Features

CommonBond is a student loan provider that targets MBA students and graduates from a network of graduate school programs in a variety of fields, such as accounting, nursing, engineering and finance. The company was launched 2012 by David Klein, Michael Taormina and Jessup Shean, all graduates from Wharton Business School. CommonBond loans have extremely low interest rates and are open to all students and graduates enrolled in a participating school. The company is based in New York City and has a B+ rating with the BBB.

How Does CommonBond Work?

CommonBond provides two types of loans: student loans for MBA students and a refinance loan for graduates from a network of graduate school programs. The rates are extremely low and borrowers can choose terms of up to 15 years and refinance loans of up to $220,000. The loans also provide forbearance and deferral option for when borrowers face financial difficulties and there is no penalty for prepayment.

Student loans are only available to students enrolled in one of 20 MBA graduate schools. These are all elite schools, such as Carnegie Mellon University (Tepper), Columbia University (CBS), Duke University (Fuqua) and MIT (Sloan). If a loan is approved, the funds are sent directly to the borrower's school. If there is any money left after paying for tuition and fees, the school will pay out the balance directly to the borrower.

Graduate refinance loans have even lower interest rates and are open to graduates from over 700 graduate schools in the United States.

What Are CommonBond's Interest Rates?

Student loans have a 5.59% APR for loans with a 10-year term and 5.95% APR for loans with a 15-year term. These rates include a 2% origination fee that is deducted upfront before the funds are deposited in the borrower's account.

The rates for graduate refinance loans vary depending on whether you choose a variable rate, fixed rate or hybrid loan, the length of the term and your credit profile. For instance, a 5-year variable rate loan will have an APR ranging from 1.94% to 5.01%, while a 20-year fixed rate loan will have an interest rate ranging from 5.69% to 6.74% APR.

These are extremely low interest rates. To illustrate, a 5-year fixed rate refinance loan of $10,000 will have monthly payments of $183 to $194 and cost only $979 to $1,639 in interest payments.

How Much Money Can I Borrow from CommonBond?

Students can borrow up to their school's cost of attendance minus scholarships and other loans. The maximum amount is $110,000. Graduates can refinance up to $220,000 in student loans.

Which States Does CommonBond Operate In?

As long as you're a U.S citizen or a permanent resident and either attend an eligible MBA school or attended a participating graduate school you can apply for a loan with CommonBond.

What Is CommonBond's Application Process Like?

Loan applications are done online and take only minutes to complete. As long as you're a full-time graduate student at a participating school CommonBond will find a way to approve you application even if you don't have good credit. However, it may require you to find a co-signer. Graduates can refinance their student loans, such as federal, private, corporate-sponsored and international student loans. Loans from friends or relatives, personal loans and Bar study loans do not qualify for refinance loans.

How Is CommonBond Better than Other Lenders?

CommonBond gives graduate students and graduates access to extremely low interest rates and favorable loan terms even if they don't have good credit. The catch is that you must either be enrolled in an elite MBA school or already have graduated from one of CommonBond's 700+ participating graduate schools. There are no prepayment penalties, you don't have to start paying until six months after you graduate and your payments will get paused if you lose your job.

  • Loan Term (Years)
    10 - 20
  • Min Loan
    $10000
  • Variable APR
    1.94% - 5.01%
  • Fixed APR
    3.74% - 6.74%
  • Graduate Students
  • Parents
  • Undergraduate Students
  • Up to Cost of Attendance
  • New Loan
  • Refinance
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Common Bond allows you to borrow up to the cost of attendance at your school. There are fixed rate and variable rate loans, and the interest rates for both are really low. But watch out for fees, which can eat into what you actually receive.


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