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Student Loans

A.M. Money Student Loans Review

Updated Oct 04, 2023   |   17-min read

A.M. Money is our pick for best borrowing limits among no-cosigner student loans.

  • Loans cover between $3,750 and full cost of attendance, up to $50,000 total.
  • Lending decisions are based on merit, not credit.
  • Most approved students are junior or senior undergrads or graduate students, but some second-semester sophomores may apply. 
  • Offers an income-based repayment plan for those needing repayment assistance.
  • Only 15 schools are eligible, with most located in Illinois.

About A.M. Money

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.

A.M. Money accomplishes this with an unconventional approach of focusing on academic success and future potential over traditional credit scores. It further sets itself apart by offering 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 15 eligible schools. Continue reading for a comprehensive overview of A.M. Money student loans.

Our take on A.M. Money’s private student loans

Type of student loanBest forEditorial rating
No-cosigner student loanBorrowing limits 4.4 out of 5

Our take is the result of diligent editorial research into each type of student loan. We assign unique best-for designations to companies that earn them. Here’s why the no-cosigner student loan from A.M. Money earned its designation:

Why A.M. Money’s no-cosigner student loan is best for borrowing limits

A.M. Money stands out for its generous borrowing limits that cover up to the full cost of attendance, capped at $50,000.

This is exceptional in the student loan market, where the standard annual borrowing limit for many no-cosigner or merit-based student loans maxes out at $20,000. As an example, both Funding U and Ascent outcomes-based loans cap their loans at $20,000 per academic year.

Edly is another no-cosigner student loan lender offering income-based repayment. However, Edly sets its annual loan limit at $15,000 and a lifetime limit of $25,000, considerably lower than what A.M. Money provides.

Graph comparing Edly's lifetime borrowing limit of $25,000 to A.M. Money's $50,000 lifetime borrowing limit.

This higher limit from A.M. Money can benefit students facing high tuition costs, helping to ease their financial burden and enabling them to focus more on their academic goals.

Rates, terms, and more

A.M. Money offers private student loans that stand out in the market due to their merit-based eligibility and unique repayment options. Compared to industry counterparts, A.M. Money prioritizes academic achievement and future potential rather than a borrower’s credit score.

A significant benefit of A.M. Money’s private student loans is 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:

  • Loan amounts: $3,750 to the full cost of attendance, up to a total of $50,000.
  • Rates (APR): Fixed rates between 8.34 and 8.87 determined by the number of months to graduation at the funding date rather than the borrower’s credit score. Variable rates are not available, and A.M. Money doesn’t disclose rate discounts.
  • Repayment terms: Relatively short repayment term of 5 years.
  • In-school repayment options: Full principal and interest payments are deferred as long as the student remains enrolled at an accredited school at least half-time. This feature allows students to focus on their studies without worrying about loan repayment. Interest accrues during this time and capitalizes (is added to) the loan balance prior to repayment.
  • Grace period: Offers a 6-month grace period after graduation or leaving school before loan repayment begins.
  • Cosigner release: A.M. Money’s loans do not require or accept cosigners.
  • Fees: 4.5% origination fee is added to the amount financed. However, it does not charge prepayment fees, early payment fees, or late fees.
  • Repayment assistance: Offers income-based repayment for up to 36 months, providing flexibility to borrowers based on their income and economic hardship deferment for those facing financial difficulties.
  • Unique features: A.M. Money provides career assistance, financial aid analysis, and free financial coaching.

Who’s eligible for an A.M. Money private student loan?

A.M. Money’s private student loans stand out in the market for their unique eligibility requirements. Rather than focusing on traditional factors such as credit scores and income, A.M. Money considers a student’s academic success and future potential. 

A.M. Money’s student loans don’t involve a cosigner, which enhances accessibility for students without one. However, the availability of the loans is limited—only students attending one of 15 eligible schools (listed below) may apply.

Below is the table summarizing A.M. Money’s eligibility requirements for its private student loans:

RequirementDetails
CitizenshipMust be a U.S. citizen or permanent resident
State of residenceAll 50 states
Minimum ageMust be at least the age of majority in your state of residence when you apply
Enrolled schoolThe 15 eligible schools are:

DePaul University, Chicago, IL

Dominican University, River Forest, IL

Elmhurst College, Elmhurst, IL

Illinois Institute Of Technology, Chicago, IL

Illinois State University, Normal, IL

Illinois Wesleyan University, Bloomington, IL

Judson University, Elgin, IL

Loyola University Chicago, Chicago, IL

North Carolina State University At Raleigh, Raleigh, NC

Northwestern University, Evanston, IL

University Of Chicago, Chicago, IL

University Of Illinois At Chicago, Chicago, IL

University Of Illinois At Springfield, Springfield, IL

University Of Illinois At Urbana-Champaign, Champaign, IL

Valparaiso University, Valparaiso, IN

If your school isn’t listed, you can fill out an eligibility form to request its addition. The school must be a not-for-profit, Title IV Federal Financial Aid eligible, and located in the U.S.
Enrollment statusMust be enrolled as a second-semester sophomore, junior, senior, or graduate student in an eligible program.

Must attend at least part time.
Minimum credit score Not applicable. Instead, academic requirements, such as GPA and meeting your school’s Satisfactory Academic Progress guidelines apply.
Minimum incomeNot applicable, but the ideal applicant is eligible for a Pell Grant eligible or near Pell Grant eligible.

To increase your chances of securing a loan with A.M. Money, the ideal applicant would:

  • Attend one of the eligible schools listed above
  • Be a junior, senior, or graduate student (second-semester sophomores may also be eligible)
  • Maintain an above-average GPA
  • Be a U.S. citizen or legal permanent resident
  • Be eligible for a Pell Grant or near eligible

A Pell Grant is a subsidy from the U.S. federal government to students who have not earned their first bachelor’s degree. It is intended to aid students from low-income families in accessing postsecondary education. 

The grant amount changes yearly and depends on several factors, including financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less. 

Pell Grant eligibility is a reliable indicator of financial need, which A.M. Money considers during the application process.

How do you repay private student loans from A.M. Money?

Repaying a private student loan from A.M. Money involves understanding the terms of repayment, the start of repayment, the duration, and the availability of any repayment assistance programs. 

The company’s primary repayment terms are straightforward, but it’s important to understand all the nuances to make informed decisions.

When does repayment begin?

Repayment for A.M. Money loans begins after graduation or leaving school, thanks to an in-school deferment period and a six-month grace period that allows for breathing room after completing your education. 

In-school repayment optionsGrace period
Full principal and interest payments are deferred while in school6 months after graduation or leaving school

How long does repayment last?

The standard repayment term for A.M. Money loans is five years. You can pay off the loan early without any penalties, which can appeal to borrowers who wish to save on long-term interest costs. 

Shorter loan terms lead to higher monthly payments but lower total loan cost due to less accumulated interest.

Are there repayment assistance programs?

Repayment assistance programs can be a lifeline for borrowers facing financial difficulties. They’re common among student loan lenders and can lower your monthly payment amount, depending on income and family size. 

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, although specific details about this option are not readily available.

Here are the details of A.M. Money’s IBR program: 

  • 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.

How can A.M. Money improve its student loans?

A.M. Money offers a unique proposition in the student loans market, particularly with its no cosigner requirement and IBR option. However, it falls short in three areas compared to its peers:

Origination fee

A.M. Money adds a hefty 4.5% to the principal amount of your loan.

For a no-fees option:

  • Ascent, which we deem best for deferred payment among no-cosigner student loans, offers an outcomes-based student loan with no fees.

Limited range of eligible colleges

A.M. Money only lends to students attending one of 15 eligible colleges. 

For wider availability:

  • Ascent offers no-cosigner loans to students across all 50 states.
  • Edly, which is our pick for the best no-cosigner loan offering income-based repayment, supports 1,700 accredited schools and programs in the U.S. This wider availability is a significant reason Edly outranks A.M. Money as an income-based repayment lender.
  • MPOWER, which we’ve designated the best no-cosigner student loan for international students due to its accessibility for studying at various colleges in the U.S. and Canada.

Exclusion of first-year and most second-year students

A.M. Money’s loans reach a narrower demographic of borrowers.

For broader eligibility:

  • Funding U, which we have determined is the best no-cosigner student loan option for undergraduates, is available to all undergraduates.

Overall, while A.M. Money has distinct advantages, especially for students without a cosigner and those who qualify for its income-based repayment options, you might consider the above lenders in areas where it falls short.

How have A.M. Money student loans evolved over the years?

Over the years, A.M. Money has been steadfast in its commitment to equitably serve students. Here’s a timeline of the company’s pivotal changes:

  • 2017: A.M. Money was founded by two Chicago natives committed to providing financing for high-achieving students lacking in credit history or reliable cosigners.
  • Until 2021: The company offered the “undergrad loan,” the same loan product it offers today, and graduate students could apply. It has since rebranded the product to remove “undergrad” from the title.
  • 2023: A.M. Money announced it’s working on a student loan refinancing option, a significant move toward offering more comprehensive financial solutions for students. Borrowers interested in this offer when it’s available can join the waitlist.

A.M. Money’s journey reflects its commitment to adapt to the changing needs of student borrowers and enhance its services to further support students’ educational aspirations.

Is A.M. Money a reputable lender?

SourceCustomer ratingNumber of reviews
Trustpilot4.3 out of 57

Ratings collected on August 2, 2023.

Based on available online feedback, A.M. Money’s student borrowers hold it in high regard. The number of reviews on Trustpilot is limited, but the company has earned an impressive rating of 4.3 out of 5. 

The common thread running through these reviews is the appreciation for A.M. Money’s no-cosigner policy, which has been crucial in making college a reality for many. Reviewers also commend its customer service and praise the straightforward loan process.

A.M. Money is not listed on Better Business Bureau or Google Reviews, limiting the available sources of third-party feedback.

Despite this, the positive feedback on Trustpilot and A.M. Money’s unique approach to lending—focusing on academic potential rather than credit history—suggests a high level of commitment to its customers.

Does A.M. Money have a customer service team?

Customer service is an essential aspect of any financial company, and A.M. Money is no exception. Its team is located in Chicago, Illinois, and can assist with various aspects of the loan process

That said, 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, its customer service team remains a reliable point of contact.

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

And for loan repayment and management:

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

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

A.M. Money offers a straightforward and efficient application process. 

The process takes longer than some due to mandatory school certification and a cool-off period, but 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.

Source: A.M. Money

  1. Initial review: A team member from A.M. Money reviews your information to determine whether you qualify.
  2. 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.
  3. Final review: Your application undergoes a final review once A.M. Money has all requested documents. This takes about 24 hours.
  4. 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.

What if I’m denied a private student loan from A.M. Money?

Being denied a student loan from A.M. Money can be a setback, but it’s not the end of your search for the right student loan options. 

A.M. Money doesn’t publicly disclose whether it informs applicants about the reasons for their denial, it’s common practice among lenders to provide reasons for a loan denial, usually highlighting the areas where improvements are needed.

If you find yourself denied, consider these following actions:

Remember, each lender has its own set of requirements, so review those before applying.

A.M. Money FAQ

Does A.M. Money offer private or federal student loans?

A.M. Money offers private student loans. These are loans not subsidized by the government, unlike federal student loans. 

It provides loans based on academic performance and potential, catering to students who may lack the conventional requirements of creditworthiness or a reliable cosigner.

Does applying with A.M. Money hurt my credit?

While the initial review of your application by A.M. Money 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.

However, making on-time payments on your student loan can help build a positive credit history and boost your score over time. 

Does A.M. Money require a cosigner?

One of the unique features of A.M. Money is that it doesn’t require a cosigner for its student loans. This is a significant departure from many traditional student loan providers. It allows students without a credit history or a reliable cosigner to have access to funding. 

However, meeting the academic performance criteria is key for approval.

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

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

It’s always important to use student loan funds responsibly, keeping in mind you must repay them.

How long does it take to receive funds from A.M. Money?

The application process with A.M. Money is straightforward and quick, with prequalification taking as little as three minutes. After you submit the full application and all necessary documents, final review can take up to 24 hours.

 Once approved, the funds can be disbursed in as little as three weeks, making the entire process span around three to four weeks.

Can A.M. Money student loans be forgiven?

A.M. Money doesn’t offer specific loan forgiveness programs for its private student loans, in line with most private lenders. However, A.M. Money offers an income-based repayment (IBR) program. 

Under this program, your monthly payments are based on your income and family size, which can make repayment more manageable. 

Despite this, remember that while the IBR program can reduce monthly payments, 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 do not.

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.

Student loanBest forOur rating
No-cosigner student loanBorrowing limits4.4 out of 5View rates