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CommonBond offers refinancing for federal, private, Parent PLUS and previously consolidated loans. The lender could offer you a lower interest rate on student debt, which will save you a good deal of money in the long run. The best feature, however, is CommonBond’s long forbearance period – 24 months instead of the usual 12 – which is very attractive if you’re not as certain about your financial future.
CommonBond In A Nutshell
|Loan Terms||5, 7, 10, 15 or 20 years|
|Loan Amounts||$5,000 – $500,000|
|Loan Types||Variable, fixed, hybrid|
CommonBond $200 Per Referral Offer
- Go to their referral program page
- Enter your email address. They’ll send you a referral link.
- Share the link with anyone interested in saving money on their student loans.
- Get $200 on PayPal* every time someone uses your link to take out a new loan.
CommonBond offers student loan refinance terms that are customizable with fixed, variable and hybrid rates available. Hybrid loans come with a 10-year repayment term where the interest rate is fixed for the first five years, then variable for the last five.
All borrowers are covered with:
- In-school forbearance
- Military forbearance
- Internship, residency or fellowship forbearance
- Death or disability discharge
You can take a total of 24 months of forbearance, maximum three months at a time, over the life of your loan. That’s a lot more than what the typical lender allows.
PLUS Loan Features
If you’re a parent with PLUS loans, you can apply to refinance with CommonBond for a lower interest rate. The lender also gives you the option to transfer your PLUS loan to your child after they graduate.
To help borrowers who lose their jobs, CommonBond offers a program called CommonBridge to help them find new ones. This is a rare feature for lenders to offer.
When you refinance your student loans with CommonBond, the lender will cover the cost of a child’s education in the developing world. In partnership with Pencils of Promise, CommonBond has provided schools, teachers and technology to thousands of young students in Ghana.
CommonBond Rates & Fees
Interest rates are determined by various factors, including you or your cosigner’s credit history, your debt-to-income ratio, the type of loan you’re applying for and current market interest rates.
|Prepayment Penalty Fee||None|
|Late Fee||5% or $10, whichever is less|
Before going through the application process, make sure you’re eligible for to refinance. To apply with CommonBond, you must:
- Be a United States citizen, permanent resident or H1-B, J-1, L-1, E-2 or E-3 visa holder.
- Have graduated from a selection of more than 2,000 Title IV accredited university or graduate program.
Unfortunately, CommonBond cannot refinance your loan if you live in Mississippi, Nevada or Vermont. Those residing in any of the other states and the District of Columbia are welcome to apply.
If you have a solid income and credit score, and you want to be proactive about paying off your student debt quickly, CommonBond is an excellent option. However, like any big financial decision, it’s smart to do your research so you know all your options.
Also, see the $300 bonus offer for student loan refinancing from Splash Financial.
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