CommonBond Student Loan Refinancing Review
CommonBond Student Loan Refinancing Review
ConsumersAdvocate.org
3 Customer Reviews - see all comments
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CommonBond is an online lender that offers student loan refinancing, as well as new private student loans, for student and parent borrowers with a convenient online application process.
Refinancing loans are available with affordable fixed, variable, and hybrid interest rates. For every loan funded, CommonBond funds the education of a child in a developing country.
- No prepayment or late penalty charges
- Simple, straightforward online form for rate doesn’t affect your credit score
- No application, origination or disbursement fees
- B+ rating from the Better Business Bureau
- Every loan or refinancing covers a child’s education in the developing world
Latest CommonBond Reviews
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
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
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!