CommonBond Reviews: Student Loan Refinancing and Private Student Loans

• Soft credit check to qualify and see what rate you’ll get: Yes.
• Loan terms: 5, 7, 10, 15 or 20 years for fixed- and variable-rate loans; 10 years for hybrid-rate loans.
• Loan amounts: $5,000 to $500,000.
• Can transfer a parent loan to a child: Yes.
• Application or origination fee: No.
• Prepayment penalty: No.
• Late fees: Yes, the lesser of $10 or 5% of the monthly payment, charged 15 days after missed payment.

Compare CommonBond’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate CommonBond will offer you, apply on its website.

Financial

• Minimum credit score: 660.
• Minimum income: Did not disclose.
• Typical credit score of approved borrowers or co-signers: Did not disclose.
• Typical income of approved borrowers: Did not disclose.
• Maximum debt-to-income ratio: Did not disclose.
• Can qualify if you’ve filed for bankruptcy: Yes, after seven years have passed.

Other

• Citizenship: Must be a U.S. citizen; permanent resident; or H1-B, J-1, L-1, E-2 or E-3 visa holder.
• Location: No loans available to customers in Mississippi or Nevada.
• Must have graduated: Yes, with a bachelor’s degree or higher.
• Must have attended a school authorized to receive federal aid: Yes.
• Percentage of borrowers who have a co-signer: 20%.

• Academic deferment: Yes, borrowers can ask to defer payments when returning to school.
• Military deferment: Yes.
• Internship, residency or fellowship forbearance: Borrowers can defer payments during residency with a signed job offer letter.
• Forbearance: Borrowers are eligible for 24 months of forbearance, in three-month increments, over the life of the loan.
• Co-signer release available: Yes, after 36 months of timely payments.
• Death or disability discharge: Yes; the loan will be forgiven if the borrower dies or becomes permanently disabled, even if the loan has a co-signer.

Repayment Preferences

• Allows greater-than-minimum payments via autopay: Yes.
• Allows biweekly payments via autopay: No.

• Loan servicer: Firstmark Services.
• In-house customer service team: Yes.
• Process for escalating concerns: Yes.
• Borrowers get assigned a dedicated banker, advisor or representative: If requested.
• Average time from approval to payoff: One to three business days.

• CommonBond partners with the international education nonprofit Pencils of Promise to fund a child’s education whenever the company makes a loan.
• Referral bonus: Earn $200 for every person you successfully refer to CommonBond. More details.

• Soft credit check to qualify and see what rate you’ll get: Yes.
• Loan terms: 5, 10 or 15 years.
• Loan amounts: $2,000 to $500,000, depending on the school’s cost of attendance.
• Application or origination fee: None.
• Prepayment penalty: No.
• Late fees: Yes: the lesser of $10 or 5% of the monthly payment, charged 15 days after missed payment.

Compare CommonBond’s range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate CommonBond will offer you, apply on its website.

Financial

• Minimum credit score: 660.
• Minimum income: No set minimum.
• Typical credit score of approved borrowers or co-signers: Did not disclose.
• Typical income of approved borrowers: Did not disclose.
• Maximum debt-to-income ratio: Did not disclose.
• Can qualify if you’ve filed for bankruptcy: Yes, after seven years have passed.

Other

• Citizenship: Must be a U.S. citizen or permanent resident.
• Location: No loans available to customers in Mississippi or Nevada.
• Must be enrolled half-time or more: Yes.
• Types of schools served: Borrowers must be pursuing a bachelor’s degree at an eligible Title IV or nonprofit school.
• Percentage of borrowers who have a co-signer: All undergraduate borrowers must have a co-signer.

In-school repayment options:

• Immediate repayment: Make full payments as soon as the loan is disbursed, while you’re still in school.
• Deferred payments: Don’t make any payments while you’re in school.
• Fixed repayment: Pay $25 every month while enrolled in school and during the grace period.
• Interest-only repayment: Pay interest every month you’re in school and during the grace period.

Post-school repayment options

• Grace period: 6 months.
• Academic deferment: Yes, borrowers can request to defer payments when returning to school.
• Military deferment: Yes.
• Internship, residency or fellowship deferment: Borrowers can defer payments during residency with a signed job offer letter.
• Forbearance: Borrowers are eligible for 12 months of forbearance, in three-month increments, over the life of the loan.
• Co-signer release: Yes; borrower must graduate, make 24 full monthly payments in a row and meet additional eligibility requirements to qualify.
• Death or disability discharge: Yes; the loan will be forgiven if the borrower or co-signer dies or becomes permanently disabled.

Repayment preferences

• Allows greater-than-minimum payments via autopay: Yes.
• Allows biweekly payments via autopay: No.

• Loan servicer: Firstmark Services.
• In-house customer service team: Yes.
• Process for escalating concerns: Yes.
• Borrowers get assigned a dedicated banker, advisor or representative: Yes, CommonBond provides each borrower with a Money Mentor.
• Average time for approval: 1 to 3 days.

• CommonBond partners with the international education nonprofit Pencils of Promise to fund a child’s education whenever the company makes a loan.
• Referral bonus: Earn $200 for every person you successfully refer to CommonBond. More details.