CommonBond offers student education loans for undergraduates, graduates, and MBA students. Undergraduate borrowers should have a creditworthy cosigner to use.
What makes CommonBond stick out are their lower interest rates and their concentrate on giving back to children in need each and every loan.
Find out more about CommonBond student education loans below!
CommonBond Education loan Summary
| Types of Loans Available | Undergraduate, Graduate, MBA (Info below is Undergraduate) |
| Private Parent Loan | Not Available |
| Cosigner Release | *A cosigner is required for student loans *Release can be obtained after graduation and 24 consecutive months of full payment |
| Prequal Without Credit | Refinancing has prequalification, but new loans have only a full application up front. |
| Borrowing Amount | Maximum: Cost of Attendance |
| Repayment Length | 5, 10, or 15 years |
| Interest Rates | Variable: 3.8% – 9.36% Fixed: 3.74% – 10.74% |
| Fees | 2% origination fee No fees for application, disbursement or early payoff |
| Benefits | Social Promise: Each loan helps children in need get education 0.25% rate of interest reduction with autopay |
| Repayment Terms | Options Include: *Full repayment right away *Interest-only payments during school *$25 per month until six months after school is over *Deferred until 6 months after school has ended, interest put into principal |
| Hardship Options Available | Forbearance options in cases of monetary difficulty. Death and disability discharge available unless there is a cosigner – a cosigner continues to be accountable for the debt. |
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About Student Loans from CommonBond
CommonBond offers student-only loans for undergraduates, graduates, and MBA students. There are no parent loans available.
When you apply for any CommonBond education loan, you are able to select a repayment period of 5, 10, or Fifteen years. The shorter the repayment term, the low your rate of interest will probably be for the loan.
CommonBond enables you to borrow up to the cost of attendance for your school. They suggest that students maximize federal financial aid, scholarships, and grants before applying for a private loan. Of course, you need to borrow only what you need to minimize debt.
The thing that makes CommonBond special like a lender is their Social Promise program. For every loan the lender issues, they also fund the training of a child in need all over the world. The company strongly believes in being a force for change, and also have helped over 2,000 children up to now.
Unlike most financiers, CommonBond specifically needs a cosigner for all undergraduate loans. Additionally, the student must be:
- Attending school at least half-time
- Going to an eligible Title IV or non-profit school
Interest Rates and Fees for CommonBond Student Loans
Student loans from CommonBond have a wide range of options, which affect the rate of interest offered. The cheapest interest rates are available having a 5-year repayment and immediate full repayment options. The greatest rates of interest will affect loans with a 15-year repayment schedule and a fully deferred in class repayment.
Variable rates range from 3.91% to 9.48%. Fixed minute rates are between 3.74% and 10.74%.
CommonBond also charges a 2% origination fee, that is added to the borrowed funds instead of taken off the total amount disbursed. There are no fees for application or prepayment, however.
All CommonBond student loans offer an rate of interest deduction of 0.25% if the borrower is signed up for automatic payments.
Repaying an Undergraduate Student Loan from CommonBond
Repayment on your student loan from CommonBond will start based on the plan you chose when you applied. You can select from:
- Immediate full repayment during school
- Interest-only payments during school
- $25 payments during school
- No payments during school and 6 months after school ends
In all cases, when the student graduates, quits school, or has enrollment falls below half-time, the monthly payments will shift into full repayment.
If a student borrower incurs financial difficulty, CommonBond does offer hardship options. If you hit crisis, contact the lender right away to discover what your forbearance choices are! In case of death or disability of the borrower, your debt is forgiven unless there's a cosigner. When there is a cosigner, that individual continues to be responsible to repay the debt.
A cosigner can be taken off from a CommonBond education loan following the student leaves school. 24 consecutive full payments must be made on time, the whole time from forbearance options. The student should also constitute age majority within their state, and meet underwriting and credit guidelines.
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