Heads up: A.M. Money is no longer offering student loans. If you were interested in a no-cosigner option, we recommend starting with our best no-cosigner student loans guide.
No-cosigner private student loans details
- 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 |
Alternatives to A.M. Money
If you have already exhausted your federal aid, school aid and scholarship opportunities, and are in need of funding for school, here’s our larger list of top-rated private student loan lenders: Best Private Student Loans: Reviewed and Ranked.
Annual Percentage Rates (APRs) displayed are effective as of 08/01/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions, and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time.
The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/
The following examples for a $10,000 loan show a 48-month in-school period plus 9 months of grace prior to a full repayment term for 60-months (variable rate), with examples of (i) Interest Only payments, (ii) $25 Minimum payments, (iii) Deferred repayment, and (iv) Immediate Repayment options.
* Interest Only Repayment: 5.89% APR, with 57 payments of $49.08 while in-school/grace, 60 payments of $192.84 during the repayment term, and a total cost of $14,368.54.
* $25 Minimum Payment: 6.52% APR, with 57 payments of $25.00 while in-school/grace, 60 payments of $233.97 during the repayment term, and a total cost of $15,463.01.
* Deferred Repayment: 6.71% APR, with no payment while in-school/grace, 60 payments of $269.84 during the repayment term, and a total cost of $16,175.28.
* Immediate Repayment: 3.64% APR, with 60 payments of $182.55, and a total cost of $10,953.09.
The following examples for a $10,000 loan show a 48-month in-school period plus 9 months of grace prior to a full repayment term for 180-months (highest variable rate), with examples of (i) Interest Only payments, (ii) $25 Minimum payments, (iii) Deferred repayment, and (iv) Immediate Repayment options.
* Interest Only Repayment: 16.30% APR, with 57 payments of $135.75 while in-school/grace, 180 payments of $148.94 during the repayment term, and a total cost of $34,546.75.
* $25 Minimum Payment: 15.07% APR, with 57 payments of $25.00 while in-school/grace, 180 payments of $256.92 during the repayment term, and a total cost of $47,672.31.
* Deferred Repayment: 15.25% APR, with no payment while in-school/grace, 180 payments of $291.22 during the repayment term, and a total cost of $51,619.42.
* Immediate Repayment: 16.05% APR, with 180 payments of $147.21, and a total cost of $26,495.61.
Annual Percentage Rates (APRs) displayed are effective as of 08/01/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions, and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time.
The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/
The following examples for a $10,000 loan show a 48-month in-school period plus 9 months of grace prior to a full repayment term for 60-months (variable rate), with examples of (i) Interest Only payments, (ii) $25 Minimum payments, (iii) Deferred repayment, and (iv) Immediate Repayment options.
* Interest Only Repayment: 5.89% APR, with 57 payments of $49.08 while in-school/grace, 60 payments of $192.84 during the repayment term, and a total cost of $14,368.54.
* $25 Minimum Payment: 6.52% APR, with 57 payments of $25.00 while in-school/grace, 60 payments of $233.97 during the repayment term, and a total cost of $15,463.01.
* Deferred Repayment: 6.71% APR, with no payment while in-school/grace, 60 payments of $269.84 during the repayment term, and a total cost of $16,175.28.
* Immediate Repayment: 3.64% APR, with 60 payments of $182.55, and a total cost of $10,953.09.
The following examples for a $10,000 loan show a 48-month in-school period plus 9 months of grace prior to a full repayment term for 180-months (highest variable rate), with examples of (i) Interest Only payments, (ii) $25 Minimum payments, (iii) Deferred repayment, and (iv) Immediate Repayment options.
* Interest Only Repayment: 16.30% APR, with 57 payments of $135.75 while in-school/grace, 180 payments of $148.94 during the repayment term, and a total cost of $34,546.75.
* $25 Minimum Payment: 15.07% APR, with 57 payments of $25.00 while in-school/grace, 180 payments of $256.92 during the repayment term, and a total cost of $47,672.31.
* Deferred Repayment: 15.25% APR, with no payment while in-school/grace, 180 payments of $291.22 during the repayment term, and a total cost of $51,619.42.
* Immediate Repayment: 16.05% APR, with 180 payments of $147.21, and a total cost of $26,495.61.
Annual Percentage Rates (APRs) displayed are effective as of 08/01/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions, and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time.
The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/
The following examples for a $10,000 loan show a 48-month in-school period plus 9 months of grace prior to a full repayment term for 60-months (variable rate), with examples of (i) Interest Only payments, (ii) $25 Minimum payments, (iii) Deferred repayment, and (iv) Immediate Repayment options.
* Interest Only Repayment: 5.89% APR, with 57 payments of $49.08 while in-school/grace, 60 payments of $192.84 during the repayment term, and a total cost of $14,368.54.
* $25 Minimum Payment: 6.52% APR, with 57 payments of $25.00 while in-school/grace, 60 payments of $233.97 during the repayment term, and a total cost of $15,463.01.
* Deferred Repayment: 6.71% APR, with no payment while in-school/grace, 60 payments of $269.84 during the repayment term, and a total cost of $16,175.28.
* Immediate Repayment: 3.64% APR, with 60 payments of $182.55, and a total cost of $10,953.09.
The following examples for a $10,000 loan show a 48-month in-school period plus 9 months of grace prior to a full repayment term for 180-months (highest variable rate), with examples of (i) Interest Only payments, (ii) $25 Minimum payments, (iii) Deferred repayment, and (iv) Immediate Repayment options.
* Interest Only Repayment: 16.30% APR, with 57 payments of $135.75 while in-school/grace, 180 payments of $148.94 during the repayment term, and a total cost of $34,546.75.
* $25 Minimum Payment: 15.07% APR, with 57 payments of $25.00 while in-school/grace, 180 payments of $256.92 during the repayment term, and a total cost of $47,672.31.
* Deferred Repayment: 15.25% APR, with no payment while in-school/grace, 180 payments of $291.22 during the repayment term, and a total cost of $51,619.42.
* Immediate Repayment: 16.05% APR, with 180 payments of $147.21, and a total cost of $26,495.61.
If you’re looking for additional lender options, check out College Ave and Sallie Mae, who are both highly rated private student loan lenders:
| Company | Best for… | Rating (0-5) |
|---|---|---|
Terms & Disclosures
Information advertised valid as of 09/01/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s). All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC |
Best Overall |
Terms & Disclosures
Information advertised valid as of 09/01/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s). All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC |
Terms & Disclosures
Information advertised valid as of 08/25/2026 Borrow responsibly Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. 1. Loan application must be submitted to see available rates. 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024. 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered. 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae loans are made by Sallie Mae Bank. |
Best for Fast Cosigner Release |
Terms & Disclosures
Information advertised valid as of 08/25/2026 Borrow responsibly Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. 1. Loan application must be submitted to see available rates. 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024. 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered. 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae loans are made by Sallie Mae Bank. |
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.
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:
- 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.
- Initial review: A team member from A.M. Money reviews your information to determine whether you qualify.
- 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.
- Final review: Your application undergoes a final review once A.M. Money has all requested documents. This takes about 24 hours.
- 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.
About our contributors
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Written by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.