Highlights
Community Rating	Rating not yet determined
Loan Amount	$2,000 - $500,000
Fixed APR	5.79% - 10.74%
Variable APR	5.92% - 9.39%

CommonBond Private Student Loans Review

CommonBond Private Student Loans is offered by CommonBond, Inc, a marketplace lending platform founded in 2012 and based in New York, NY. CommonBond Private Student Loans is available in 48 states (and Washington, DC).

CommonBond Private Student Loans FAQ

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 5.92% up to 9.39%.

It offers a fixed APR that ranges from 5.79% up to 10.74%.

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 2K 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. Origination fees and requirements vary by state.

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 may be 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.

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

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

Proof of income
Proof of citizenship or residence permit

CommonBond Private Student Loans Disclosure: “Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective Oct 25, 2020 and may increase after consummation.”

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters
524 Broadway, 6th Floor
New York, NY 10012
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Other Services by CommonBond, Inc

Investment

Refinance

Message From CommonBond, Inc

CommonBond was founded in 2012 by students who asked the question: why does paying for school have to be so complicated and expensive? Since then, CommonBond has helped thousands of students pay for their degree – without the hassle, frustration, and expense. CommonBond offers competitive rates, an easy-to-use online platform, industry-leading protections, and an award-winning Care Team who actually know how to help. CommonBond is also the only finance company with a one-to-one giving model: for every loan CommonBond funds, it funds the education of a child in the developing world.

Message From Our Editor

What we love about CommonBond Student Loans

CommonBond offers private student loans with low minimum amounts and high maximum amounts. No matter the amount that you need to borrow to pay for your education, there’s a good chance that CommonBond has a loan for you.

The company also offers refinancing with similarly low minimums and high maximums. Loan terms are flexible so you can customize your monthly payment. Both fixed and variable interest rates are available, with variable rate loans tending to have lower interest rates.

If you’re still in school when you get a loan, you can choose from a few different repayment options, including full deferment until six months after you graduate, fixed monthly payments of $25 until six months after you graduate, interest-only payments while in school, or full regular payments.

What could CommonBond Student Loans do better?

CommonBond has some strict requirements for eligibility. You need to have good credit if you want to refinance or are taking out a loan for an MBA. Current students need a cosigner and must be enrolled at least half-time in classes.

Based on these eligibility requirements, many students won’t be able to qualify for a loan from the company.

CommonBond Student Loans’s backstory

CommonBond was founded in 2011 and helps students pay for undergraduate education as well as MBAs at select schools around the country. Since 2012, the company has funded more than $3 billion in student loans. The company has partnered with Pencils of Promise to help support education in underprivileged areas outside the United States.

The Verdict

If you have a cosigner or strong credit, CommonBond offers large loans and refinancing options with reasonable interest. If you’re shopping around for a student loan, the company is definitely worth considering.

Availability

Available in 48 states and Washington, D.C.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Washington, DC
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
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
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Feature Breakdown

No Interest Grace Period for Late Payment	6 days
No Prepayment Fee
Late Fee Amount	$10
Origination Fee (%)	2%