Overview

Where does CommonBond do business?

CommonBond is a direct lender based in New York, NY. It was founded in 2012 and offers student loan refinancing in 45 states (and Washington, DC).

What APRs does CommonBond offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

CommonBond offers variable rate APRs that range from 2.72% to 7.40%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.2% to 7.25% APR.

How much can you borrow via CommonBond?

Loan amounts start at $5,000.

Does CommonBond charge an origination fee?

No, CommonBond does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does CommonBond charge prepayment fees?

No, CommonBond does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does CommonBond offer?

CommonBond provides refinancing loans of 5 to 20 years.

It also offers borrowers unemployment protection. This means that if you lose your job your loan payments may qualify for a temporary hold.

What type of borrowers will CommonBond consider?

CommonBond considers loans applications from:

• undergraduate degree holders
• graduate degree holders
• parents of graduates

What do you need to qualify for a CommonBond student loan refinance?

Applicants with a credit score of at least 660 can apply for a loan via CommonBond.

Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.

What is the estimated funding time for a student loan refinance via CommonBond?

CommonBond will typically fund loans within 7 and 14 days of approval.