CommonBond Student Loan Refinance Review
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.
How does this loan compare?
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
- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5, 7, 10, 15, 20 years
- Minimum Borrowing Limit: $2,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 660
- 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: Title IV + Non-Profit
- Maximum Deferment Period: 12 months
- Maximum Forbearance Period: 24 months
- Cosigner Release Option: Yes, after 36 months on-time payments
- Disability Discharge: Not specified by lender
- 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