Updated: April 18, 2022

CommonBond Student Loan Refinance Review


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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.
2.49% - 7.04%
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.
1.99% - 7.15%
Repayment Terms
5, 7, 10, 15, 20 years
Important Information

Repayment Options: 5, 7, 10, 15 and 20-year repayment terms

Important Information:
• Cosigner release available
• 0.25% interest rate reduction with autopay
• Access to tutoring and financial literacy
• Late fees charged

The bottom line:

Generally one of the best student loan refinancing companies out there, CommonBond shines for its repayment flexibility and range of options. On top of offering perks such as tutoring and a referral program, this lender simply has great interest rates that are hard to beat. If you are a student or parent borrower living in any state other than Mississippi or Nevada, you should consider choosing CommonBond for refinancing student loans, making sure to look into the Hybrid Loan if you want the best of both fixed and variable interest rates.


  • Cosigner release available
  • Flexible repayment options
  • Parent PLUS loans qualify for refinancing
  • 0.25% interest rate reduction with autopay discount
  • Referral program
  • Multiple types of repayment assistance for borrowers facing financial hardship
  • No origination, application or prepayment fees


  • Late fees
  • Loans not available in Mississippi or Nevada
  • Long cosigner release period required
CommonBond Earnest LendKey
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.
2.49% - 7.04%
1.99% - 7.15%
2.74% - 7.99%
1.74% - 7.99%
2.49% - 7.93%
2.05% - 5.25%
Loan repayment terms (Years) 5, 7, 10, 15, 20 years 5, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 24 months on-time payments None Yes, after 12 months on-time payments

One of many features that makes this lender unique is the hybrid loan option. This allows borrowers to lock into a fixed rate for the first five years of repayment and then a variable-rate loan for the remaining five years of the loan term (only 10-year Hybrid loans are available). So, if you’re not sure whether you’d like the certainty of a fixed rate or the potential for more competitive rates, try a Hybrid Loan for minimal risk. 

CommonBond requires a minimum loan amount of $2,000.

CommonBond requires a credit score of at least 660, which is on the low end of eligibility for many private lenders. If you do need a cosigner, they won’t be stuck with you for the entire length of your loan but it will be a while. You can apply for cosigner release after making 36 consecutive on-time monthly payments and achieving creditworthiness. 

Temporary financial hardship may qualify some borrowers for forbearance, which can extend up to 24 months. This is a generous forbearance option compared to other student loan refinance companies, which typically offer a maximum of just 12 months. Death and disability discharge are offered through this lender. 

Refer a friend to refinance their student loan debt with CommonBond and receive a $200 bonus. There is no limit to how many times you can take advantage of this promotion and you don’t even need to be a CommonBond customer to do it. CommonBond offers free tutoring and financial literacy training for borrowers as well as access to a call center with evening availability.

CommonBond - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5, 7, 10, 15, 20 years
  • Minimum Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
Requirements to Qualify
  • Minimum Credit Score: Not specified by lender
  • Minimum Annual Income: Not specified by lender
  • Citizenship Restriction: Citizens or Residents
  • List of States where Loan is Not Available: MS, NV
  • Approved Schools Include: Not specified by lender
Repayment Details
  • Maximum Deferment Period: 12 months
  • Maximum Forbearance Period: 24 months
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Disability Discharge: Not specified by lender
Customer Service
  • 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
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