CommonBond Exits the Student Loan Business

CommonBond ended its student loan program on June 1, 2022.
Cecilia Clark
By Cecilia Clark 
Updated
Edited by Karen Gaudette Brewer

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CommonBond stopped offering student loans in April 2022 and ended its student loan refinance program in May 2022. Now, CommonBond focuses only on loans for solar panels.

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The lender will continue to support its existing borrowers and said it will process open student loan refinance applications until June 1, 2022.

Historically, CommonBond offered student loans to borrowers pursuing bachelor's degrees with a qualified co-signer. Its student loan refinancing was available to borrowers with at least a bachelor's degree. It allowed them to funnel the money saved by refinancing into a high-yield savings account via the CommonBond SmartSave program. The company did not offer loans to borrowers in Mississippi or Nevada.

Personalized service and repayment flexibility were differentiators for CommonBond. For example, those who qualified for a CommonBond student loan could benefit from a dedicated advisor, termed a Money Mentor. In addition, borrowers who refinanced their loans with CommonBond were eligible for up to 24 months of forbearance in three-month increments.

Its parent student loan refinancing product was a repeat winner in NerdWallet's annual Best-Of Awards, as it allowed borrowers to refinance (in their own name) a student loan their parent took out on their behalf.

What now?

Compare offers from several lenders to get the best offer available for you. Or compare student loan lenders by category:

If you're looking to refinance your student loans, use our student loan refinance calculator to compare lenders and find the right one for you:

Note: This calculator assumes that after you refinance, you’ll make minimum monthly payments.

Step 4: Compare NerdWallet's top-rated student loan refi lenders.

Explore options for refinancing student loans
LenderFixed APRMin. credit scoreVariable APR
Earnest Student Loan Refinance

Earnest Student Loan Refinance

5.0

on Earnest's website

4.99- 9.74%
650
5.89- 9.74%

on Earnest's website

SoFi Student Loan Refinancing

SoFi Student Loan Refinancing

4.5

on SoFi's website

5.24- 9.99%
650
6.24- 9.99%

on SoFi's website

LendKey Student Loan Refinance

LendKey Student Loan Refinance

4.5

on LendKey's website

on Credible's website

5.49- 9.45%
Not disclosed.
5.53- 8.70%

on LendKey's website

on Credible's website

Education Loan Finance Student Loan Refinance

Education Loan Finance Student Loan Refinance

4.5

on Education Loan Finance's website

on Credible's website

5.48- 8.69%
680
5.28- 8.99%

on Education Loan Finance's website

on Credible's website

Splash Financial Student Loan Refinance

Splash Financial Student Loan Refinance

5.0

on Splash Financial's website

5.19- 9.99%
650
5.28- 9.99%

on Splash Financial's website

Or compare student loan refinance lenders by category:

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