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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Payments restart October 2023
With federal student loan payments paused, consider all options before you refi.

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.

If you’re looking for student loans, consider these lenders:

College Ave Undergraduate Student Loan
Earnest Undergraduate Loan
SoFi Undergraduate Student Loan
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Fixed APR

4.11-15.44%

Fixed APR

4.42-15.90%

Fixed APR

4.44-13.80%

Variable APR

5.59-16.65%

Variable APR

5.62-16.20%

Variable APR

5.99-14.30%

Min. credit score

Mid-600s

Min. credit score

650

Min. credit score

Mid-600s

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:

Or compare student loan refinance lenders by category:

Student loans from our partners

SoFi Student Refinancing logo
Check Rate

on SoFi

SoFi

5.0

NerdWallet rating 
SoFi Student Refinancing logo

5.0

NerdWallet rating 
Fixed APR 

5.24% - 9.99%

Min. credit score 

650

Check Rate

on SoFi

LendKey Student Loan Refinance logo
Check Rate

on LendKey

LendKey

4.0

NerdWallet rating 
LendKey Student Loan Refinance logo

4.0

NerdWallet rating 
Fixed APR 

5.49% - 12.18%

Min. credit score 

660

Check Rate

on LendKey

Splash Financial Student Loan Refinance logo
Check Rate

on Splash Financial

Splash Financial

5.0

NerdWallet rating 
Splash Financial Student Loan Refinance logo

5.0

NerdWallet rating 
Fixed APR 

5.34% - 8.73%

Min. credit score 

650

Check Rate

on Splash Financial

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