CommonBond Student Loan Refinance Review

CommonBond Student Loan Refinance is a student loan refinance offering by CommonBond, Inc, . Founded in 2012, CommonBond, Inc offers student loan refinancing in 48 states (and Washington, DC).

What APRs does CommonBond Student Loan Refinance 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 Student Loan Refinance offers variable rate APRs that range from 2.50% to 6.85%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 2.59% to 6.74% APR.

How much can you borrow via CommonBond Student Loan Refinance?

Loan amounts start at $5,000 and go up to $500,000

Does CommonBond Student Loan Refinance charge an origination fee?

No, CommonBond Student Loan Refinance 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 Student Loan Refinance charge prepayment fees?

No, CommonBond Student Loan Refinance 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 Student Loan Refinance offer?

CommonBond Student Loan Refinance provides refinancing loans of 5 to 20 years.

It also offers borrowers unemployment protection. This means that if you lose your job through no fault of your own your loan payments may qualify for a temporary hold.

What type of borrowers will CommonBond Student Loan Refinance consider?

CommonBond Student Loan Refinance considers loans applications from:

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

What do you need to qualify for CommonBond Student Loan Refinance?

To qualify for student loan refinancing with CommonBond Student Loan Refinance, applicants need a minimum annual income of $65,000 or higher. CommonBond Student Loan Refinance only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via CommonBond Student Loan Refinance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by CommonBond Student Loan Refinance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit

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

CommonBond Student Loan Refinance will typically provide a credit approval decision in less than an hour and fund the loan within 7 to 14 days.