CommonBond Review

CommonBond Review

This is an online lender that was created in the year 2012 to offer refinancing or private loans to students.

It was created by a team of accredited entrepreneurs and financial experts, whose primary goal was to connect their community with institutional and individual investors who needed to lend money to students.

One of its main attractions is that it offers to Refinance student loans, which means that; it can be able to replace for you one student loan with another one, that has a lower interest rate.

CommonBond is extremely popular because of its longer than average repayment period. Most students are able to get a large loan and repay it within a longer time period, compared to other companies offering student loans.

It is a good option for people who are looking for some room to breathe due to their large debts.

They go above and beyond your credit score when trying to determine whether or not you qualify for a loan, by looking at your career and whether or not you are on the right track. In addition, they look at how you handle your money.

If they are happy with what they see, you may be lucky enough to receive a loan from them.

Their interest rates are low enough to accommodate most students, and in addition, you may be able to save some good money in the long run.

Benefits of using CommonBond

The ability to save:

If you are lucky enough to qualify for a CommonBond loan, you will be able to repay it at a much lower interest rate, which in turn will help you save plenty of money that you would have spent on interest. According to research, you can potentially save up to $14,000 per year.

A better review process:

They have a much better and well-rounded process of reviewing their applicants which is not just based on their credit scores. They actually go beyond the score and look at other factors such as your ability to maintain a good job and to save.

You will still require to have good credit, but what we are saying is that they will look at your wholly in terms of other factors that will qualify you as a good candidate.

They are quite flexible:

They offer you three options for rate refinancing; variable, hybrid and fixed. The fixed rates are much higher, but they are good if you are looking for a predictable repayment plan, while the variable rates are lower, with a higher risk as they are likely to go up in regards to the market. The variable rates are the most unique, and they normally come with a 10-year loan term with a fixed rate for the first five year years and a rate that is variable for the remaining five years.

The variable rate is lower than that of a typical 10-year plan, but it is a great idea if you are capable of repaying the loan.

There are no hidden fees:

This is one of those benefits you shall truly appreciate when it comes to the CommonBond loans. It is customary for most financial institutions to charge their clients fees that are hidden, such as origination, application and even late payment fees.

With CommonBond, you shall have no such issues.

Prepayment penalties:

These are yet some other charges that most corporations charge when it comes to loan repayments; That if you decide to clear your loan early before the end of the loan period – Then your loan is likely to accrue a prepayment charge or penalty.

With the CommonBond loans, you shall not be charged any of this.


If you decide to use auto-pay for your loan repayment, you shall be entitled to a 0.25% discount off of your rate, which shall further increase your savings.

Deferment and forbearance:

In case you go through some hardship and are unable to repay your loan, you shouldn’t panic. The company has a rule of giving their clients up to 24 months of forbearance over the entire life of the loan, for you to get your finances in order.

It also offers a deferment for academic borrows who need to get back to school.

Loan refinance:

We have already defined this; Refinance refers to the ability to replace one student loan with another. If you happen to be in a challenging situation as a student, where you find that you have a loan that is far from maturity and you need another loan, CommonBond is a company that is able to do this for you.

They can even take in all of your previous loans, and pay them off, then consolidate for you into one loan that you shall be servicing.

Their rates are however slightly higher on refinancing than other lenders, but the repayment terms are long so you may not feel the heat as much.

Who can qualify for refinancing?

Who can qualify for refinancing?

Refinancing is open to everyone in the 44 states in which they operate on; however, it is limited to graduates who are in the over 2,000 IV schools within their list.

They will, of course, consider your credit history current income structure, other debts that you have and any underwriting of the loans.

They have the ability to refinance your loan up to $500,000 which is a great figure if you happen to have a number of other loans outside of CommonBond and most

They also consider this for undergraduates with private loans, students in MBA programs, and those that borrowed heavily in order to pay for their schooling.

If you are an MBA borrower; however, you will have to qualify for this loan on the basis of your credit score.


CommonBond allows you to add a co-signer to your loan which can help you to get approved faster. You will also be able to get a lower interest rate with a co-signer. In addition, there is a co-signer release after you have repaid the loan for a couple of months, so they do not end up being tied to the loan for many years.

Community events:

CommonBond has got plenty of clients, who have formed a very strong community that is able to hold events, give career advice, hold panels, etc.

These help when you need to make some important connections that can even lead to you landing a good job with a great company after you graduate.

Social responsibility:

As a company CommonBond normally stand out from others because of their social promises that they always fulfill. For each loan that they refinance, they normally give a portion of the proceeds to educate a child in a developing country.

This gives you as a client plenty of confidence that you are also doing something to help the society.


With this corporation, every time you refer a client that takes a loan or refinances their loans with a CommonBond loan, you are entitled to a referral bonus of $200 in cash.

What is CommonBond Private Student Loans?

Other than refinancing, CommonBond is able to give out loans to private students who may not necessarily have other loans elsewhere.

If you are an undergraduate private student looking for finances to pay for your school, then CommonBond is a great option for you. They also offer loans to parents through their parent PLUS loan product.

The rates and terms of these specific loans are some of the most competitive in the market today, and they are in fact one of the top private loan lenders when it comes to student loans.

With these loans, however, if you are borrowing as a student, you shall need to have a co-signer for your loan in order for it to be approved.

How to Apply for a CommonBond Loan?

The procedure of application is simple and straightforward. Here is how it works;

You fill out a short form  – You will need to fill out some general information about yourself, and this includes; your names, residence, your highest degree awarded, your income, the name of your school, how much you need, etc. In addition, you must give your social security information.

Get an estimated rate – The first thing that CommonBond will do is to conduct a soft pull of your credit history, which will give them your credit score, and as a result, they can use this to give you an estimated interest rate on your loan.

Official application – If you wish to continue after the rate has been given, you can officially apply and attach some supporting documents such as your previous loans statements, proof of residency and any pay stubs you may be having.

Receive an offer – They will then conduct an even harder credit pull in order to come up with your final loan rate and the loan terms. This is what will show up on your credit report and will eventually have an impact on your score in the long run.

Loan approval – Once your loan is approved, CommonBond will proceed to pay off all of your outstanding student loans, after which you shall be making only one payment to CommonBond only.

Is Refinancing worth it?

One of the things that CommonBond seeks to do, as we mentioned earlier is to refinance your loans, and therefore, it is important to first clearly understand whether this is a worthy cause, or you will end up tying yourself up to the company for almost ten years.

Now, refinancing isn't for everyone, and you may need to take some time to think about it before making the ultimate decision. However, if you decide to do it, it will be a smart idea if;

You have improved on your credit score since leaving college – If you left school while in deep debt, and not you are actually making some good money that has enabled you to pay off some of your debts which increases your credit score, then getting a refinancing loan from CommonBond would be a good idea.

If your credit is not good enough; however, you shall not get the best rates, and this will cause you to get stuck in your life with a long term loan.

If you've still got a long term loan with many years of repayment remaining – If you have a short term remaining for your to clear your loan, then you sure do not need to refinance the loans as they will only tie you up for many more years, but, if your loan is far from over, getting a CommonBond loan would be a great idea.

Eligibility requirements from your side

Eligibility requirements from your side

Before getting a CommonBond loan, You must first ensure that you are eligible. Some of the most important requirements are;

Residency – You must reside in the US, and have proof that shows that you are a permanent residence or a US citizen.

Education – You must either be a student, or someone who earned your degree from one of the 2000 listed IV colleges.

Credit history – They do not have a specific credit score that you must have, but the higher your credit rating, the better your chances are of qualifying for one of their loans. If your credit is not good enough, you can opt to have a co-signer in order to ensure that you qualify for the loan; otherwise, you will end up with a very high interest rate.

Income – They will require you to show proof of income such as pay stubs, or have a letter of acceptance from a future employer.

Bottom Line

In today's world, almost everyone ends up taking out loans in order to pay for their school and having a good lender, makes the entire process easy and worth it.

CommonBond is one of the most accredited lenders in the market today because they have the lenders best interests. Their loans have low interest rates and are given for long periods of time. In addition, you can qualify for big loans of up to $500,000.

The refinancing option is one of the reasons why CommonBond loans are so popular. They give you the ability to keep only one loan out of the many you may have borrowed already, which helps you to organize your finances and make some savings in the process.

We highly recommend this company for all your loan needs.

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