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Home Banking

CommonBond Student Loan Refinancing Review: Earn $200 Per Referral

Diana Mason by Diana Mason
October 26, 2022 1:09 am CDT
in Banking
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CommonBond Student Loan Refinancing Review: Earn $200 Per Referral
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This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

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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.

Current Offer at CommonBond.co

CommonBond In A Nutshell

Loan Terms5, 7, 10, 15 or 20 years
Loan Amounts$5,000 – $500,000
Loan TypesVariable, fixed, hybrid
Cosigner ReleaseYes
Autopay Discount0.25%

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 Features

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.

Borrower Protections

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.

CommonBridge

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.

Social Promise

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.

Application FeeNone
Origination FeeNone
Prepayment Penalty FeeNone
Late Fee5% or $10, whichever is less

CommonBond Requirements

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.


Bottom Line

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.

Current Offer at CommonBond.co

Also, see the $300 bonus offer for student loan refinancing from Splash Financial.

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Diana Mason

Diana Mason

Diana's passion for travel eventually led to her separation from the 9 to 5 office life and into the arms of freelance work. Cali-born and Philly-bred, she's a creative professional with a delightful knack for words. When she's not gallivanting across the globe, Diana can be found writing (of course), teaching yoga and dreaming of her next big adventure.

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