CommonBond Review: Private Student Loans
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.
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.
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.