Im confused on the new ATP ruling?

The final ruling was issued by the FAA yesterday. What it says is that you can get a "restricted ATP" at 1,000 hours and act as SIC in Part 121 operations IF you are at least 21 and you hold either an associate degree or bachelor degree with a major in aviation from an accredited university such as ERAU. Until you receive either of those diplomas, you will need 1,500 hours to qualify. It also says you will need to have at least 50 hours of multi-engine time earned through an FAA approved Airline Transport Pilot Certification Training Program and to serve as SIC in Part 121 ops you'll need a type rating in the aircraft flown. With a restricted ATP you cannot act as pilot-in-command in any operation requiring an ATP certificate.

If you cannot understand the FAA reports, perhaps you should choose a different career. Your livelihood will depend on it. Lastly, you could have saved yourself at least $100,000 by going to a community college and state college in your home state that had an aviation program. Going to ERAU won't give you ANY advantage when it comes to getting a job. I know. I earned two degrees from there and they haven't helped my career in any way I've ever been able to discern. Good luck navigating your way through the infamous "Riddle Runaround".

Not clear on what the restricted ATP grants you vs a full ATP, but basically you can get one with 1000 hours if you have a bachelor's degree majoring in aviation and your training was part 141. If you have an associate's degree majoring in aviation then you need 1250. If you did anything part 61 then you're SOL and you have to get the full 1500. Besides that, you need 200 hours of x/c time (down from 500).

That's just for the license, if you actually want a job at any place that requires an ATP then you should find some low time work (eg CFI), and you'll also need some multi time somewhere.

Pilots pursuing an ATP certificate after July 31, 2014, in addition to having 1,500 hours, will have to complete a new, yet-to-be developed, ATP certification training program. The program, consisting of 30 hours of ground and 10 hours of simulator training, must be completed prior to being eligible to take the ATP written and practical tests.

The new rule also establishes a new ATP certificate with restricted privileges for multiengine airplane only. The restricted ATP certificate can only be used to serve as a first officer at an air carrier. To obtain that certificate an applicant must be at least 21 years old, hold a commercial pilot certificate with an instrument rating, complete an ATP certification training program, and pass the ATP written and knowledge tests. For the restricted ATP certificate, applicants do get some relief as they are required to have at least 750 hours total time as a military pilot; at least 1,000 hours total time and a bachelor’s degree with an aviation major; at least 1,250 hours total time and an associate’s degree with an aviation major; or 1,500 hours total time as pilot.

You are going to buy an ATP rating and 1000 hours? Good luck, hope you are rich. Plus, most carriers will pick people with actual experience rather than 1000 hours of training.