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CommonBond Reviews | Private Student Loans


ConsumersAdvocate.org Rating: 4.1 / 5 (Excellent)
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CommonBond is an online lender, offering in-school or refinancing of undergraduate, graduate, MBA, Dental, and Medical School loans with highly competitive fixed or variable rates. It also offers direct education resources enabling consumers to make informed choices on student loans. Founded in 2012, the company is based in New York, New York.
 
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How is CommonBond rated?

Breakdown

4.0/5
Loan Details
4.1/5
Eligibility Criteria
4.2/5
Customer Experience
4.2/5
Additional Benefits

Overall Rating: 4.1 / 5 (Excellent)

CommonBond is an online lender that has an easy online application process and puts the focus on customer service. It was founded by three Wharton MBA students who were frustrated with their own student loan experiences and decided to offer an alternative to the industry standard. The company is a good choice for consumers who are considering a private student loan and want direct assistance in selecting the right loan.

CommonBond Loan Specifics

Loan Details - 4 / 5

CommonBond offers undergraduate, graduate, MBA, Dental, and Medical School loans up to 100% of the cost of attendance (determined by the school) for Title IV or non-profit schools (undergraduate, graduate) and to more than 25 MBA schools in its current network. Common Bond may offer below industry APR rates (fixed and variable). The company has three loan terms with no application fees or prepayment penalties. There are 2% origination fees on MBA, medical, and dental school loans. It offers multiple repayment options as well as a forbearance program in case of student hardship. Unlike many student loan companies, CommonBond requires undergraduates to have someone co-sign their loans. Adding a co-signer gives some students a chance to earn a lower interest rate and reduce the lifetime cost of their loans. Undergraduate students who don't have anyone willing to co-sign their loans may find CommonBond's loan qualifications prohibitive.
Loan Types
Undergraduate
Graduate
Minimum Loan Amount
2000
Maximum Loan Amount
100% of school's cost of attendance
Loan Term
5, 10, and 15 years, available at both fixed and variable rates
Interest Rates
Fixed
Variable
Repayment Options
Deferred
Fixed
Interest-Only
Fees
Loan Origination
Grace Period
Deferment or Forbearance
Cosigner Release

Fixed APR Range

3.74%-10.74%

Variable APR Range

3.8%-9.36%

Disclaimer

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.

CommonBond Qualifications

Eligibility Criteria - 4.1 / 5

A cosigner is required on undergraduate loans, with a cosigner release offered after two years of payment. For eligibility, a student must be currently enrolled at least half-time in either the current or the upcoming school year. The student must be a U.S. citizen or be a permanent legal resident.
Cosigner Required
Course Load
Full-time
Half-time
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Study Abroad Program Eligible

CommonBond Customer Experience

Customer Experience - 4.2 / 5

CommonBond offers a tech-enhanced experience, including an easy, online application process with quick approval turnaround times. It offers direct educational resources enabling consumers to make informed decisions on loan selections. The website has a student loan calculator for each different type of loan. The company offers an auto-payment discount of 0.25%.
Student Loan Calculator
Online Quotes
Reputation
Career Support

Discounts

Auto-debit payment discount of 0.25%

CommonBond Company Reputation

Additional Benefits - 4.2 / 5

CommonBond made Forbes' Fintech List 2018 and has a B+ rating with the Better Business Bureau with no negative reviews. The company does not currently have a presence on Trustpilot.
Lender Type
Online Lender
Year Founded
2011
BBB Rating
B+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
0
Date Collected
2021-04-17

Consumer Litigation and Regulatory Actions

No consumer litigation or regulatory actions were found for this company.

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 Loans
Company Website
https://commonbond.co/
Headquarters
524 Broadway 6th Floor, New York, NY, 10012
Top Rated
Our Partner

#1 Choice for Students and Parents

  • Lowest Rates - APR starting at 3.47%1
  • Best option for those with cosigners and good credit
  • Checking rates won't affect your credit score
  • Flexible options for repayment and no origination fees

 

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