CommonBond Review

ByJacob ParkerSep. 17, 2020

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In a Nutshell

CommonBond is a student loan refinancing service. You can use it to refinance your existing debt with variable, fixed-rate, and hybrid loans. Besides refinancing millions of dollars in student loans, the company has a social mission and helps to fund the education of a child in need with each loan that it originates. Find out more in this CommonBond review.

pros

  • Up to 20-year repayment windows
  • No origination fees

cons

  • No repayment schedule under 5 years
  • Only works with loans from in-network institutions

CommonBond  at a Glance

APRVaries product-to-product. Refinancing rates from 1.99%
Loan typesUndergraduate, graduate, MBA, dental, medical, refinancing, student debt refinancing for employees
Refinance AmountUp to $500,000
Repayment terms5 to 20-year payment plans
Minimum credit score660
Best forStudent debt holders who want access to flexible refinancing

Best For?

Borrowers looking for a flexible way to refinance their loans

CommonBond has some of the most flexible repayment plans in the industry. Customers can choose between fixed and variable interest rates. The company also offers a 10-year hybrid loan where the first five years have a fixed interest rate and the last five years are at a variable rate.

Anyone who wants extra advice and information about their loan

CommonBond customers receive access to numerous educational resources. This refinancing service will email customers a guide with detailed information on student debt refinancing, tailored to their education level. Also, the blog hosted on CommonBond’s site is updated several times per week with insightful borrowing and personal finance advice articles. 

Additionally, the CommonBond website provides an in-depth FAQ section that covers the entire borrowing process and has pages specifically for students, graduates, and parents. Lastly, CommonBond customers can intend in-person events held in the New York City CommonBond office.

Loan Features

The main feature of CommonBond loans is flexibility. Loans from this service help customers refinance both secured and unsecured debt obligations and refinance federal, private, and previously consolidated student loans. Additional features include employment support services. This means that, if a customer loses their job, CommonBond will temporarily pause payments and help them to find a new job.

  • Refinancing for almost any kind of student debt
  • Fixed, variable, and hybrid payment plans
  • Refinance up to $500,000 in debt
  • Straightforward application 
  • Employment support services
  • Average of $14,000 upon refinancing
  • Helps to fund the education of children in need

The Application Process

Getting a quote from CommonBond is a simple and straightforward process that takes roughly 10 to 15 minutes. To get started, simply click the Apply button at the top of the CommonBond website. After that, you’ll be prompted for personal, education, and employment information. 

When you initially check your rates, CommonBond will perform a soft credit search that won’t show up on your credit score. If you decide to continue with your refinancing application, CommonBond will request a full credit report that may impact your credit score.

Loan Terms

As long as you have a sufficiently high credit score and aren’t an international student, you will likely be eligible for CommonBond refinancing. The most strict condition is that you must have graduated from one of 2,000 graduate programs and title IV accredited universities in CommonBond’s network. Other requirements include that you must:

  • Be a permanent resident, US-citizen, or hold an appropriate visa
  • Have graduated from an affiliated school
  • Have a credit score of at least 660

Repayment Terms

Borrowers using CommonBond’s student debt refinancing loan get access to some of the longest loan terms in the industry. Customers can receive funding with repayment terms between five and 20 years in length. APR varies from 1.99% for variable-rate loans and 2.98% for fixed-rate loans. Hybrid loan borrowers pay a fixed rate of between 4.25% and 6.5% for the first five years and a variable rate after that.

How Safe Is It? 

CommonBond prioritizes confidential information handling. The company uses technology and administrative protocols to protect the data it collects through its website.

Help & Support

Prospective borrowers can contact the CommonBond support team during business hours by phone and email. You can call 800 975 7812 or email care@commonbond.co to get in touch.

Summary

CommonBond claims that it saves customers an average of $14,000 when refinancing their debt. Because the company has a free-to-use student loan refinancing calculator and makes use of soft credit searches, there’s no harm in finding out whether that could be the case for you too. Overall, CommonBond stands out for its low minimum interest rates and flexible refinancing options. 

Physical Address

524 Broadway, New York, NY 10012, United States

CommonBond