CommonBond Student Loan Review
CommonBond is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.
What is CommonBond Student Loans
CommonBond launched in 2012 and provides a variety of student loan products, including in-school and student loan refinance options. The company was founded by former business students who sought ways to improve the student loan experience.
CommonBond Student Loans
CommonBond offers a selection of student loan products to best meet the needs of their customers. These loans can be used to help fill funding gaps when federal student aid falls short. CommonBond serves students in undergraduate, graduate, and professional school. Their loans come with no application, origination, or prepayment fees. You may choose a fixed or variable rate student loan.
Loans for Students
CommonBond offers student loans for:
- Undergraduate students
- Graduate students
- MBA students
- Dental students
- Medical students
CommonBond student loans come with a variety of repayment terms to choose from:
- Deferred Payments: Postpone making payments until after graduation
- Fixed Monthly Payments: Make a fixed payment of $25 each month while in school
- Interest-Only Payments: Make payments on the interest only while in school
- Full Monthly Payments: Begin making full monthly payments while in school
Apply for a CommonBond Student Loan
Apply for a CommonBond Private Student Loan
- Competitive fixed & variable rates starting at 3.99% APR1
- Flexible 5, 10, or 15-year terms
- Award-winning customer service every step of the way
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate (ACH discount) by agreeing to automatic payment withdrawals once in repayment, which is reflected in the APR shown for Full Principal and Interest Repayment Plan loans. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 0.99 as of April 25, 2017.
Under the Full Deferment Repayment Plan option, interest and principal may be deferred while a borrower is enrolled in school on at least a half time basis, and for an additional six month grace period (up to a maximum of 60 consecutive months) following (i) graduation, (ii) termination of enrollment, or (iii) if a borrower ceases enrollment on at least a half-time basis, at which time interest is capitalized and a 60-month repayment period (5-year term), a 120-month repayment period (10-year term) or a 180-month repayment period (15-year term) begins. There are three other Repayment Plan options available, an Interest Only Repayment plan, in which principal will be deferred and payments made on interest only during the same period described above after which payments will increase to full principal and interest payments, a Flat Repayment plan, in which payments of $25 will be made during the same period described above after which payments will increase to full principal and interest payments, and a Full Principal and Interest Repayment plan, in which payments will begin immediately after disbursement. A borrower's actual APR may vary depending on the repayment option selected by the borrower. The dollar amount of the origination fee is based on the amount borrowed and will be added to the outstanding loan balance upon disbursement. Loans are not offered or endorsed by the educational institution that you are attending. CommonBond is not affiliated with any educational institution.
For more information, visit https://commonbond.co/disclaimers#note3.
CommonBond Student Loans Cosigner Release
CommonBond allows borrowers to apply to release the cosigner from their loan after 24 consecutive on-time, full payments. Students must be the age of majority in their state and meet the underwriting criteria on their own to qualify. Periods of forbearance will interrupt consecutive payments.
Pros and Cons of CommondBond Student Loans
| Pros | Cons |
|---|---|
| 6-month grace period | A cosigner may be required if you are unable to qualify for the loan on your own |
| Forbearance available for economic hardship | Loan minimum of $2,000 |
| Flexible repayment terms | Lifetime borrowing limit of $500,000 |
| Cosigner release available after 24 consecutive on-time, full payments | Periods of forbearance interrupt consecutive payments |
| No application or prepayment fees |
CommonBond Student Loan Refinance
CommonBond offers student loan refinancing to help you simplify your life and reach your financial goals faster. CommonBond allows refinance borrowers the ability to check their rate with no impact to their credit score. Eligibility criteria for a student loan refinance include:
- Good credit
- Employment
- Attended a qualified school
- U.S. citizen or permanent resident*
*CommonBond Also accepts certain visa holders
How CommonBond Gives Back
CommonBond has a 1-for-1 social promise through their partnership with Pencils of Promise. For every loan funded, they support the education of a child in the developing world. CommonBond is the first company to bring the 1-for-1 model to education and finance. CommonBond also started CommonBond for Business to help companies with student loan debt benefit solutions for their employees.
CommonBond Customer Service
CommonBond prides itself on its customer service. Their U.S.-based care team is available via phone or online chat Monday through Friday 9am to 8pm EST. You can also reach out to their care team via email.
CommonBond Headquarters
CommonBond’s office is located in New York, NY.
