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CommonBond

in Private Student Loans

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CommonBond

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in Private Student Loans

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Overview

Where does CommonBond do business?

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

What rates does CommonBond offer for in-school private student loan?

CommonBond has a variable APR that ranges from 3.74% up to 9.7%.

It offers a fixed APR that ranges from 5.3% up to 9.82%.

Many students have little or no credit history when they start college. By having a parent or other creditworthy individual cosign the loan, the student may improve their chance of approval or qualify for lower interest rates.

How much can you borrow from CommonBond?

Available loan amounts may vary by applicant but CommonBond has a minimum loan amount of $5,000 and offers loans up to $500,000.

Does CommonBond charge an origination fee?

Yes, CommonBond charges a loan origination fee of 2% of the loan amount. CommonBond deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow. 

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 repayment terms ranging from 5 to 15 years.

CommonBond offers borrowers unemployment protection. This means that if you lose your job -- or you have just finished school -- your loan payments are placed on 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 loan with CommonBond?

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.

CommonBond only considers borrowers who are employed

Only U.S. citizens and permanent residents can apply for a loan.

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

  • Proof of citizenship or residence permit
  • Proof of income
  • SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

    Availability

    Available in 45 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Missouri
    • Montana
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Grace Period for Late Payment (Days)
    6
    No Prepayment Fee
    Late Fee Amount
    $10
    Origination Fee
    2%
    Cosigner Optional
    Credit Score Range
    660 - 850
    850 300 660
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
    Verification Documents Required
    • Proof of Income
    • Proof of citizenship/residence (Green Card)
    Funding Time Range (in days)
    7 - 14
    1 28
    Unemployment Protection
    Variable APR
    3.74% - 9.7%
    3% 12%
    Loan Amount
    $5 - $500
    $500 $500
    Loan Term (Years)
    5 - 15
    1 30
    Fixed APR
    5.3% - 9.82%
    0% 20%
    Up to Cost of Attendance

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