CommonBond Reviews: Student Loan Refinancing and Private Student Loans
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Student loan ratings
Student loan refinancing
Private student loan
The bottom line:
CommonBond no longer offers student loan refinancing or private student loans. It will continue to support existing loans.
Student loan refinancing review
5.0
/5 NerdWallet ratingPros
Forbearance of 24 months is longer than many lenders offer.
You can refinance parent PLUS loans in your name.
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
Loans aren’t available in Mississippi and Nevada.
Best for borrowers who have a bachelor's degree and value repayment flexibility.
Full Review
As of May 12, 2022, CommonBond no longer accepts applications for student loan refinance. It will continue to process submitted applications and support existing CommonBond refinance loans.
CommonBond refinanced loans for borrowers with a bachelor's degree or higher. Its loan stands out for its 24-month maximum forbearance period, which is longer than most lenders offer.
CommonBond allows borrowers to funnel their monthly refi savings into an account with high-yield savings via CommonBond's SmartSave program. The company also makes a donation to the educational nonprofit Pencils of Promise.
COMMONBOND STUDENT LOAN REFINANCING AT A GLANCE
Generous forbearance options.
Borrowers can refinance their parents' PLUS loans.
Loans aren't available to customers in Mississippi and Nevada.
CommonBond student loan refinancing details
If you were considering refinancing with CommonBond
Before deciding on a student loan refinance lender, compare 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.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Private student loan review
4.5
/5 NerdWallet ratingPros
You can see if you’ll qualify and what rate you’ll get without a hard credit check.
You are assigned a dedicated Money Mentor.
Cons
Loans aren't available in Nevada and Mississippi.
Co-signer required.
Best for students who are already planning to use a co-signer and value customer support.
Full Review
CommonBond no longer offers student loan origination as of April 1, 2022. It will continue to support existing loans.
CommonBond’s undergraduate private student loan was available to students pursuing bachelor's degrees with a co-signer. While most undergraduate students can't qualify for a private student loan on their own, CommonBond was one of the only lenders that required a co-signer.
CommonBond provides existing borrowers with a free Money Mentor — a real person who offers assistance on topics such as student loans, budgeting and internships via text messaging.
CommonBond private student loans at a glance
Offers personalized rate estimates via a soft credit check.
Has a variety of in-school repayment options.
A co-signer is required.
CommonBond private student loan details
If you were considering a CommonBond student loan
Before taking out a 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.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Find the Right Student Loan
Frequently asked questions
CommonBond was founded in 2012. It is an online lender that offered private student loans and student loan refinancing.
NerdWallet rated CommonBond as a five-star lender for student loan refinancing based on more than 50 data points. CommonBond no longer offers private student loans or student loan refinancing.
CommonBond no longer offers student loan refinancing.