CommonBond Review: Private Student Loans

Our Take

4.5

TalkFinance rating

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.

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on CommonBond website

CommonBond

FIXED APR

3.99 - 10.99%

VARIABLE APR

4.13 - 9.64%

MIN. CREDIT SCORE

660

Pros & Cons

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.

Loans aren't available in Nevada and Mississippi.
Co-signer required.

Compare to Other loans

TalkFinance rating

CHECK RATE

EST. APR

LOAN TERM

5, 10 or 15 years

LOAN TERM

5, 7, 10, 12 or 15 years

LOAN TERM

10 to 15 years

MIN. CREDIT SCORE

660

MIN. CREDIT SCORE

540

MIN. CREDIT SCORE

Mid-600's

Full Review

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 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.

HOW COMMONBOND COULD IMPROVE

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

Refinancing for borrowers in all 50 states.
Refinancing for associate degree holders and borrowers without a degree.
Biweekly student loan payments via autopay.

Before 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.

» MORE: CommonBond vs. SoFi: Which is better for refinancing student loans?

If you aren’t eligible to refinance with CommonBond

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

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

» MORE: Earnest vs. CommonBond: Which is better for refinancing student loans?