Chicago Student Loans by A.M. Money: 2025 review

New vs. refinance student loans with A.M. Money

A.M. Money provides a unique student loan product aimed at students who don’t have a co-signer but demonstrate academic excellence. It also offers a refinance program through a business partner.

New private student loans

Undergraduate and graduate students who attend eligible schools may qualify for a student loan at A.M. Money based purely on academic performance. The lender also offers an income-based repayment (IBR) plan upon graduation, which means the payment is based on how much — or little — a student earns when they become employed. IBRs are typically only available with federal student loans so this is a unique option for a private loan. 

• Deferment: No payments are required while you’re in school. There is no interest-only or partial repayment option available. After you graduate, there's an industry-typical six-month grace period.
• Income-based repayment: Students experiencing financial hardship may qualify for A.M. Money’s income-based repayment option. The option allows students to reduce payments for 36 months based on their current income, family size and location. 

A.M. Money student loan refinancing

A.M. Money doesn’t offer a refinance program directly to students. However, the lender has partnered with CUSelect to give students access to refinance options at leading credit unions. A.M. receives a referral fee if you choose to refinance through its partner, and rates on the site start as low as 3.59% APR.

Where A.M. Money stands out

• No co-signer requirement: You won’t have to go through the awkwardness of asking someone to cosign, or risk harm to someone else’s credit if you have trouble repaying your loan after graduation. 
• Merit-based lending: Students qualify based on their GPA and academic standing. Borrowers with bad or no credit scores have a chance at financing that might not be possible with credit-based student loan lenders. 
• Income-based repayment option: This option is typically only reserved for government-backed student lending and gives borrowers an affordable payment based on how much they make. 

Where A.M. Money falls short

• Higher rates and limited terms: APRs for A.M. Money student loans are significantly higher than most private student loan lenders. There is only one 10-year repayment term option while many lenders offer 15- and 20-year terms. 
• Origination fees: A.M. Money’s 4.5 percent origination fee is expensive considering many private student loan lenders don’t charge any fees.
• Only available at universities in Illinois: A.M. Money currently only lends to students attending approved colleges and universities in Illinois. 

A.M. Money customer service

A.M. Money doesn’t list customer service hours on its website. The only listed contact information on the lender’s website is a contact email and physical address in Chicago. 

Although not many people have rated A.M. Money’s student loans on Trustpilot, the posted reviews are mostly positive. The feedback consistently cited being informed during the process with a general theme of personalized customer service satisfaction. 

How this lender compares

Do you qualify for a loan with A.M. Money?

A.M. Money focuses on lending to full-time students who excel in school. 

• Borrowers need to provide employment and education documents. 
• Only juniors and seniors with above-average GPAs are eligible. 
• The school must be on A.M. Money’s approved school list. 
• Must verify U.S. citizenship and be Pell or near-Pell eligible.

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

Borrowers must follow these steps to apply for an A.M. Money loan:

• Complete the application online. The process takes minutes, and the final review is usually completed within 24 hours. 
• Provide any requested documents. This may include paystubs or other proof of income and school transcripts and registered classes to prove full-time status and GPA. 
• Funding within three to four weeks. Once the school certification is completed the funds are disbursed directly to your school to pay for tuition. 

How Bankrate rates A.M. Money

Methodology

The Bankrate team uses a 16-point system to evaluate student loan lenders. This scoring criteria measures how lenders perform across three main categories.