Features

CommonBond is a student loans lender based in New York, NY. It was founded in 2012 and offers student loan refinancing in 50 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 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 2.76% to 7.03%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.18% to 7.25% APR.

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?

Yes, CommonBond charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan 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 students
  • graduate students
  • parents of students

What do you need to qualify for a CommonBondstudent 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.

Active duty servicemembers and their covered dependents cannot apply for a loan via CommonBond. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.

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.

  • Loan Term (Years)
    5 - 20
  • Min Loan
    $5000
  • Cosigner Optional
  • Credit Score Range
    660 - 850
  • Undergraduate Students
  • Graduate Students
  • Parents of Dependent
  • Grace Period / Deferred Interest
    6
  • No Origination Fee
  • Funding Time Range (in days)
    7 - 14
  • Unemployment Protection
  • Variable APR
    2.76% - 7.03%
  • Fixed APR
    3.18% - 7.25%
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