A.M. Loans Review: A Niche No-Cosigner Option, Not Our Top Pick

3.2 _/5

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Our take: If you’re specifically looking for a no-cosigner student loan, A.M. Money may be worth exploring—but we recommend starting with our best no-cosigner student loans guide. It features four top-rated options that all scored higher in our editorial review and may offer more flexible eligibility or better terms.

No-Cosigner Private Student Loans

• Lending decisions based on merit, not credit
• Offers an income-based repayment plan for those needing repayment assistance

• Most approved students are junior or senior undergrads or graduate students, but some second-semester sophomores may apply
• Only 50 schools are eligible, all located in Illinois

Fixed rates (APR)	8.34 – 8.87
Loan amounts	$3,750 – $50,000
Repayment terms	10 years
Fees	4.5% origination

A.M. Money, founded in 2017 by two Chicago natives, emerged with a unique aspiration: enabling educational access and success to high-achieving students, irrespective of financial backgrounds.

It offers income-based repayment options for borrowers who need it as they navigate their postgraduation financial landscape. A.M. Money offers loans to upperclassmen and graduate students at 50 eligible schools. Continue reading for a comprehensive overview of A.M. Money student loans.

Table of Contents

1. About A.M. Money’s no-cosigner student loan
   1. Rates, terms, and more
   2. Who’s eligible?
2. Repayment
3. Alternatives
4. Is A.M. Money legit?
5. Customer service
6. How to apply
7. FAQ

About A.M. Money’s no-cosigner student loan

Rates, terms, and more

A.M. Money offers private no-cosigner student loans, prioritizing academic achievement and future potential rather than a borrower’s credit score.

A.M. student loans offer the option for income-based repayment (IBR). A.M Money says it was the first lender to offer this provision, which allows borrowers who are struggling financially to limit their loan payments to an affordable amount based on their income and family size. 

This assistance is available for up to 36 months, providing relief for borrowers as they navigate their early career stages.

Here are the specifics on A.M. Money’s private student loan terms:

Fixed rates (APR)	8.34 – 8.87
Loan amounts	$3,750 – $50,000
Repayment terms	10 years
Fees	4.5% origination
In-school repayment	Deferred
Grace period	6 months
Repayment assistance	Income-based repayment for up to 36 months,
Unique options	Career assistance, financial aid analysis, and free financial coaching

Who’s eligible?

Rather than focusing on traditional factors such as credit scores and income, A.M. Money considers a student’s academic success and future potential. The availability of the loans is limited—only students attending one of 50 eligible schools may apply.

Here’s more about A.M. Money’s eligibility requirements for its private student loans:

Requirement	Details
Citizenship	Must be a U.S. citizen or permanent resident
State of residence	All 50 states
Minimum age	Must be at least the age of majority in your state of residence when you apply
Enrollment status	Must be enrolled as a second-semester sophomore, junior, senior, or graduate student in an eligible program
Minimum credit score	Not applicable. Instead, academic requirements, such as GPA and meeting your school’s Satisfactory Academic Progress guidelines apply.
Minimum income	Not applicable, but the ideal applicant is eligible or nearly eligible for a Pell Grant

How do you repay an A.M. student loan?

Repayment begins after graduation or leaving school due to an in-school deferment period and a six-month grace period that allows for breathing room after completing your education. 

The standard repayment term for A.M. Money loans is 10 years. You can pay off the loan early without any penalties.

A.M. Money offers an income-based repayment (IBR) program for up to 36 months, aiming to assist those facing financial hardship. In addition, the company provides a financial hardship deferment option.

More about the IBR program: 

• Adjusts your monthly payment based on your income, family size, and location. The minimum monthly payment under this program is $50.
• The annual IBR repayment amount is 15% of the difference between your adjusted gross income (AGI) and 150% of the Department of Health and Human Services poverty guideline for your family size and state.
• Find out whether you qualify for the IBR program by contacting A.M. Money’s loan servicer, American Educational Services, at 1-800-233-0557 and requesting the A.M. Money loan modification program. Also, check out our IBR calculator.
• If you’re married and file a joint federal tax return, your AGI includes both incomes.

A.M. Money alternatives

We like A.M. Money’s IBR option, but its availability is limited. If you’re attending one of the Illinois schools it works with, it might be worth considering.

We think the following higher-rated no-cosigner loans are better options for most borrowers:

• Funding U loans are available to undergraduate students attending four-year, nonprofit colleges full-time in one of 38 eligible states. U.S. citizens, permanent residents, and DACA recipients can apply, and all loans come with fixed interest rates for predictable repayment.
• MPOWER caters to those studying abroad in the United States during college and working abroad after graduation.
• Ascent offers non-cosigned loans that consider academic performance and career potential rather than just credit history—and similar to A.M. Money, payments aren’t required until you finish or leave school.
• Edly, like A.M. Money, offers an income-based repayment option, and we think Edly’s program is superior.

Is A.M. Money legit?

Yes, A.M. Money is a legitimate private loan lender, but it only has a few reviews online: eight on Trustpilot, with an average rating of 4.3/5. 

Reviews are similar to this one:

A.M. Money has made it possible for me to finish college. Not having a cosigner made paying for college incredibly difficult, until I discovered this lender. I highly recommend them, they will go the extra mile to make you sure you can fund your education.

—Trustpilot reviewer

About A.M. Money’s customer service

A.M. Money’s team is located in Chicago, Illinois. Once the loan is issued, repayment management and communication are handled by the loan servicer, American Education Services.

With this shift, most of the loan repayment queries and processes will go to the servicer. However, for questions or issues related to loan application, eligibility, or general information about A.M. Money’s services, here’s how you can get in touch with A.M. Money:

• Email: [email protected]
• Phone: +1-312-262-2498
• Mailing address: 192 N. Wells St. #131, Chicago, IL 60606

For loan repayment and management:

• American Education Services: 1-800-233-0557

How to apply for an A.M. Money private student loan

You can complete the initial application in under three minutes, and A.M. Money typically concludes its final review within 24 hours of receiving all necessary documents.

Here are the steps to apply for an A.M. Money student loan:

1. Prequalify: Enter basic information such as your name, contact details, year in school, required loan amount, and GPA. The prequalification process takes around two minutes and doesn’t require a credit pull.

2. Initial review: A team member from A.M. Money reviews your information to determine whether you qualify.
3. Full application: If you pass the initial review, you’ll be prompted to complete a full application and provide necessary documents, such as transcripts and financial aid records.
4. Final review: Your application undergoes a final review once A.M. Money has all requested documents. This takes about 24 hours.
5. Loan disbursement: If approved, you can expect to receive funding in as little as three weeks. During non-peak times, funding can take three to four weeks. 

You must reapply for a new loan each year. However, the reapplication process is essentially a check-in. A.M. Money already has your details and just needs to confirm you’re on track.

FAQ

Does applying for A.M. private student loans hurt my credit?

While A.M. Money’s initial review of your application doesn’t affect your credit score because there’s no hard credit pull, A.M. Money will make a hard inquiry later in the process, which can have a small impact on your score.

What can A.M. private student loans be used for?

You can use funds from A.M. Money’s student loans for education-related expenses. These encompass a wide range of needs, including tuition, books, supplies, and other expenses associated with the cost of attendance. 

Can A.M. student loans be forgiven?

A.M. Money doesn’t offer specific loan forgiveness programs for its private student loans. Its IBR program can reduce monthly payments, but it isn’t a forgiveness program—borrowers are still responsible for repaying their loans in full. 

For more forgiveness options, federal student loans offer various programs that most private lenders don’t.

How we rated A.M. Money student loans

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared A.M. Money to several lenders across a number of factors, including rates, repayment terms, customer reviews, and benefits. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We rounded all ratings to the nearest tenth decimal place.