CommonBond Reviews: Student Loan Refinancing and Private Student Loans

CommonBond student loan refinancing has a generous forbearance policy. Its undergraduate private student loan requires a co-signer.
Ryan LaneJul 1, 2021

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Student loan ratings

CommonBond
  • Student loan refinancing

  • Private student loan

The bottom line: CommonBond is an online lender founded in 2012 that offers both student loan refinancing and private student loans. Its refinancing loans are best for borrowers who have a bachelor's degree and value repayment flexibility. Its private student loans are best for students who are already planning to use a co-signer and value customer support.

Student loan refinancing review

Best Student Loan Refinancing for Parents

CommonBond Student Loan Refinance
Check Rate

on CommonBond's website

CommonBond Student Loan Refinance

5.0

NerdWallet rating 
Check Rate

on CommonBond's website

Fixed APR

2.98 - 5.79%

Variable APR

1.99 - 5.61%

Min. Credit Score

680

Pros

  • 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.

CommonBond refinance 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. That makes refinancing with CommonBond a solid option for borrowers who may want some breathing room in the future.

Refinancing with CommonBond is also a good choice if you want more from a lender than just a new loan. For example, you can funnel your monthly refi savings into an account with high-yield savings via CommonBond's SmartSave program. And when you refinance with CommonBond, the company makes a donation to the educational nonprofit Pencils of Promise.

CommonBond, like other five-star lenders, isn't perfect. It could improve by offering additional programs such as:

Before deciding on a student loan refinance lender, compare  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.

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If CommonBond denies your refinance application, the lender will . Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

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How does this loan compare?

CommonBond Student Loan Refinance
SoFi Student Loan Refinance
NerdWallet rating 
NerdWallet rating 
Check RateCheck Rate
Fixed APR

2.98 - 5.79%

Fixed APR

2.49 - 6.94%

Variable APR

1.99 - 5.61%

Variable APR

2.25 - 6.59%

Min. Credit Score

680

Min. Credit Score

650

Private student loan review

CommonBond Private Student Loan
Check Rate

on CommonBond's website

CommonBond Private Student Loan

4.5

NerdWallet rating 
Check Rate

on CommonBond's website

Fixed APR

3.99 - 10.99%

Variable APR

4.13 - 9.64%

Min. Credit Score

660

Pros

  • 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.

CommonBond’s undergraduate private student loan is 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 is one of the only lenders that requires a co-signer.

If you're already planning to have someone co-sign with you, this loan is best for those who value customer support. CommonBond provides each borrower with a free Money Mentor — a real person who offers assistance on topics such as student loans, budgeting and internships via text messaging.

CommonBond could improve its private student loan product by:

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:

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 CommonBond denies your student loan application, the lender will Depending on the reason, you may want to consider other lenders.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider or specialize in .

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. .

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