it to take 2-3 yrs since I’m already in my mid 30’s. I know there are some bad ratings on them and the whole “pilot mill” worries but I’m not worried about that since they do get results. And totally planning on my CFI instruction somewhere else than them which pay much better.

[Anonymous]

Just a thought but have you looked at US Sport Aircraft? I am going to take a few flights with them in the next few weeks as I want to try out the sportscruiser for a possible future purchase, but I know they have a lot of students that go all the way up to CFI, MEI, Commercial, ETC. Just a second option for you I am sure you have done the research. 

If you decide to go with ATP I would apply with both lenders though for sure, as you never know. Another option for financing to consider is through AOPA. 

[Anonymous]

Haha. Well, that’s where I’m actually doing my PPL and would hope that I can be a CFI as I know they pay pretty well compared to other flight schools in the area.

Even doing their further programs would still be about $50-60k which is similar to ATP since post private you can’t really use the sportcruiser since it’s not IFR rated.

The Sportcruiser is fun to fly though and they are a lot cheaper to fly than a 172 etc.

[Anonymous]

LOL Small world! I heard that they installed a full glass IFR set up for someone using the sportscruiser? IMO Piper >>>>> Cessna, I get sick in high wing AC. I think ATP would probably be a good fit then, I did not end up doing their program but a few of my close friends have enjoyed it. It's just one of those things that you have to go into with eyes wide open.  

[Anonymous]

They did, but it’s not one you can rent. It belongs to a private owner I think which they just look after.

[Anonymous]

I am also looking at ATP flight school! Does anyone know what SallieMae/ Wells Fargo's DTI stipulations are on these private student loans? If they go to 60% DTI, I can qualify without a cosigner. Any lower and I don't think I'd qualify, and I will have a very difficult time finding someone to cosign on an 80K loan. I work at a major bank and we go to 60% DTI on personal unsecured loans, but max loan amt is 25K.