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A.M. Money Student Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

Rating: 3 stars out of 5
Bankrate Score
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Repayment Options
Rating: 2 stars out of 5
Rating: 3.6 stars out of 5
Customer Experience
Rating: 3.5 stars out of 5

About Bankrate Score

A.M. Money — also known as Chicago Student Loans by A.M. Money — is a lender dedicated to helping students pay for college and navigate the financial aid process. A.M. Money provides free financial resource guides for students, as well as financial aid appeal support and financial aid advising for an extra charge.

Loan amount $2,001 to $50,000
APR from 7.53%
Clock Wait
Term lengths 10 years
This lender is best for students who have already maxed out federal financial aid and those with no credit score or a low credit score.
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A.M. Money features

A.M. Money offers private student loans to students at 15 partnering universities, largely in the Midwest. Unlike most private student loan lenders, A.M. Money bases eligibility on academic performance and GPA rather than creditworthiness. Plus, it offers income-based repayment plans for those struggling to make their monthly payments, which is a rare perk among private lenders.

While its eligibility requirements, repayment options and financial aid resources are its standout features, A.M. Money currently has limited reach — most of its partner schools are in Illinois — and it does not typically lend to students before their junior year. However, they will lend to some second semester sophomores in some limited cases.

A.M. Money: In the details

Pros and cons of A.M. Money student loans

A.M. Money could be a good option for academically motivated students who are looking for guidance through the lending and repayment process. However, there are some disadvantages to be aware of when considering the lender’s offerings.


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    Income-based repayment option: An income-based repayment (IBR) plan is available for eligible borrowers who are struggling to make their monthly payments. A.M. Money’s IBR plan sets your payments at 15 percent of your discretionary income, with a $50 minimum monthly payment. While this plan doesn’t have the same benefits as federal income-driven repayment plans, it’s a unique option among private lenders.

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    Merit-based eligibility: A.M. Money does not consider a borrower’s creditworthiness and doesn’t require a co-signer for approval. Instead, it bases approval on GPA, time to graduation and more.

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    Low rate caps: Many student loan lenders offer loans that charge over 10 percent, especially for independent students who don’t have a co-signer. While A.M. Money doesn’t offer the lowest student loan rates in the business, it does cap its APRs.


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    Limited availability: Only students attending one of the 15 colleges that are currently partnered with A.M. Money are eligible to apply for its product. These schools are concentrated in Illinois and surrounding states (including North Carolina).

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    Low maximum borrowing amount: Borrowing is capped at $50,000, which could make A.M. Money a poor choice for borrowers attending school out of state or those in expensive graduate programs.

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    Underclassmen not eligible: Although some second-semester sophomores may be eligible, A.M. Money typically accepts only juniors, seniors or graduate students.

A.M. Money student loan requirements

For a private student loan with A.M. Money, you must:

  • Be a U.S. citizen or permanent resident.
  • Be at least the age of majority in your state of residence.
  • Attend an eligible school.
  • Make satisfactory academic progress as determined by the school.
  • Be in at least the third year of your undergraduate program or be in a graduate program.
  • Have an above-average GPA.
  • Be Pell-eligible or near Pell-eligible.

Who is this loan good for?

A.M. Money student loans are a good option for students who have already maxed out federal financial aid, especially if A.M. Money’s fixed interest rates are lower than what you’d qualify for with other lenders without a co-signer.

It’s a particularly good choice for borrowers who can demonstrate financial need; A.M. Money only accepts borrowers who are (or are nearly) eligible for a Pell Grant, and its relief-based repayment plan can help those who don’t have a high income after graduation. Because these loans are based on merit and not credit score, these loans can also be a good choice for those with a low-credit score.

Interest rates and terms

A.M. Money offers only fixed interest rates on its student loans, and it does not advertise any discounts.

Loan product Variable rate Fixed rate
Undergraduate student loan N/A 7.35% to 8.85% APR
Graduate student loan N/A 7.35% to 8.85% APR

Fees and penalties

A.M. Money charges a 4.5 percent origination fee on all of its loans. This is a percentage of your total loan amount that is added to your balance.

Repayment terms and grace period

A.M. Money loans have a six-month grace period after you graduate or drop below half-time enrollment.

When it comes to repayment terms, A.M. Money doesn’t offer as many options as some other private lenders. There’s only one 10-year repayment term, although borrowers may choose to sign up for the income-based repayment plan. Keep in mind that the income-based repayment plan does not forgive any student loan debt, so this plan could significantly increase the time it takes you to pay off your loans.

Customer service

If you have questions about A.M. Money’s loans, you can call the lender at 312-262-2498 or email a customer service representative at Info@A-M.Money.

You can also send a message through the company’s online contact form or send correspondence to 192 N Wells St. #131, Chicago, Illinois, 60606.

How to apply for a loan with A.M. Money

You can apply for a student loan through A.M. Money directly on the company’s website. The application process takes less than three minutes. To prequalify, you’ll provide your name, email address, phone number, school, academic year, GPA and desired loan amount.

During the full application, you should also be prepared to provide your Social Security number, income details, financial aid information and more. Application review takes about 24 hours once all required documents have been submitted. It can take from three to four weeks for funding to be disbursed.

How Bankrate rates A.M. Money

Overall Score 3.0
Repayment Options 2.0 A.M. Money offers funding to an extremely narrow pool of applicants, and repayment is not as flexible as with competitors.
Affordability 3.6 While A.M. Money’s maximum interest rate is competitive, its minimum interest rate is also high.
Customer Experience 3.5 A.M. Money has an online platform, though it doesn’t have defined customer service hours or a mobile app.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.