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finder.com’s rating: 4.2 / 5.0
★★★★★
3.31% to 9.74%
APR
$500,000
Max. Loan Amount
700
Min. Credit Score
Product Name | CommonBond Private Student Loans |
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Minimum Loan Amount | $5,000 |
Max. Loan Amount | $500,000 |
APR | 3.31% to 9.74% |
Interest Rate Type | Fixed |
Minimum Loan Term | 5 years |
Maximum Loan Term | 15 years |
Requirements | You must be an American citizen or a permanent resident of the US and have good to excellent credit or a creditworthy cosigner. Education requirements: You must be enrolled at or graduated from an approved Title IV undergraduate, graduate or MBA program |
Review by
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
CommonBond is ideal for borrowers looking for extra perks like networking opportunities and unemployment protection to help you get on your feet after graduating. It offers loans for undergraduate and graduate students — as well as their parents — with flexible in-school repayment options and a wide range of terms.
This social-minded lender is also well-known for its reliable and speedy customer service, assuring that your questions and concerns are answered in a timely manner. Another perk is its referral program, in which you can earn $200 every time someone takes out a loan with CommonBond through a link you provide.
However, you’ll need to apply with a creditworthy cosigner if you don’t have strong credit. And you might be on the hook for a 2% origination fee depending on the type of loan you’re considering.
Not sold on CommonBond? Check out our list of other student loan providers to see if there’s a better fit for you.
To be eligible for a CommonBond undergraduate and graduate student loan, you must:
To be eligible for an MBA student loan, you must:
CommonBond is set apart by the dedication it’s shown to giving back. For every loan funded through its platform, a child in need gets their education funded for a year. So far, over 2,000 students have had their education funded by CommonBond. On top of that, the lender has helped establish over 420 schools in four underserved countries: Ghana, Guatemala, Laos and Nicaragua.
Outside of its humanitarian efforts, CommonBond offers several types of loans based on your needs. MBA and graduate students have options alongside undergraduates and their parents. There are even refinancing options for former students and parents alike.
CommonBond student loans are available for undergrads, graduate students and MBA students.
All three loans are unsecured. Applicants will need to be enrolled at least half-time or are set to be enrolled in the coming year. CommonBond lists eligible schools on its website, all of which are either Title IV or nonprofit.
While there’s a good deal of overlap between graduate and undergraduate loans, MBA student loans have some unique characteristics. The first is that there’s no requirement for a cosigner. (Both undergraduate and graduate loans require someone who is creditworthy to cosign.)
Its loans are available in all states except: Idaho, Louisiana, Mississippi, Nevada, South Dakota and Vermont. CommonBond also offers refinancing for people who want to save on student loans they’re currently paying off.
Student loans refinancing | Parent PLUS loans refinancing | MBA student loans | Undergraduate student loans graduate student loans |
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For all of its pluses, you still need to look out for a few things when applying with CommonBond.
BBB accredited | No |
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BBB rating | B |
BBB customer reviews | 1 out of 5 stars, based on 4 customer reviews |
Customer reviews verified as of | 16 October 2020 |
CommonBond has no reviews on Trustpilot, but conversations in other forums reveal that most borrowers view CommonBond as a reasonable alternative when federal loans won’t do — often mentioned along the likes of SoFi and Earnest.
One of the first things to check when comparing potential lenders is whether you’re eligible. Lenders can sometimes squirrel away requirements on unintuitive pages. Criteria you’ll need to meet for undergraduate and graduate loans with CommonBond differ from those offered for MBA students.
For undergraduate and graduate loans, you must:
For MBA loans, you must:
CommonBond’s application process is fairly straightforward. First click the Go to site button on this page to be directed to CommonBond’s website. There you’ll need to create an account online to apply for a student loan or refinancing.
Required documents include:
Be prepared to select the amount you’d like to borrow in total and when you need the funds disbursed by. Once you’ve entered all required information for you and your cosigner, if you have one, it should only take a few business days to receive a decision and your money, if approved.
You’ve got your education financed — now it’s time to set up a few details and focus on schooling. CommonBond will apply your funds for tuition directly to your school account, with any funds applied for living expenses sent to you.
The next step relies on you choosing the repayment program that’s best for your needs. You can choose from a range of payment plans including:
Consider enrolling in autopay. Depending on your loan terms, you could receive a 0.25% rate discount with enrollment in automatic payments.
Now that you’re part of the CommonBond Community, you can also take part in exclusive events that include panels, meals and talks with entrepreneurs.
You probably don’t have a lot of time to wait around and figure out ways to improve your application — you have classes to pay for! Ask why your application was rejected to figure out what areas you might want to look at.
If it was your credit score that did you wrong, check your credit report to make sure there are no errors. If you’re asking for too large an amount, ask for less next time. Lenders often consider freshmen more of a risk since there’s a higher chance of them dropping out — if that’s you, you should probably be able to qualify for some type of student financing.
Before making any new moves, set up an appointment with your school’s financial aid office. They might be able to point you to other types of financing you hadn’t even thought of before.
Check out our guide to student loans to compare even more options before deciding on CommonBond.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.