Commonbond Graduate Student Loan Review
Graduate Student Loans
Though uniquely flexible when it comes to satisfying eligibility requirements, Commonbond charges graduate students a 2% origination fee on their loans. Even so, they offer a forbearance period for those in financial need, and even a 5-year repayment term for those looking to pay off their grad school loans quickly.
How does this loan compare?
Commonbond's graduate student loans are incredibly flexible yet relatively more expensive. Commonbond will allow you to borrow up to the full cost of attendance at your school, gives forbearances to distressed borrowers for a maximum of 12 months, and even offers a repayment term as low as 5-years (for those of you looking to free yourself of student debt quickly). Regarding customer service, they have a U.S.-based call center and weekday evening call hours, making troubleshooting more convenient.
But cost-wise, Commonbond's graduate student loans could improve and are among the most expensive of the lenders we reviewed. While interest rates are not necessarily higher than other lenders, graduate students are charged a 2% origination fee. There are no application fees or prepayment penalties, but Commonbond does not offer much to grad school borrowers in terms of rewards or discounts beyond an autopay discount.
Note, in order to borrow with Commonbond, you need a cosigner. The good news is that they offer cosigner release after you make 24 on-time monthly payments and satisfy credit criteria.
CommonBond - Private Student Loan Details
- Credit Check: Soft to check rates, hard to process application
- Repayment Terms: 10, 15, 20 years
- Minimum Borrowing Limit: $2,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: $500,000
- Application Fee: None
- Origination Fee: 0.02
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 660
- Minimum Annual Income: Not specified by lender
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: MS, NV
- Approved Schools Include: Title IV + Non-Profit
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, $25
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 6 months
- Maximum Deferment Period: 12 months
- Maximum Forbearance Period: 24 months
- Cosigner Release Option: Yes, after 24 months on-time payments
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): Evenings
- Application Timeline: 10 minutes to finish application
- Scholarship Search Tool: Yes
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes