Updated: September 22, 2021

Commonbond Graduate Student Loan Review

Graduate Student Loans

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.
3.74% - 10.74%
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.
3.81% - 9.34%
Repayment Terms
10 years, 15 years, 20 years
Important Information

Rewards: Autopay Discount

Yearly Loan Limits: Covers up to 100% of your Cost of Attendance

Overall Limits: $2,000 (minimum), $500,000 (Aggregate)

Cosigner Terms: Cosigner is optional, allows for Cosigner Release after 24 on-time monthly payments

The bottom line:

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.

Pros

  • Offers a 12-month forbearance period
  • Offers a 5-year repayment term (among others)
  • Can borrow up to the full cost of attendance

Cons

  • Not available for residents of Mississippi or Nevada
  • Charges a fee on late payments
  • Requires a cosigner
Commonbond College Ave Earnest
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:
3.74% - 10.74%
Variable:
3.81% - 9.34%
Fixed:
4.74% - 12.23%
Variable:
2.24% - 11.22%
Fixed:
2.99% - 10.99%
Variable:
0.99% - 9.89%
Loan repayment terms (Years) 10 years, 15 years, 20 years 5 years, 8 years, 10 years, 15 years Up to 15 years
Cosigner release? Yes, after 24 months on-time payments Yes, after 24 months on-time payments None

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

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 10 years, 15 years, 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
Requirements to Qualify
  • 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
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes, $25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • 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
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: 10 minutes to finish application
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: Yes
  • Financial Literacy Training: Yes

Other Loans that Commonbond Offers:

Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total