CommonBond offers student loans for undergraduates, graduates, and MBA students. Undergraduate borrowers must have a creditworthy cosigner to apply.
What makes CommonBond stand out are their lower interest rates and their focus on giving back to children in need with every loan.
Find out more about CommonBond student loans below!
CommonBond Student 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 is available after graduation and 24 consecutive months of full payment
|Prequal Without Credit||Refinancing has prequalification, but new loans only have 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% interest rate reduction with autopay
|Repayment Terms||Options Include:
*Full repayment right away
*Interest-only payments during school
*$25 a month until six months after school is over
*Deferred until six months after school is over, interest added to principal
|Hardship Options Available||Forbearance options in cases of financial difficulty.
Death and disability discharge available unless there is a cosigner - a cosigner is still responsible for the debt.
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 a CommonBond student loan, you can choose a repayment period of 5, 10, or 15 years. The shorter the repayment term, the lower your interest rate is likely to be for the loan.
CommonBond allows you to borrow up to the cost of attendance for your school. They recommend that students maximize federal financial aid, scholarships, and grants before applying for a private loan. Of course, you should borrow only what you need to minimize debt.
The thing that makes CommonBond special as a lender is their Social Promise program. For every loan the lender issues, they also fund the education of a child in need around the world. The company strongly believes in being a force for change, and have helped over 2,000 children to date.
Unlike many lenders, CommonBond specifically requires a cosigner for all undergraduate loans. In addition, 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 variety of options, all of which affect the interest rate offered. The lowest interest rates are available with a 5-year repayment and immediate full repayment options. The highest interest rates will apply to loans with a 15-year repayment plan and a fully deferred in school repayment.
Variable rates range from 3.91% to 9.48%. Fixed rates are between 3.74% and 10.74%.
CommonBond also charges a 2% origination fee, which is added to the loan rather than removed from the amount disbursed. There are no fees for application or prepayment, however.
All CommonBond student loans offer an interest rate deduction of 0.25% if the borrower is enrolled in automatic payments.
Repaying an Undergraduate Student Loan from CommonBond
Repayment on your student loan from CommonBond will begin according to the plan you selected when you applied. You can choose 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, if the student graduates, quits school, or has enrollment falls below half-time, the monthly payments will shift into full repayment.
If a student borrower runs into financial difficulty, CommonBond does offer hardship options. If you hit hard times, contact the lender right away to find out what your forbearance options are! In case of death or disability of the borrower, the debt is forgiven unless there is a cosigner. If there is a cosigner, that person is still responsible to repay the debt.
A cosigner can be removed from a CommonBond student loan after the student leaves school. 24 consecutive full payments must be made on time, without interruption from forbearance options. The student must also be of the age of majority in their state, and meet underwriting and credit guidelines.
Review other profiles of private loan lenders.
Keep School Affordable!
Knowing your loan options is only part of the puzzle. It’s also vital to choose a generous school and take other steps to keep college costs low. If you’re still reviewing schools, find out which ones are best for your family with our toolkit today!
CONNECT WITH OTHER PARENTS TRYING TO FIGURE OUT HOW TO PAY FOR COLLEGE
JOIN ONE OR ALL OF OUR FACEBOOK GROUPS:
HOW TO FIND MERIT SCHOLARSHIPS