CommonBond Student Loan Refinance Review 2021

What you might want to know:

  • CommonBond Lending, LLC (NMLS # 1175900) presents scholar mortgage refinancing in addition to in-school personal scholar loans.
  • Their loans include fastened, variable or hybrid charges and provide a beneficiant forbearance interval throughout unemployment.
  • CommonBond earned a 5.0/5.0 Scholar Mortgage Planner® ranking.

If you might want to take out scholar loans to assist pay for varsity or wish to refinance present scholar loans, CommonBond is a robust selection.

In Scholar Mortgage Planner®’s refinancing survey, our readers ranked CommonBond because the #1 lender for refinancing. Our respondents particularly liked CommonBond’s software course of and customer support.

Preserve studying for our full overview of Commondbond’s scholar mortgage choices, together with phrases, advantages and eligibility necessities.

Word that the COVID-19 pandemic and federal aid measures have impacted many scholar mortgage debtors. To be taught extra about your choices and whether or not you need to think about refinancing now, take a look at our information.

CommonBond scholar mortgage refinancing

With CommonBond, you may refinance each federal and personal scholar loans into one new mortgage with aggressive charges and phrases. Right here’s a fast snapshot of CommonBond’s refinance loans:

  • Fastened charge: Sure
  • Variable charge: Sure
  • Hybrid charge: Sure
  • Mortgage phrases: 5, 7, 10, 15 and 20 years
  • Mortgage quantity: $5,000 to $500,000 (lifetime most)
  • Charges: None
  • Forbearance: Sure
  • Dying or incapacity discharge: Sure
  • Cosigner launch: Sure

Execs and Cons


  • Beneficiant forbearance: CommonBond presents as much as 24 months of forbearance over the lifetime of your mortgage, which is among the longest forbearance intervals we’ve seen from a non-public scholar mortgage lender.
  • Low charges: CommonBond doesn’t cost an software or origination charge and there are not any prepayment penalties. They do, nevertheless, cost a late cost charge of $10 or 5% of the unpaid quantity (whichever is much less) and a returned examine charge of $5.
  • Mother or father Plus refinancing: CommonBond is among the few lenders that not solely permits dad and mom to refinance Mother or father Plus Loans, however will even enable loans to be transferred to the kid’s title.
  • Dying and incapacity discharge: Within the unlucky occasion of your sudden loss of life or everlasting incapacity, CommonBond will forgive your scholar loans and never cross the accountability on to a cosigner.
  • Autopay low cost: Debtors will earn a 0.25% rate of interest discount after enrolling in auto-pay.


  • Availability: CommonBond is just not at present licensed to lend in Mississippi or Nevada.
  • Commencement requirement: CommonBond will solely think about refinancing the coed loans of debtors who’ve graduated from one of many 2,000+ Title IV accredited universities or graduate applications of their community.
  • No federal advantages and protections: For those who refinance federal scholar loans, you’ll lose eligibility for Revenue-Pushed Reimbursement plans, Public Service Mortgage Forgiveness and different federal scholar mortgage advantages.

Eligibility necessities

To qualify for a CommonBond scholar mortgage refinance mortgage, you’ll must be a U.S. citizen; everlasting resident; or H1-B, J-1, L-1, E-2, E-3 visa holder.

You’ll additionally have to have earned at the least a bachelor’s diploma from of of the greater than 2,000 Title IV accredited faculties of their community. For those who meet each these standards, CommonBond says that your credit score historical past and different elements will must be thought of.

Additionally, remember that low to average revenue earners could discover it troublesome to qualify for a scholar mortgage with CommonBond. In our Scholar Mortgage Planner® refinancing survey, 62% of respondents who mentioned they’d acquired a mortgage from CommonBond had an revenue of greater than $100,000.

For those who don’t qualify for scholar mortgage refinancing by yourself, CommonBond will can help you add a cosigner to the mortgage. Working to boost your credit score rating and paying down different money owed (like bank cards) will even enhance your odds of qualifying and not using a cosigner.

Software course of

In our latest Scholar Mortgage Planner® refinancing survey, respondents gave CommonBond a 9.07/10.00 ranking for his or her software expertise. That was the best ranking given to any lender. Right here’s how their software course of works:

Earlier than filling out a full software with CommonBond, you may examine your charges by deciding on “See my charges.”

With this selection, CommonBond will carry out a gentle credit score examine that received’t harm your credit score rating. For those who like what you see, you may transfer ahead and fill out the complete software.

You’ll want to supply private data (together with your social safety quantity) in addition to details about your revenue and scholar mortgage stability.

When you’ve accomplished your software, CommonBond says you’ll have a preliminary determination in minutes, after which you’ll have to add extra documentation. For those who obtain approval, CommonBond will make preparations to repay your present loans and end the refinancing course of.

CommonBond personal scholar loans

CommonBond presents personal scholar loans for undergraduates and graduate college students. Additionally they provide scholar loans for MBA, dental college and medical college college students.

  • Fastened charge: Sure
  • Variable charge: Sure
  • Hybrid charge: No
  • Mortgage phrases: 5, 10, 15 or 20 years (choices fluctuate by mortgage kind)
  • Mortgage quantity: As much as $500,000 (lifetime most)
  • Origination charges: 2%
  • Forbearance: Sure
  • Dying or incapacity discharge: Sure
  • Cosigner launch: Sure

Execs and Cons


  • In-school cost flexibility: Relying on the kind of mortgage you are taking out with CommonBond, you can have 4 in-school compensation choices. These embody full principal and curiosity, interest-only, fastened month-to-month cost or full deferment.
  • Cosigner launch: Debtors who’ve graduated and made at the least 24 consecutive on-time funds might be able to take away cosigners from their loans.
  • Grace interval: Every of CommonBond’s personal scholar loans include a grace interval of as much as 6 months following commencement.
  • Forbearance: As much as 12 months of forbearance is allowed over the lifetime of your mortgage.
  • No funding restrict: You may borrow as much as 100% of your full price of attendance, together with tuition, charges and residing bills.
  • Social influence: Everytime you borrow or refinance with CommonBond, they are going to cowl the price of one little one’s training by way of their Pencils of Promise partnership.


  • Charges on some loans: Whereas there are not any origination charges on undergraduate and graduate loans, CommonBond does cost a 2% origination charge on MBA, medical college and dental college loans.
  • Cosigner usually required: You’ll want a cosigner with a purpose to take out an undergraduate or graduate mortgage with CommonBond. They do make an exception for MBA college students, however you’ll must be enrolled in a single of some choose faculties.

Eligibility necessities

To qualify for a CommonBond scholar mortgage, you’ll must be enrolled at the least part-time in one of many 2,000+ faculties of their community.

You’ll additionally want to use with a creditworthy cosigner, aside from MBA college students enrolled in one in all 29 MBA applications.

Software course of

Making use of for a CommonBond scholar mortgage on-line is simple and easy.

Through the software course of, they’ll ask on your private data, then your cosigner’s. Then they’ll do a gentle pull of your credit score profile to point out you your charge.

For those who like what you see, you may transfer ahead with submitting the complete software which entails a tough credit score pull.

For those who’re accepted for a mortgage, CommonBond will examine together with your college to verify your enrollment and confirm the quantity of your mortgage. As soon as they obtain affirmation out of your college, CommonBond will ship the funds on to them.

Learn our full overview of Commonbond’s scholar loans.

Do you have to refinance with CommonBond or take out a CommonBond personal scholar mortgage?

As talked about earlier, our Scholar Mortgage Planner® refinancing survey outcomes point out that CommonBond tends to favor high-income debtors. And Travis Hornsby, founding father of Scholar Mortgage Planner®, mentioned that matches up with what he’s seen as a advisor.

“I’ve seen them provide much less aggressive rates of interest to of us who’ve lower than six figures in revenue,” Hornsby mentioned. “Nevertheless, out of the nationwide lenders, you need to anticipate CommonBond to point out up within the prime three virtually each time when you have six figures of debt and revenue.”

Scholar Mortgage Planner® readers can even get a money bonus of as much as $1,050 by refinancing by way of our referral hyperlink.

In the case of CommonBond’s personal scholar loans, the number of compensation phrases and in-school cost flexibility they provide is spectacular. Nevertheless, origination charges for MBA, medical college and dental college college students are a little bit of a bummer.

With rates of interest at present at all-time lows, you’ll in all probability wish to keep away from variable-rate loans or Commonbond’s distinctive hybrid mortgage choice. But when CommonBond is ready to provide a set charge mortgage with a greater APR than different lenders, it could be value it to go along with them. Simply be sure you store round with different prime lenders first.

Refinance scholar loans, get a bonus in 2021

1 Disclosures
$1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1
VISIT LAUREL ROAD Variable 1.64-5.65percent1 Fastened 2.25-5.75percent1

2 Disclosures
$1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2
VISIT COMMONBOND Variable 2.49-6.84%%2 Fastened 2.59-6.74percent2

3 Disclosures
$1,000 BONUS3  For 100k or extra. $200 for 50k to $99,9993
VISIT EARNEST Variable 1.88-5.64percent3 Fastened 2.44-5.79percent3

4 Disclosures
$1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4
VISIT SPLASH Variable 1.88-6.15percent4 Fastened 2.44-6.62percent4

5 Disclosures
$1,275 BONUS5  For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5
VISIT ELFI Variable 2.39-6.01percent5 Fastened 2.47-5.99percent5

6 Disclosures
$1,000 BONUS6 For $100k or extra. $200 for $50k to $99,9996
VISIT SOFI Variable 2.25-6.59percent6 Fastened 2.49-6.94percent6

7 Disclosures
$1,250 BONUS7  $350 for 50k to 100k7
VISIT CREDIBLE Variable 1.80-8.90percent7 Fastened 2.15-9.15percent7

Undecided what to do together with your scholar loans?

Take our 11 query quiz to get a customized suggestion of whether or not you need to pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we expect may provide the greatest charge)

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