CommonBond Student Loan Refinance Review


Rating: 8.9 / 10 (Very good)
3 Customer Reviews - see all reviews
Disclosure: We receive advertising revenue from this partner. Learn more.
How is CommonBond rated?
10/10
Savings
9/10
Qualifications
9/10
Loan Limits/Terms
8/10
Customer Service
9/10
Additional Fees
9/10
Application Process

CommonBond is an online student loan service that connects students with investors. It makes student loans more affordable with its refinancing program while offering a convenient online application process. CommonBond provides a variety of refinancing programs that uses fixed, variable and hybrid rates to help you find a student loan solution tailored to your unique needs.  

Loan Limits

CommonBond works with graduates of over 2,100 schools in the U.S. to refinance up to $500,000 in student loan debt.

  • Up to $500,000 for student loan consolidation

Loan Terms

Choose the loan term that best fits your lifestyle. CommonBond’s innovative hybrid loan allows a borrower to take advantage of a lower fixed rate for the first 5 years of the loan.

  • 5, 10, 15 and 20 years loan terms
  • Loan terms of up to 20 years are available for fixed and variable student loans. Hybrid rates which start with a 5 year fixed rate and switch to 5 variable rates come with a 10-year loan term. 

Loan Rates

CommonBond offers three types of loans. Hybrid loans give a client the option of starting with a fixed rate, which switches to a variable loan after a set period of time.

  • Variable Rates: 2.14%-6.04% APR
  • Fixed Rates: 3.37%-7.74% APR

Save with auto payments

Yes. Save 0.25% of your student loan rates by signing up for automatic payments.

Unemployment Protection

Momentarily stop student loan payments, terms and conditions apply.

Loan Related Fees

  • Origination & application fees
  • None
  • Prepayment Penalties
  • None. CommonBond does not penalize you for paying your student loans early.

Student Loans at CommonBond

Qualifying for a student loan or refinancing may be a bit difficult for those with less than ideal credit profiles. The limited school list for their postgraduate school loan program also needs a bit of improvement. Loan rates however were quite competitive so if you’re searching to refinancing your existing private or federal school loan, CommonBond is definitely worth a visit.

 

 

 

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Latest Reviews

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R
Ruchi Patel
Piscataway, New Jersey
11/28/2016
I refinanced a federal Parent PLUS loan using CommonBond and changed ownership from my mother to myself. Changing loan ownership from parent to student is an option that few competitors provide. I had been making the paymetns on the loan anyway, but the federal rate was very high at 7.9%. With my excellent credit score of over 800, I was able to get it cut in half with a variable rate loan with CommonBond. I loved having the different repayment option combinations (rate, fixed vs variable vs hybrid, term) easily visible on a single screen during the application. The application process was a bit more complicated than it initially had seemed and took longer than anticipated (took over a... Read More

J
Jenn
,
9/29/2016
They advertise lower interest rates for those who are "Credit worthy." I work in car financing, so I know how interest rates work. I had applied to refinance my student loans, and they advertise rates from 2.22%-5.05%. I applied and they gave me the highest interest rate available and told me it was because I didn't make the minimum salary requirement. I put on my application that I made 55,000 a year and their live chat rep said that the minimum requirement was 50,000. No where on their site does it even say there are salary requirements. Then I was told it also has to do with what cash I had on hand and they told me to get a cosigner when I have perfect credit. Such a scam. If I could... Read More

R
Ryan H
Salt Lake City, Utah
11/26/2015
Got all the way to the end of the app and they required a co-signer to continue (after requiring my SSN). I have solid credit and payment history. I haven't needed a co-signer for 2 mortgages why would I need one to refi 20k of student loans. Lame!

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