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CommonBond Student Loan Refinancing Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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CommonBond is an online lender that offers student loan refinancing, as well as new private student loans, for student and parent borrowers with a convenient online application process. Refinancing loans are available with affordable fixed, variable, and hybrid interest rates. For every loan funded, CommonBond funds the education of a child in a developing country.
 
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How is CommonBond rated?

Breakdown

4.5/5
Loan Specifications
4.0/5
Eligibility Requirements
4.5/5
Customer Experience
4.5/5
Reputation

Overall Rating: 4.4 / 5 (Excellent)

CommonBond is a good option for borrowers looking to refinance their student loans because of its multiple interest rate options, as well as its payment forbearance option, which is not often offered by private lenders.

Though few customer reviews could be found, the network community it has created for students and professionals, and its commitment to funding education in the developing world, should attract applicants to its service.

CommonBond Loan Specifics

Loan Specifications - 4.5 / 5

CommonBond offers student loan refinance for graduate and undergraduate student loans, as well as federal Parent PLUS loans. They offer fixed and variable rates, in addition to hybrid rates. Hybrid loans are only available for 10 years—during the first 5, the rate is fixed; for the final 5, it is variable. CommonBond charges no origination or prepayment fees. CommonBond offers 24 months of standard forbearance. During this time, payments are paused but interest accrues. During situations classified as natural disasters, such as the COVID-19 crisis, CommonBond also offers Natural Disaster Forbearance. This is separate and does not take time from the standard 24 month forbearance. Also, during the COVID-19 crisis, CommonBond has created a tool to help borrowers take advantage of the federal relief programs. This can be found here: https://go.commonbond.co/guide-to-student-loan-relief. They also offer 32 months of academic deferment should you choose to go back to school.

Loan Types
Undergraduate
Graduate
Parent
Maximum Loan Amount
$500,000
Terms
5
7
10
15
20
Rates
Fixed
Variable
Hybrid
Fixed APR Range
4.49% – 7.74% APR with autopay
Variable APR Range
4.44% – 8.09% APR with autopay
Deferment or Forbearance

*

Variable rates may increase after consummation.

CommonBond Qualifications

Eligibility Requirements - 4 / 5

To qualify for refinancing with CommonBond, applicants must be US citizens or permanent residents, and they must have a degree from a qualifying school. Other requirements, including a check of the applicant's credit history, are required.
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Minimum Credit Score
660

CommonBond Customer Experience

Customer Experience - 4.5 / 5

CommonBond's pre-approval process only takes a few minutes, after which applicants can get a loan quote. CommonBond has customer service representatives available over the phone, by email, and through live chat. Several loan calculators are available on the website, as well as other student loan-related resources and guides that can be helpful. CommonBond also funds the education of a child in a developing country for every loan funded, through the Pencils of Promise foundation. That's a distinguishing factor that may be meaningful to many students.
Online Quotes
Student Loan Refinance Calculator
Services
Live Chat
Discounts
Automatic Payments

CommonBond Company Reputation

Reputation - 4.5 / 5

CommonBond has a B+ rating on the BBB website, which is apparently due to the company failing to respond to customer complaints submitted to the rating organization.

CommonBond does not currently have a presence on Trust Pilot.
Lender Type
Online Lender
Year Founded
2011
Consumer Litigation & Regulatory Actions
There are no regulatory actions pending against CommonBond, which signals the company's integrity and transparency.
BBB Rating
B+
Number of BBB Negative Reviews
4
Date Collected
2021-04-17

Disclaimer

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. Nmlsconsumeraccess.org. 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 0.11% effective March 10, 2021, and may increase after consummation.

Company's Disclosure

Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. Nmlsconsumeraccess.org. 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 0.11% effective March 10, 2021, and may increase after consummation.

Company Profile

Full Name
CommonBond Student Loan Refinance
Company Website
https://commonbond.co/
Headquarters
524 Broadway 6th Floor, New York, NY, 10012

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Customer Comments & Reviews

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Ruchi P
11/27/2016
I refinanced a federal Parent PLUS loan using CommonBond and changed ownership from my mother to myself. Changing loan ownership from parent to student is an option that few competitors provide. I had been making the paymetns on the loan anyway, but the federal rate was very high at 7.9%. With my excellent credit score of over 800, I was able to get it cut in half with a variable rate loan with CommonBond. I loved having the different repayment option combinations (rate, fixed vs variable vs hybrid, term) easily visible on a single screen during the application. The application process was a bit more complicated than it initially had seemed and took longer than anticipated (took over a... Read More

J
Jenn
9/29/2016
They advertise lower interest rates for those who are "Credit worthy." I work in car financing, so I know how interest rates work. I had applied to refinance my student loans, and they advertise rates from 2.22%-5.05%. I applied and they gave me the highest interest rate available and told me it was because I didn't make the minimum salary requirement. I put on my application that I made 55,000 a year and their live chat rep said that the minimum requirement was 50,000. No where on their site does it even say there are salary requirements. Then I was told it also has to do with what cash I had on hand and they told me to get a cosigner when I have perfect credit. Such a scam. If I could... Read More

R
Ryan H
11/25/2015
Got all the way to the end of the app and they required a co-signer to continue (after requiring my SSN). I have solid credit and payment history. I haven't needed a co-signer for 2 mortgages why would I need one to refi 20k of student loans. Lame!

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