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Home / Student Loans / Student Loan Refinance / CommonBond Review

CommonBond Review

Updated: August 17, 2023 By Robert Farrington

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Editor's Note: Commonbond shut down in 2022 due to the ongoing Covid-19 pandemic and pause in student loans. 

CommonBond Logo 2018

CommonBond is one of the leading student loan refinancing lenders with competitive interest rates, and excellent repayment terms.

CommonBond was one of the first online student loan lenders, and they have continued to lead the way with private student loans.

Additionally, CommonBond offers student loan refinancing to graduates and to parents with Parent PLUS loans. Lately, CommonBond has been offering extremely competitive rates for refinancing.

Should you refinance your existing student loans with CommonBond? This article will explain who will benefit and who should stay away.


CommonBond Logo

Quick Summary

  • Low student loan refinance rates
  • Short cosigner release available after 24 months
  • Above average origination fees on some loan types
OPEN AN ACCOUNT
Table of Contents
CommonBond Student Loan Refinancing
CommonBond Private Student Loans
Are There Any Fees?
How Do I Contact CommonBond?
Who Qualifies To Apply?
Is It Safe And Secure?
Is It Worth It?
CommonBond Features

CommonBond Student Loan Refinancing

CommonBond allows borrowers (including parents with Parent PLUS loans) to refinance up to $500,000 for multiple term options. Interest rates on the loans are somewhat lower than rates on Federal loans, but the rates are far from the lowest in the market (especially for highly qualified borrowers). Graduates who want to take responsibility for Parent PLUS loans can become the primary borrower on the loan by refinancing with CommonBond.

Rates And Terms

Borrowers can choose between fixed, variable and hybrid loans. Fixed rate loans have a fixed interest rate throughout the life of the loan, whereas variable rate loans have interest rates (and minimum payments) that may adjust month by month. Maximum interest rates on variable rate loans range from 8.99-12.99% depending on the maturity of the loan.

CommonBond loans don’t share the robust protections of federal student loans. But the lender does allow forbearance during economic hardship. If you qualify, you may temporarily stop making monthly payments for a limited period of time. During this time, interest continues to accrue.

On unique product that CommonBond offers is its hybrid rate loan. This is a loan that has a fixed interest rate for five years, then the interest rate become variable. This is a great way to get the safety of a fixed rate loan when the interest part of your loan payment is higher, while getting some benefit from a variable interest rate later on.

Aside from the Hybrid loan option, CommonBond’s rates and terms are nothing special. You may save some money by refinancing. But don’t expect huge interest rate reductions.

Refinance your student loans here >>

CommonBond Student Loan Refinancing Details

Product Name

CommonBond Student Loan Refinancing 

Min Loan Amount

$5,000

Max Loan Amount

$500,000

Fixed Rate APR

4.49% - 7.74% APR

Variable Rate APR

4.60% - 8.25% APR

Rate Type

Variable and Fixed

Loan Terms

5, 7, 10, 15, 20 Years ℹ️

Promotions

None

How Does Commonbond Student Loan Refinancing Compare?

Commonbond is consistently rated near the top of the list when it comes to student loan refinancing. Check out our full list of the best places to refinance student loans here. 

However, they may not have the lowest rate available for highly qualified borrowers. They also rarely offer any type of bonus offer for users to refinance with them. Check out this quick comparison here:

Header
Commonbond Comparison
Commonbond Comparison: Splash
Commonbond Comparison: ELFI

Rating

Variable APR

4.60% - 8.25%

5.72% - 10.24%

5.28% - 8.99%

Fixed APR

4.49% - 7.74%

4.96% - 10.24%

5.48% - 8.94%

Bonus Offer

None

Up to $500

Up to $775

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

CommonBond Private Student Loans

Important Note: Commonbond has decided to NOT originate any more in-school loans for the reminder of 2022.

In addition to offering student loan refinancing, CommonBond offers private loans for undergraduate, graduate, and MBA programs. The rates and terms for their private student loans are some of the most competitive that we've seen. That consistently puts CommonBond as one of our top private student loan lenders.

Commonbond private student loans

MBA loans allow borrowers to defer payments for up to 32 months while they are in school. The interest rates they have assume full deferment.

Graduate and undergraduate borrowers can also opt to defer payments during school, make $25 monthly payments or pay the interest during school. This flexibility is rare for most lenders.

Apply for an in-school loan here >>

CommonBond Student Loans Details

Product Name

CommonBond In School Private Student Loan 

Min Loan Amount

$2,000

Max Loan Amount

Cost of Attendance

APR

As low as 3.74% APR

Rate Type

Variable and Fixed

Loan Terms

5, 10, 15 Years ℹ️

Promotions

None

How Do Commonbond Private Student Loans Compare?

Again, Commonbond is consistently in the top of the pack for private student loan lenders, but they may not always have the lowest rates. They also have a higher minimum than most lenders. Check out our full list of the best private student loans.

Check out this quick comparison here:

Header
Commonbond Comparison
Commonbond Comparison: Ascent Student Loans
Commonbond Comparison: Funding U

Rating

Minimum Loan

$5,000

$1,000

$3,000

APR Type

Variable and Fixed

Variable and Fixed

Variable and Fixed

Cosigner?

Required

Not Required

Not Required

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

Who Qualifies To Apply?

CommonBond lends in every state except Mississippi and Nevada to graduates of 2000 Title IV schools. Unlike most lenders, CommonBond doesn’t have clearly displayed refinancing criteria. But it does consider your credit history, other debts, and current income in underwriting the loans.

The most concerning fine print for CommonBond borrowers comes with borrowing for undergraduate or graduate school. Borrowers have to take on cosigners, but the cosigners may be released after 24 months of on time payments. This is one of the shortest cosigner release periods available, but having a cosigner can be tough.

Still, we recommend borrowers get a low cost term life insurance policy to cover the balance of the loans should anything happen.

Are There Any Fees?

While CommonBond doesn't charge any origination fees on its refinance loans, undergraduate loans, or its basic graduate student loans. However, it surprisingly does charge a 2% origination fee on its medical, dental, and MBA student loans.

You won't be charged a prepayment penalty with CommonBond if you decide to pay off your loans ahead of schedule. It does charge a late payment fee though on all of its loans of 5.00% of the unpaid amount or $10.00 (whichever is less) and a $5.00 returned check fee.

How Do I Contact CommonBond?

CommonBond uses Firstmark to service its loans. However, it does provide in-house customer service. If you have a question or concern, you can reach out to the lender's care team at (800) 975-7812 or care@commonbond.co. Live chat is also available.

CommonBond is not accredited by the Better Business Bureau (BBB) but does currently have a B+ rating with the bureau. As of writing, it's received 13 complaints from customers over the past three years. Each have either been answered or resolved and currently the most recent complaint was filed in July 2020.

Is It Safe And Secure?

While CommonBond doesn't hold any user deposits, it does ask for quite a bit of personal and financial information. By providing HTTPS encryption, it's able to keep this information private and secure. It also uses the Signal Sciences platform customer to further protect itself against web attacks. To date, the site has not suffered any data breaches.

Is It Worth It?

Borrowers who absolutely have to take out private loans to finish school, should consider CommonBond a top contender. It’s not ideal to need a cosigner, but having one can result in better rates and terms. It’s especially helpful that CommonBond offers a cosigner release program after just 24 months of on time payments.

In terms of refinancing student loans with CommonBond, you’ll probably find a better rate elsewhere. Compare CommonBond to other lenders at Credible to see where you might find the best interest rate. Plus, if you refinance with Credible, you'll get up to a $1,000 bonus! Check out Credible here.

CommonBond Features

Min Loan Amount

  • Private student loans: $2,000
  • Refinance loans: $5,000

Max Loan Amount

  • Private student loans: Cost of attendance
  • Refinance loans: $500,000

APR

  • Private student loans: 3.74% - 10.74%
  • Refinance loans: 4.49% - 7.74%

Auto-Pay Discount

0.25%

Rate Type

  • Fixed
  • Variable
  • Hybrid

Loan Terms

  • Private student loans: 5, 10, and 15 years ℹ️
  • Refinance loans: 5,10,15, and 20 years ℹ️

Origination Fees

  • Refinance loans: $0
  • Undergraduate loans: $0
  • Graduate loans: $0
  • Medical school loans: 2%
  • Dental school loans 2%
  • MBA loans: 2%

Prepayment Penalty

None

In-School Payments

  • Deferment
  • Fixed monthly payment of $25
  • Interest-only payment
  • Full monthly payment

Forbearance Period

Up to 24 months

Cosigners Allowed

Yes

Cosigner Release

Can be requested after 24 months of consecutive, on-time monthly payments

Grace Period

6 months

Eligible Schools

2,000+ Title IV accredited universities

Soft Credit Pull Rate Checks

Yes

Customer Service Options

Phone, email, and live chat

Customer Service Phone Number

1-800-975-7812

Customer Service Email

care@commonbond.co

Customer Service Hours

Mon-Fri, 9 AM - 8 PM

Sat-Sun, 9 AM - 5 PM

Address For Sending Payments

Firstmark Services
P.O. Box 2977
Omaha, NE 68103-2977

Promotions

None

Disclosures 

REFINANCE:
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 0.11% effective February 1, 2022 and may increase after consummation.

IN-SCHOOL LOAN ORIGINATIONS:
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 0.11% effective February 1, 2022 and may increase after consummation

CommonBond Student Loan Review
  • Rates And Fees
  • Application Process
  • Customer Service
  • Products and Services
Overall
4

Summary

CommonBond can help you lower your current or existing student debt rates. They’re changing the way student loans work. By partnering with individual and institutional investors they can offer you much lower rates than what you’re currently paying.

Pros

  • Typically low refinancing rates
  • Competitive private student loan rates
  • Ability to refinance Parent PLUS Loans into the child’s name

Cons

  • Borrowers for private loans will need a cosigner
  • High origination fee on private loans
  • Not available in all states
  • Get A Quote
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.

Editor: Claire Tak Reviewed by: Chris Muller

Commonbond
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
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