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CommonBond Exits the Student Loan Business
CommonBond ended its student loan program on June 1, 2022.
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Updated · 1 min read
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Cecilia Clark is an editor on the insurance team. She specializes in auto insurance and manages product reviews and roundups. Previously, she worked as a freelance writer and developed communications strategies for cybersecurity firms. Cecilia has also worked in post-secondary education, elevator operations management and sales and military nuclear command control, maintenance management and public affairs.
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Head of Content, Core Personal Finance
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?
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