Guides to Commonbond Student Loan Refinancing Plan

An online lender called CommonBond focuses on personal student loans and student loan refinancing. 

After graduation, parents can transfer their parental debts to their children thanks to the company’s flexible repayment options. 

It’s crucial to read CommonBond reviews before utilizing it to see if it’s the perfect choice for you. 

For undergraduate, graduate, MBA, medical, and dental students, CommonBond provides private student loans as well as refinancing options. 

They provide both variable and fixed interest rates, as well as a range of repayment options, to assist consumers in finding the best loan for their needs. 

The outstanding customer service, simple application process, and dedication to social impact are what distinguish CommonBond. 

Each CommonBond loan pays for students’ education in poor nations.

In order to help you decide if CommonBond is the best lender for you, this review discusses the perks, interest rates, and loans offered by CommonBond for student loans.

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What to know About CommonBond

Since its establishment in 2012, CommonBond has supported more than $4 billion in student loans. 

Additionally, the business assists businesses in offering employees services for repaying student loans. 

Lenders assert that it provides lower loan rates, simpler selections, and a superior experience. 

But like with any student loan, do your homework and weigh your alternatives to pick the one that best suits your requirements and objectives. Making a choice is crucial.

What are the CommonBond Reviews in 2024?

Private student loans as well as possibilities for refinancing are both provided by CommonBond. This is important information for each offer. 

In addition to student loans, CommonBond also provides loans for college, MBAs, health care, and dental care. 

Depending on the overall cost of attendance at the school, you may be able to borrow anything from $2,000 to $500,000. 

Without application costs, processing fees, or prepayment penalties, loans have repayment lengths of 5, 10, or 15 years. 

The payment will be subject to a late fee if it is made more than 15 days late. Fee: US$10 or 5% of the total payment, whichever is less. 

There are 48 states and the District of Columbia that provide private CommonBond student loans. 

You are only unable to apply for a lender in Mississippi and Nevada.

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Similar to other private student loan providers, CommonBond enables you to prequalify before submitting a formal application to determine the interest rates you might be eligible for. 

The requirement for a co-signer, however, makes it challenging for certain students to apply because they may not have one. Listed below are a few conditions for lenders to qualify:

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  • Minimum credit: 660
  • Minimum Annual Income: none
  • Maximum debt to income ratio: Not official price
  • bankruptcy: Must have been submitted at least 7 years ago
  • Citizenship: Must be a US citizen or permanent resident
  • register: Must attend school part-time or higher

You may be eligible to have the co-debt signer’s forgiven if you make 24 consecutive on-time payments and meet the requirements based on your income and credit history. 

You can put off payments in 3-month increments for up to 12 months if you’re having trouble making your regular installments.

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What is the Application Process for how Refinance with a Common Bond?

The CommonBond student loan refinancing application process is easy.

 First, borrowers can check interest rates online first without having to complete a full application. 

CommonBond uses a soft credit deduction for this step that does not affect your credit score.

 Once you have decided on your application, you can fill it out online within minutes. Applicants may be asked to provide proof of income to complete the application. 

Once the application has been completed and the documents have been sent, CommonBond will issue an approval or denial. 

Then, within a few days, the refinanced loan will be repaid through CommonBond, and the new refinanced loan will begin repayment.

CommonBond Student Loan Refinance Reviews

In addition to private student loans for current students, CommonBond also provides student loan refinancing to both borrowers and their borrowers—parents who took out loans to pay for their children’s education. 

Refinancing loans are accessible in all 48 states and the District of Columbia, just like lender-private loans. 

With 5, 7, 10, 15, or 20-year payback terms, you can refinance amounts ranging from $5,000 to $500,000. 

The opportunity for parents to transfer student loan debt to their children is an essential feature that not all refinance lenders provide. 

When a child consents to take on debt after graduating from school and is eligible for loan refinancing, this could happen. 

With CommonBond refinancing, there are no application or origination fees, and there is also no prepayment penalty.

The late fee, which becomes applicable after 15 days have passed, is the lesser of $10 or 5% of the total payment amount. 

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The eligibility criteria are broken out as follows:

  • Minimum credit score: 680
  • Minimum annual income: Doesn’t disclose publicly
  • Maximum debt-to-income ratio: Doesn’t disclose publicly
  • Bankruptcy: Must have filed seven or more years ago
  • Citizenship: the individual must be a U.S. citizen, permanent resident, or H-1B, J-1, L-1, E-2, or E-3, the visa holder
  • Graduation: Must have graduated with at least a bachelor’s degree

Before you apply for a loan, you can get prequalified to find out what your rate and repayment conditions would be and to determine whether you have a decent chance of being approved. 

After making 36 consecutive on-time payments, you can become eligible to take out the loans on your own and have the co-signer discharged if you still need one. 

Forbearance for up to 24 months is another important characteristic CommonBond offers on its refinance loans; this is much longer than many other refinance lenders.

Is CommonBond the right choice for you?

According to assessments of its refinancing services and personal student loan ratings, CommonBond offers some commendable features. 

For instance, the extended grace period for refinancing debts and the permissibility for parents to transfer student loan debt to their offspring. This is very obvious, as you can see.

Loans may not be available to students whose parents do not have guarantors due to the lender’s demand that all private student borrowers have a joint guarantor. 

Even if you were qualified, you would still need to search elsewhere. 

For instance, Juno provides graduate and undergraduate students as well as their parents with student loans, as well as student loan refinancing.

If she meets the requirements without a cosigner, Juno can aggressively bargain with her lender for special rates and reductions. 

In the event that you discover a lower price, Juno additionally provides a new student loan price guarantee.  

This makes the student loan unable to be refinanced. 

Look beyond interest rates when contrasting student loan options like CommonBond, Juno, etc. to see which is best for you.

Also Check: How to Apply for Student Loan Forgiveness in Virginia |Review

What are the Positives & Negatives of Refinancing with CommonBond


Autopay discount. First, when the borrower signs up for automatic repayment, the interest rate is discounted by 0.25%. 

Great repayment terms. Borrowers have several options for the length of repayment terms, including longer repayment terms of up to 20 years.

A unique hybrid pricing option. CommonBond is one of the few lenders offering hybrid interest rates. The interest rate is fixed for the first five years and then variable. 

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This is beneficial because it allows you to predict interest rates early in the repayment process when your loan balance is at its maximum.

Like most refinancing providers, CommonBond does not charge initiation fees, application fees, and prepayment penalties. Postpone and Tolerance Options. 

CommonBond’s deferral and grace options set us apart from other student loan refinancing companies. 

CommonBond allows payment to be delayed if the borrower enlists in the military, joins a resident or fellowship, or experiences financial hardship.

Discharge of death or disability. In the event of death or permanent disability, while repaying a CommonBond loan, the debt will be discharged unless there is a co-signer. 

If there is a co-signer, that person will be responsible for reimbursement in this scenario.


Co-signatories are liable in the event of the death or incapacity of the principal borrower. 

As mentioned earlier, the co-guarantor is responsible for repayment if the primary borrower dies or becomes permanently incapacitated. Some other lenders settle loans with or without co-signatories.

Some borrowers may be ineligible. As with most other refinancing providers, some borrowers are ineligible for CommonBond refinancing due to their creditworthiness or income level. Federal borrowers lose protection. 

Additionally, like other refinancing companies, federal loans refinanced with CommonBond lose federal student loan protection and repayment options.

Read More: Everything you need to know before you apply for ECMC Student Loan


In conclusion, both new student loans and refinancing options are available through CommonBond. 

Online lenders can provide competitive interest rates and other terms because they make their own loans. 

But whether thinking about getting a student loan or refinancing an existing loan, it’s crucial to take the time to conduct your research, just like with any other financial decision. 

Consider joining Juno during this phase to obtain better loan conditions than you might individually. 

It costs nothing and takes just a minute to join him. You can also compare costs without having your credit checked. 

Students who need additional cash for college costs or who want to refinance for a lower interest rate or longer repayment time may find CommonBond to be the best option.

The application procedure is quick and simple, and the available loan amounts are more than those provided by other private student lenders. 

A shared guarantor is needed since some borrowers might not be qualified based just on their income or credit history. 

If CommonBond doesn’t seem like the ideal business for your requirements, though, have a look at our list of the top lenders for student loans. 

Potentially more suitable lenders include College Ave and Earnest. More evaluations are available on our list of student loan providers. 

Check out his conversation with David Klein, the CEO of CommonBond, to discover more about the student loan market.

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