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CommonBond Review

10 reviews

In a Nutshell

CommonBond concentrates on creating a better future by providing some of the lowest rates in the business, the longest loan terms, and the highest maximum funding amount. As well as helping to refinance millions of dollars in student loans CommonBond also has a social mission to fund a needy child’s education with each loan it originates.

pros

  • Repayment terms can be as long as 20 years
  • No origination fee or pre-payment penalties

cons

  • Shortest repayment time frame is 5 years
  • Events only available in NYC

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CommonBond  at a Glance

CommonBond was founded in 2012 by University of Pennsylvania's Wharton School MBA graduates David Klein, Michael Taormina, and Jessup Shean. Due to the founders’ commitment to their customers, CommonBond grew to a national brand in just one year and has already helped refinance over $500 million in student loans. CommonBond has noteworthy investors such as Tribeca Venture Partners (TVP), The Social+Capital Partnership, as well as Vikram Pandit (former CEO of Citigroup), Tom Kalaris (former Vice Chairman of Barclays), and Thomas Glocer (former CEO of Thomson Reuters).

CommonBond is a student debt refinancing lender that is committed in investing in people as the future of society. Student debt refinancing saves customers an average of $14,581 from their total debt payment. Additionally, for every loan CommonBond originates, they will fund the education of a child in need. CommonBond offers customers some of the lowest rates in the industry. If that was not enough to show how much they care about their customers, they will pause payments and help customers look for a job if they become unemployed. CommonBond is a great company for any graduate facing a mountain of student debt.
Best for student debt borrowers who want the option for hybrid variable or fixed interest rates.

CommonBond Highlights

  • Offers customers three different interest rate options
    Borrowers can choose between fixed interest rates, variable interest rates, or a hybrid rate that is a 10-year loan with 5 years of a fixed rates followed by 5 years of variable rates.
  • Provides extensive education services
    Customers of CommonBond receive access to a borrowing guide specifically suited for student debt refinancing, a blog with personal finance articles, an in-depth FAQ and access to in-person educational events.
  • Offers employment support services
    If a customer loses their job, CommonBond will pause payments and help their client find a new job.

Pros Vs. Cons

Pros
Cons

Maximum refinancing available is $500,000

Shortest repayment time frame is 5 years

Repayment terms can be as long as 20 years

Events only available in NYC

No origination fee or pre-payment penalties


Provides education funding for a child in need with each loan originated


Rates starting as low as 2.02% APR


Information and Support

CommonBond customers receive access to several extensive education resources. CommonBond will email customers a borrowing guide specifically suited for student debt refinancing and tailored to their customer’s education level. The blog hosted on CommonBond’s site is updated several times each week with insightful borrowing and personal finance-based articles. Additionally, the website provides an in-depth FAQ section that goes through the entire borrowing process, and has a page specifically suited to students, graduates, and parents. Lastly, CommonBond customers are able to intend in-person educational events held in their New York City office.
For clients or prospective borrowers who have questions or inquiries, CommonBond’s customer support team is available during business hours seven days a week by phone and email.

Types of Debt Addressed

CommonBond loans will help customers refinance both secured and unsecured debt obligations. These loans include federal, private, and previously consolidated student loans in an amount up to $500,000.

Flexibility of Repayment Plan

CommonBond offers a flexible repayment plan options in the industry. Customers have the ability to choose from fixed or variable interest rates. Fixed rates start at 3.21% while variable rates are from 2.02%. For customers who want even more flexibility, CommonBond offers a 10-year hybrid rate loan where the first 5 years have a fixed interest rate and the last 5 years have a variable rate.

Repayment Terms

Borrowers of CommonBond’s student debt refinancing loan can have some of the longest loan terms in the industry. Customers are able to receive funding with repayment terms of 5, 7, 10, 15, or 20 year terms.

Common Bond Common Bond Visit Site

Ease of Quote Application Process

Receiving a quote from CommonBond will take approximately 10-15 minutes. Potential borrowers are prompted for personal information, education information, and employment information across several intuitive pages.

Conclusion

CommonBond is a company that concentrates on creating a better future. They achieve this by providing low rate student debt refinancing to save customers over $14,000 on average. They also have a social mission to fund a needy child’s education with each loan they originate. CommonBond offers some of the lowest rates in the business, the longest loan terms, and the highest maximum funding amount.

Michael has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, pay down debt and save for retirement. Michael is passionate about personal finance, saving money, and all things geeky.

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09 Jul 2020

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Top reviews

A**x, FL
9 months ago

Ease of use

Brand satisfaction

Value for money

Service quality

They have been able to help me better understand student loans I have got loans in the past from college and learning more about them helps

L***y, NY
6 months ago

They have always been a good company. My sister used them for her college expenses and had no troubles setting things up and paying it back.

V**y, FL
5 months ago

I liked Common Bond. If was kind of hard to learn their stuff but once I figured it out it got done pretty quickly

B*****a, PA
8 months ago

Common Bond was our second choice, PHEAA was our first and had a better discounts for our child upon college graduation.

S****a, LA
7 months ago

I was able to get my student loan with Common Bond. They have me on a payment schedule that is reasonable.

J**k, TX
9 months ago

Everything I've done in contact with common bond has been good, with no issues. I got my loan and it's deferred until after I graduate.

C****r, KY
6 months ago

Overtime, it informed me of things unaware to me before use. It helped me lower my interest rates and monthly payment on student loans.

V****t, TN
9 months ago

The service is quick and secure it is easy to use. Not much required to do to get the money.

D******e, NY
6 months ago

Because you need to have a credit history in order to be able to apply to it. If you don't have credit history than you probably won't be able to consolidate your student loans

S****a, CA
9 months ago

Not worth the money and the service wasn't that good at all. Took them a while to answer the phone and answer my questions

10 reviews