CommonBond Private Student Loans Review

CommonBond Private Student Loans is offered by CommonBond, a marketplace lender founded in 2012 and based in New York, NY. CommonBond Private Student Loans is offered in 45 states (and Washington, DC).

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

CommonBond Private Student Loans 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 Private Student Loans?

Available loan amounts may vary by applicant but CommonBond Private Student Loans has a minimum loan amount of $5K and offers loans up to $500K.

Does CommonBond Private Student Loans charge an origination fee?

Yes, CommonBond Private Student Loans charges a loan origination fee of 2% of the loan amount. CommonBond Private Student Loans 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 Private Student Loans charge prepayment fees?

No, CommonBond Private Student Loans 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 Private Student Loans offer?

CommonBond Private Student Loans provides repayment terms ranging from 5 to 15 years.

CommonBond Private Student Loans 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 Private Student Loans consider?

CommonBond Private Student Loans considers loans applications from:

• undergraduate students
• graduate students
• parents of students

What do you need to qualify for CommonBond Private Student Loans?

Applicants with a credit score of at least 660 and up to 850 are eligible for CommonBond Private Student Loans.

CommonBond Private Student Loans does not have or does not disclose a minimum annual income eligibility requirement. CommonBond Private Student Loans only considers borrowers who are employed. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

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

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

• Proof of income
• Proof of citizenship or residence permit