CommonBond is an online lender founded in 2012 that offers both student loan refinancing and private student loans. Here we review CommonBond’s refinance loan; you’ll find a review of its private student loan below.
Review of CommonBond’s private student loan
CommonBond student loan refinancing
Refinancing means replacing one or more student loans with a single lower-rate loan. CommonBond stands out for its longer-than-average maximum forbearance period, which makes it a good option for borrowers who may need breathing room in the future.
CommonBond student loan refinancing at a glance:
- Generous forbearance options.
- Borrowers can refinance their parents’ PLUS loans.
- No loans available to customers in Mississippi, Nevada or Vermont.
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Reviewed loan | Student loan refinancing |
Interest rates | Fixed: 3.67% - 7.25% Variable: 2.5% - 7.24% Includes autopay discount of 0.25% |
Loan terms | 5, 7, 10, 15 and 20 years for fixed- and variable-rate loans. 10 years for hybrid loan. |
Loan amounts | $5,000 to $500,000 |
Co-signer release available | Yes |
Can transfer a parent loan to the child | Yes |
How CommonBond student loan refinancing scores
NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether CommonBond ranks below average, average or above average compared with other student loan refinance lenders.
Enables faster repayment:
Average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.
Discloses requirements, limits costs:
Average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying.
Serves range of borrowers:
Above average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.
Offers payment flexibility:
Above average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible policies that help borrowers during tough times.
Supports customers:
Average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.
How CommonBond could improve
CommonBond, like other five-star lenders, isn’t perfect. It could improve by offering additional programs such as:
- Refinancing for borrowers in all 50 states.
- Refinancing for associate degree holders and borrowers without a degree.
- Biweekly student loan payments via autopay.
CommonBond student loan refinancing details
How to refinance with CommonBond
Before deciding on a student loan refinance lender, compare multiple student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.
» MORE: How to refinance student loans in 6 steps
If you’re ready to refinance with CommonBond, you can apply on CommonBond’s website.
CommonBond private student loan
CommonBond’s undergraduate private student loans are best for those who are planning to use a co-signer and who may want to pay off their loans fast in the future. CommonBond offers the option to make larger-than-minimum payments via autopay.
CommonBond private student loans at a glance:
- Personalized rate estimates without affecting credit.
- Origination fee of 2% of the loan balance.
- Co-signer required.
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Reviewed loan | Private student loan for undergraduates |
Loan terms | 5, 10 and 15 years |
Loan amounts | $5,000 to the total cost of attendance. Maximum $500,000. |
Grace period | 6 months |
Co-signer release available | Yes |
Related products | Private graduate student loans and MBA loans |
How CommonBond private student loans score
NerdWallet student loan experts evaluated more than 50 data points across five categories to see whether CommonBond ranks below average, average or above average compared with other private student loan lenders.
Enables faster repayment:
Average
Lenders score highly if they offer a variety of term lengths and make extra payments easy.
Discloses requirements, limits costs:
Average
Lenders score highly if they limit fees and interest rates, are transparent about their underwriting criteria and allow borrowers to get personalized rate estimates before applying for the loan.
Serves range of borrowers:
Below average
Lenders score highly if they cater to customers in varying locations, in different financial situations, and with varying citizenship statuses.
Offers payment flexibility:
Below average
Lenders score highly if they offer longer than 12-month forbearance periods, in-school and military deferment, and any other flexible repayment policies that help borrowers during tough times.
Supports customers:
Average
Lenders score highly if they assign borrowers an advisor, offer multiple ways to get in touch, and have in-house customer service. Websites should display full APR ranges, fees and forbearance policies.
How CommonBond could improve
CommonBond could improve its private student loan product by:
- Removing the origination fee.
- Offering more than 12 months of forbearance.
CommonBond private student loan details
How to apply for a CommonBond student loan
Before taking out a CommonBond student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you’re ready to borrow with CommonBond, you can apply on CommonBond’s website.
STUDENT LOANS RATINGS METHODOLOGY
NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution