In a Nutshell
- Up to 20-year repayment windows
- No origination fees
- No repayment schedule under 5 years
- Only works with loans from in-network institutions
CommonBond at a Glance
|APR||Varies product-to-product. Refinancing rates from 2.58% |
|Loan types||Undergraduate, graduate, MBA, dental, medical, refinancing, student debt refinancing for employees|
|Refinance Amount||Up to $500,000|
|Repayment terms||5 to 20-year payment plans|
|Minimum credit score||660|
|Suitable for||Student debt holders who want access to flexible refinancing|
Borrowers looking for a flexible way to refinance their loans
CommonBond has some of the most flexible repayment plans in the industry. Customers can choose between fixed and variable interest rates. The company also offers a 10-year hybrid loan where the first five years have a fixed interest rate and the last five years are at a variable rate.
Anyone who wants extra advice and information about their loan
CommonBond customers receive access to numerous educational resources. This refinancing service will email customers a guide with detailed information on student debt refinancing, tailored to their education level. Also, the blog hosted on CommonBond’s site is updated several times per week with insightful borrowing and personal finance advice articles.
Additionally, the CommonBond website provides an in-depth FAQ section that covers the entire borrowing process and has pages specifically for students, graduates, and parents. Lastly, CommonBond customers can intend in-person events held in the New York City CommonBond office.
The main feature of CommonBond loans is flexibility. Loans from this service help customers refinance both secured and unsecured debt obligations and refinance federal, private, and previously consolidated student loans. Additional features include employment support services. This means that, if a customer loses their job, CommonBond will temporarily pause payments and help them to find a new job.
- Refinancing for almost any kind of student debt
- Fixed, variable, and hybrid payment plans
- Refinance up to $500,000 in debt
- Straightforward application
- Employment support services
- Average of $14,000 upon refinancing
- Helps to fund the education of children in need
The Application Process
Getting a quote from CommonBond is a simple and straightforward process that takes roughly 10 to 15 minutes. To get started, simply click the Apply button at the top of the CommonBond website. After that, you’ll be prompted for personal, education, and employment information.
When you initially check your rates, CommonBond will perform a soft credit search that won’t show up on your credit score. If you decide to continue with your refinancing application, CommonBond will request a full credit report that may impact your credit score.
As long as you have a sufficiently high credit score and aren’t an international student, you will likely be eligible for CommonBond refinancing. The most strict condition is that you must have graduated from one of 2,000 graduate programs and title IV accredited universities in CommonBond’s network. Other requirements include that you must:
- Be a permanent resident, US-citizen, or hold an appropriate visa
- Have graduated from an affiliated school
- Have a credit score of at least
Borrowers using CommonBond’s student debt refinancing loan get access to some of the longest loan terms in the industry. Customers can receive funding with repayment terms between five and 20 years in length. APR varies from 2.58% for variable-rate loans and 2.59% for fixed-rate loans. Hybrid loan borrowers pay a fixed rate of between 2.83% and 6.74% for the first five years and a variable rate after that.
How Safe Is It?
CommonBond prioritizes confidential information handling. The company uses technology and administrative protocols to protect the data it collects through its website.
Help & Support
Prospective borrowers can contact the CommonBond support team during business hours by phone and email. You can call 800 975 7812 or email firstname.lastname@example.org to get in touch.
CommonBond claims that it saves customers an average of $14,000 when refinancing their debt. Because the company has a free-to-use student loan refinancing calculator and makes use of soft credit searches, there’s no harm in finding out whether that could be the case for you too. Overall, CommonBond stands out for its low minimum interest rates and flexible refinancing options.
524 Broadway, New York, NY 10012, United States
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Oct 10, 2020 and may increase after consummation.