Student loans are the second largest form of consumer debt in America. With so many students struggling to repay their student loans, it’s no wonder that more and more people are beginning to look for alternative options like crowdfunding personal loan lenders such as CommonBond. Find out how this company is planning on solving some of the biggest issues with student loans before you sign up!
The “common bond refinance rates” is a student loan that has been around for a while. It offers competitive rates and flexible repayment plans.
What you should know:
- Undergraduate, graduate, Master of Business Administration (MBA), dentistry, and medical school loans are among the private student loan options offered by CommonBond.
- For MBA, dentistry, and medical private student loans, there is a 2% origination charge.
- For undergraduate and graduate student loans, CommonBond requires students to apply with a cosigner.
CommonBond is a prominent student loan provider that provides a wide range of financial solutions while focusing on making the process as easy as possible. It was established in 2012 and has so far provided $4 billion in student loan funding.
However, CommonBond’s business methods extend beyond student loan lending. Each time CommonBond grants a loan, it pays the cost of a child’s education in the developing countries as part of its social purpose and collaboration with Pencils of Promise. Although your first focus should be on obtaining the greatest interest rate and conditions, it’s comforting to know that your student loans may be used for purposes other than your own education.
This CommonBond student loan review delves into each of the company’s private loans to help you make the best choice possible when it comes to funding your education.
A quick overview of CommonBond private student loans
CommonBond is well-known for refinancing student loans. It does, however, provide competitive private student loan alternatives.
For undergraduate, graduate, MBA, dentistry, and medical school loans, there are a number of CommonBond interest rates and loan periods available, including:
Refinance of PenFed Student Loans
It’s worth noting that all of CommonBond’s private student loans have a lifetime borrowing maximum of $500,000 across the board.
The benefits and drawbacks of choosing CommonBond as your lender
- Repayment alternatives that are flexible while you’re still in school. Depending on the kind of loan, CommonBond offers various payback periods while you’re in school. Deferment, set monthly payments, interest-only payments, and full payments are all possibilities.
- Loan amounts are large. Your school will decide how much you may borrow up to the entire cost of attendance.
- Release of the cosigner. After graduation and 24 months of on-time payments, students may petition for a cosigner discharge.
- Discount if you pay via autopay. Borrowers who sign up for automatic payments may save 0.25 percent on their interest rate.
- Enrollment in the Money Mentor program. This program offers advice on a variety of financial issues. Graduate students may choose to participate in the program, but undergraduate students are automatically enrolled.
- Forbearance. For students who are facing financial difficulty after graduation, CommonBond provides forbearance.
- Fee for the start-up. For MBA, medical, and dental student loans, CommonBond imposes a 2% origination fee. Undergraduate and graduate loans are free of charge.
- Only in-network schools are eligible. Enrollment in a CommonBond-affiliated institution is one of the private student loan qualifying requirements.
- A cosigner is needed for this loan. For undergraduate and graduate students, CommonBond loans need a cosigner. MBA, dental, and medical students, on the other hand, are not required to have a cosigner if they satisfy the underwriting requirements on their own.
- Pulling hard on your credit card. CommonBond needs a hard credit draw to establish your eligibility based on your credit profile, unlike other lenders that offer interest rate estimates utilizing a soft credit query.
- Fees that aren’t listed elsewhere. A late fee of $10 or 5% of the outstanding amount, whichever is smaller, is charged by CommonBond. It also charges a $5 fee on returned checks.
Borrower qualifying criteria for CommonBonds
You must be a U.S. citizen or permanent resident to be eligible for CommonBond student loans. You must also be enrolled in one of the lender’s in-network colleges at least half-time.
CommonBond does not have any minimum loan approval criteria, but it will do a rigorous credit check to check your credit history. If you’re looking for a student loan or a graduate loan, you’ll need a creditworthy cosigner. However, after graduating and making 24 consecutive monthly payments, you may request for cosigner release.
If you don’t satisfy CommonBond’s underwriting requirements when applying for an MBA, dentistry, or medical student loan, you’ll have the option of including a cosigner, but it’s not necessary at first.
The student loan application procedure at CommonBond is simple and straightforward.
Based on the information you supply about your cosigner’s salary and credit score, CommonBond provides you with approximate fixed and variable rates. However, in order to verify your eligibility and get accurate loan offers, you must complete the online application.
To begin your application, choose the kind of degree you want to pursue and the institution you want to attend:
After that, you’ll choose whether you’re a student or a cosigner.
You’ll need to create an account in order to apply for student positions. Then you’ll enter a secure site to submit information about your school, your personal information, and your cosigner.
The application procedure for CommonBond is very simple. If you have access to all of the necessary information, you may complete it in minutes from any device.
CommonBond will confirm your enrollment and loan amount with your school once you get permission and e-sign your loan disclosures. It may take anything from five days to three weeks to complete this procedure. To cover the cost of attendance, your loans will be paid directly to your school.
Inquire about your student loans with me.
Is CommonBond the appropriate financial institution for you?
If you’ve exhausted your federal loan choices and want additional freedom from a private lender by selecting from a range of loan packages, CommonBond private student loans may be a suitable match. Its reputation is often better than that of other student loan providers. It will also give you with any funds you need to complete your degree.
While undergraduate and graduate students must have a cosigner, CommonBond may be an attractive alternative for borrowers pursuing an MBA, dentistry, or medical degree who want their loan to be in their own name. In comparison to other private lenders, CommonBond makes it simpler to be accepted for these kinds of loans without a cosigner.
If you’re seeking an MBA, dentistry, or medical degree, you’ll need to include in the 2% loan origination charge. This charge is calculated by dividing 2% of your loan by the number of years you want to keep it till you refinance.
Let’s suppose you take out a two-year loan to pay for your dental education. The origination cost will be divided evenly over those two years, resulting in a 1% annual fee. As a result, you’ll want to add that 1% to your interest rate to get a clearer idea of the actual cost of the loan.
When you include in the origination cost, you may see that CommonBond’s private student loan rates aren’t as cheap as many current refinancing offers. To obtain the greatest interest rate on your private student loans, you should refinance them soon after you graduate.
In general, CommonBond is a good option for private student loans, but you should compare its interest rates to those offered by other lenders and consider how the origination charge may affect your total loan repayment plan before making a selection.
Obtain a Student Loan Program
The “student loan refinance rate match” is a student loan review that compares the rates of different lenders. The site also provides information on how to refinance your student loans.
Frequently Asked Questions
Is CommonBond a good lender?
Are student loan planners worth it?
A: Student loan planners can be considered worth it, as they are able to help you reduce the amount owed on your student loans.
Does CommonBond have fees?
A: There are no fees associated with the account.
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