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
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
|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
- 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’s office is located in New York, NY.