Commerce Bank Graduate Student Loan Review
Graduate School Loan
Rewards: Autopay Discount
Yearly Loan Limits: Covers up to 100% of your Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner is optional, allows for Cosigner Release after 12 on-time monthly payments
Commerce Bank’s Graduate School student loan offers many unique benefits, such as a short cosigner release requirement and an extended 9-month grace period for repayment when you graduate. Their interest rates, on the other hand, are average, and their customer service is not at the level of other competitors.
Pros
- They offer cosigner release after only 12 on-time monthly payments
- Offers a graduated repayment plan
- Offers a 9-month grace period
Cons
- You'll find better rates elsewhere
- Call center only available on weekdays during business hours
- They charge a fee on late payments
How does this loan compare?
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| Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include an autopay discount if available. |
Fixed:
3.74% - 11.98%
Variable:
5.29% - 14.49%
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Fixed:
3.87% - 14.49%
1
Variable:
5.59% - 14.49%
1
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Fixed:
4.59% - 14.16%
Variable:
7.85% - 15.46%
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| Loan repayment terms (Years) | 15 years | 5, 8, 10, 15 years | 7, 10, 12, 15 years |
| Cosigner release? | Yes, after 12 months on-time principal and interest payments | Yes, after 24 months on-time principal and interest payments | Yes, after 12 months on-time principal and interest payments |
Full Review
If you’re in the market for a flexible lender for grad school, Commerce Bank's graduate student loans may be for you. Qualifying for their grad school loan is quite straightforward, for one. Though they don’t make their credit requirements publicly available, we do know that they lend to non-citizens and students enrolled less than half-time. And when it comes to repayment, they give you 9 months to get on your feet after you graduate (3 months more than usual). Some of their repayment terms are even under 10 years, meaning you can pay this loan off quickly if you choose.
If you're thinking of applying with a cosigner, note that Commerce Bank offers cosigner release after just 12 on-time monthly payments. For reference, most other lenders offer that after two or three years. This way you can qualify for a lower rate, but eventually release the cosigner from obligation.
When it comes to rates, however, Commerce Bank’s are roughly average, and the only reward they offer is an autopay discount. Their customer service is also wanting. If you have a question and need to call them, plan to do so on weekdays during business hours.
Commerce Bank - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 15 years
- Minimum Borrowing Limit: $1,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: Not specified by lender
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: Not specified by lender
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
- Minimum Enrollment Restriction: None
- List of States where Loan is Not Available: None
- Approved Schools Include: All
- Immediate Principal and Interest Repayment: None
- Fixed Monthly Repayment: Yes
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 9 months
- Maximum Deferment Period: Not specified by lender
- Maximum Forbearance Period: Not specified by lender
- Cosigner Release Option: Yes, after 12 months on-time principal and interest payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Evenings and Weekends
- Application Timeline: Apply in 15 minutes, Certification takes 7 to 10 business days
- Scholarship Search Tool: Yes
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes
