As the cost of higher education continues to rise, many students find it necessary to look for alternative sources of funding. One popular option is private student loans. These loans are offered by banks, financial institutions, and other lending organizations.
One such lender is AM Money. In this guide, we will take an in-depth look at the AM Money Private Student Loan, including its benefits and drawbacks, eligibility requirements, application process, fees and interest rates, repayment options, and more.
Benefits of AM Money Private Student Loan
AM Money offers a range of benefits for students seeking private student loans. Here are some of the most notable:
- Flexible Repayment Options: AM Money allows borrowers to choose between deferred or immediate repayment options.
- Low Interest Rates: Compared to other private lenders, AM Money offers competitive interest rates.
- No Co-Signer Required: Unlike many other private lenders that require a co-signer for student loans, AM Money does not.
- Fast Approval Process: Borrowers can expect to receive loan approval within 24 hours of completing their application.
- Large Maximum Loan Amounts: Borrowers can apply for up to $75,000 in funding through AM Money’s private student loan program.
Before applying for an AM Money Private Student Loan, you must meet certain eligibility requirements. These include:
- You must be enrolled in an eligible academic program on at least a half-time basis
- You must be a U.S citizen or permanent resident
- You must have a valid Social Security number
- You must have good credit history or have a creditworthy cosigner (if applicable)
- You must meet any additional income or employment criteria set forth by AM Money
To apply for an AM Money Private Student Loan follow these simple steps:
- Visit the official website at https://www.ammoney.com/private-student-loans/
- Click on the “Apply Now” button to start the application process
- Provide your personal and contact information, student loan amount, and desired repayment option.
- If necessary, provide a cosigner’s information
- Review your application details and submit
Once you submit your application, AM Money will evaluate your eligibility and creditworthiness before providing you with a loan offer.
Loan Fees and Interest Rates
Like any other private student loan, the AM Money Private Student Loan comes with various fees and interest rates. Some of these include:
- Origination Fee: AM Money may charge an origination fee for processing the loan request
- Interest Rate: The interest rate varies based on borrowers’ creditworthiness or that of their co-signer (if applicable) but can be as low as 4% APR
- Late Payment or Returned Payment Fee: AM Money may charge late payment or returned payment fees if payments are not made on time
It is important to carefully review all fees associated with an AM Money Private Student Loan to ensure that you understand what you will be responsible for repaying.
AM Money offers flexible repayment options for its private student loans. Borrowers can choose between immediate repayment or deferred repayment plans.
Immediate repayment requires borrowers to start making payments towards their principal balance and accrued interest within 30 days of disbursement.
Deferred payment allows borrowers to postpone payments until after they graduate from school. During this period, however, interest will continue to accrue on the loan balance.
Pros and Cons of an AM Money Private Student Loan
Before deciding whether an AM Money Private Student Loan is right for you, consider the pros and cons:
- Flexible repayment options
- Low-interest rates compared to other private lenders
- No co-signer required
- Fast approval process
- Fees associated with the loan may add up quickly
- High interest rates for borrowers with poor credit or no credit history
- No income-driven repayment options
As you can see, an AM Money Private Student Loan can be a great option for students who need additional financial support to pay for college. But like any other private student loan, it’s important to carefully review all of the costs and eligibility requirements before applying.
If you decide that an AM Money Private Student Loan is right for you, remember to shop around and compare rates and terms from different lenders to ensure that you are getting the best possible deal.
What is AM Money Private Student Loan?
AM Money Private Student Loan is a private student loan that helps students pay for their education expenses. It offers competitive interest rates, flexible repayment plans, and cosigner release options to qualified borrowers.
How can I apply for AM Money Private Student Loan?
You can apply for AM Money Private Student Loan online by submitting an application on the lender’s website. The process is easy and only takes a few minutes to complete. You will need to provide your personal information, school details, and financial information to get started.
What are the eligibility requirements for AM Money Private Student Loan?
To be eligible for AM Money Private Student Loan, you must be a U.S. citizen or permanent resident and enrolled at least half-time in an eligible school. You also need to have a good credit score or a cosigner with a good credit history.
Can I choose my own repayment plan with AM Money Private Student Loan?
Yes, you can choose from several repayment plans that suit your needs and budget. You may opt for a fixed or variable rate, and select from 5-20 years of repayment term depending on how much you borrowed.
Do I need a cosigner for AM Money Private Student Loan?
It depends on your credit score and income status. If you have limited credit history or low income, it may be required to have a cosigner who has strong credit history and income capacity to support your application. However, if you meet the borrower’s eligibility criteria alone then no cosigner is needed.
How long does it take to get approved for AM Money Private Student Loan?
The approval process varies depending on many factors like document verifications, processing time etc., but typically it takes roughly 2-3 weeks before the funds are released to the school. However, you can speed up the process by submitting all required documents and information accurately at the time of application so that AM Money can quickly process the loan.
What happens if I can’t make payments on my AM Money Private Student Loan?
If you are having difficulty making payments, AM Money has flexible options. It’s good to contact their customer service and explain your situation. They may offer deferment or forbearance for a short period when you could not afford to pay for some duration. However, if this persists for a long time, it may affect your credit score negatively and result in additional interest charges and penalty fees.
Does AM Money Private Student Loan offer any discounts or rewards?
Yes! You will get 0.25% interest rate reduction if you opt for an automatic debit from your bank account each month throughout the repayment period with no missed payments. Also, after 24 consecutive on-time payments, they offer cosigner release option allowing borrower to continue paying down their student loans without having a cosigner needed
Can I use AM Money Private Student Loan for any school-related expenses?
Yes! AM Money Private Student Loan covers most cost of attendance which includes tuition fees, other academic expenses like books and living expenses like rent and meal plans (off-campus) as well, but keep in mind that getting approval is subjected to verification of actual expense incurred by the school
How does AM Money Private Student Loan compare to federal student loans?
While federal student loans are known for lower interest rates and flexible repayment options, AM Money Private Student Loan may be a better choice if you have used up all of the available federal student aid or need more money to complete your education. It provides quick and hassle-free application, personalized customer service, and competitive interest rates based on your creditworthiness