A.M. Money Student Loans Review: Pros And Cons

A.M. Money Student loans is a private student loan lender.

Federal student loans are one of the best ways to pay for college but they don’t always cover the full cost of getting an education. You might find yourself in a situation where you need to take out a private student loan to cover the difference.

A.M. Money Student Loans is an Illinois-based lender that offers private student loans nationwide. The company issues loans based on academic performance and creditworthiness. Their core product is a no-cosigner student loan that focuses on your GPA.

This A.M. Money Student Loan review will walk you through everything you need to know before you apply.

A.M. Money Student Loans are private student loans offered through Chicago Student Loans. Unlike other student loans that might require a parent to co-sign, A.M. Money Student Loans are available to borrowers without the need for a cosigner.

A.M. Money was founder by Daniel Rogers based on his experience struggling to pay for school or find a cosigner willing to help with his student loans.

What Does It Offer?

Here’s a closer look at A.M. Money’s private student loans, including its rates, terms, and fees. 

Private loans can help students who have maxed out their federal loan options. A.M. Money offers expanded private loan financing based on your academic performance rather than just your creditworthiness. Students will need to be in their junior or senior year and have an above-average GPA to qualify for a loan.

Full eligibility requirements include:

• U.S. citizen or permanent resident
• The age of majority in state of residence
• Attending an eligible school
• Satisfactory academic progress as determined by the school
• In at least the third year of an undergraduate program or in a graduate program.
• Above-average GPA
• Pell-eligible or near Pell-eligible

A.M. Money partners with 44 schools (currently all in Illinois). You can check out the list of participating schools here.

Rates and Terms

A.M. Money offers loans ranging from $3,750 to $50,000. Interest rates are fixed for all borrowers ranging from 7.95% to 8.87% APR.

The term for A.M. Money’s loans are 10 years and are applicable for both undergraduate and graduate students. There is a six month grace period before payment begins.

Borrowers can leverage an income-based repayment plan for 36 months if they take on a low-paying job after college. Standard payments are set at 15% of your income. With an income-based plan, you can expect a minimum monthly payment of at least $50.

If you want to pay off your loan early, you can do so without being penalized. That means if you want to begin paying your loans while you’re still in college, you can.

Unlike some private student loan providers, A.M. Money charges a 4.5% origination fee.

A.M. Money charges a 4.5% origination fee, much like the Federal PLUS loans. There are no other fees, including prepayment, or extra payment fees. 

How Does A.M. Money Student Loans Compare?

Earnest is a student loan provider offering both student loan refinancing and private student loans. It offers competitive rates and doesn’t charge any application or loan origination fees. If you’re considering A.M. Money Student Loans, you’ll want to look closely at Earnest. 

SoFi is a longstanding student loan refinance company that has expanded its product offering to include everything from private student loans to mortgages to banking and investing products. It offers six types of loans: Undergraduate, Parent, Graduate, MBA, Law School, and Health Professions loans. Unlike A.M. Money, SoFi does not charge any loan origination fees. 

To open an account you’ll need to first pre-qualify for a loan. You can do that by providing the following information:

• Name
• Email Address
• Phone Number
• School
• Academic Year
• GPA
• Loan Amount

If you’re eligible to apply you’ll need to provide additional information including your income, financial aid, and Social Security Number. A.M. Money will perform a soft pull on your credit.

After you’ve completed your application, you’ll be notified whether or not you’ve been approved. A.M. Money will coordinate with your school to verify your information so it may take a few weeks before the funds are disbursed to you.

Aside from processing application information, A.M. Money does not store personal data on its website. While the site has not been part of any known data breaches, their website does not disclose any third-party vendors they work with.

To contact A.M. Money Student Loans you can call their customer service line at 312-262-2498. You can also email them at [email protected].

A.M. Money is located in Chicago at 192 N Wells St. #131, Chicago, Illinois, 60606.