Updated: November 23, 2021

Commerce Bank Graduate Student Loan Review

Graduate School Loan

Advertising disclosure
Graduate
Student Loan Rating
4 of 5
Fixed 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.
4.75% - 12.11%
Variable 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.
2.12% - 11.64%
Repayment Terms
15, 20 years
Important Information

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

The bottom line:

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
Commerce Bank Ascent Student Loans College Ave
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.
Fixed:
4.75% - 12.11%
Variable:
2.12% - 11.64%
Fixed:
3.21% - 12.99%
Variable:
1.51% - 10.83%
Fixed:
4.74% - 12.23%
Variable:
2.24% - 11.22%
Loan repayment terms (Years) 15, 20 years 7, 10, 12, 15 years 5, 8, 10, 15 years
Cosigner release? Yes, after 12 months on-time payments Yes, after 24 months on-time payments Yes, after 24 months on-time payments

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

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 15, 20 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
Requirements to Qualify
  • 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
Repayment Options
  • Immediate Principal and Interest Repayment: None
  • Fixed Monthly Repayment: Yes, Yes
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • 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 payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): No Evenings or Weekends
  • Application Timeline: Apply in 15 minutes, Certification takes 7 to 10 business days
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes
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