CommonBond Review 2020: Best For Private Student Loans

​​​​Seeking private loans to finish your undergraduate, graduate or MBA? CommonBond is one of the leading private lenders with moderate interest rates, and excellent repayment terms.CommonBond was one of the first online student loan lenders, and they have continued to lead the way with private student loans.Additionally,offers student loan refinancing to graduates and their parents with Parent PLUS loans. However, rates at CommonBond tend to run a bit higher than the best lenders.Regardless, CommonBond continues to make it onto the list of Best Places To Refinance Your Student Loans. They are also one of just three lenders we recommend for finding the best student loans.Should you get a private student loan or refinance at CommonBond? This article will explain who will benefit, and who should stay away.

lends in 44 states to graduates of 2000 Title IV schools. Unlike most lenders, CommonBond doesn’t have clearly displayed refinancing criteria, but it does consider your credit history, other debts and current income in underwriting the loans.In addition to offering student loan refinancing, CommonBond offers private loans for undergraduate and graduate school as well as MBA programs. Undergraduate and graduate students must have a cosigner to borrow from CommonBond. MBA borrowers may be able to qualify for the loan on the basis of their own credit score. allows borrowers (including parents with Parent PLUS loans) to refinance up to $500,000 for 5,7,10,15 or 20 years. Interest rates on the loans are somewhat lower than rates on Federal loans, but the rates are far from the lowest in the market (especially for highly qualified borrowers). Graduates who want to take responsibility for Parent PLUS loans can become the primary borrower on the loan by refinancing with CommonBond.Borrowers can choose between fixed, variable and hybrid loans. Fixed rate loans have a fixed interest rate throughout the life of the loan, whereas variable rate loans have interest rates (and minimum payments) that may adjust month by month. Maximum interest rates on variable rate loans range from 8.99-12.99% depending on the maturity of the loan.On unique product that CommonBond offers is its hybrid rate loan. This is a loan that has a fixed interest rate for five years, then the interest rate become variable. This is a great way to get the safety of a fixed rate loan when the interest part of your loan payment is higher, while getting some benefit from a variable interest rate later on.Aside from the Hybrid loan option, CommonBond’s rates and terms are nothing special. You may save some money by refinancing, but don’t expect huge interest rate reductions.

In addition to offering student loan refinancing,offers private loans for undergraduate, graduate, and MBA programs. The rates and terms for their private student loans are some of the most competitive that we’ve seen. That consistently puts CommonBond as one of our top private student loan lenders. MBA loans allow borrowers to defer payments for up to 32 months while they are in school. The interest rates they have assume full deferment.Graduate and undergraduate borrowers can also opt to defer payments during school, make $25 monthly payments or pay the interest during school. This flexibility is rare for most lenders.

The most concerning fine print forborrowers comes with borrowing for undergraduate or graduate school. Borrowers have to take on cosigners, but the cosigners may be released after 24 months of on time payments. This is one of the shortest cosigner release periods available, but having a cosigner can be tough.We recommend borrowers get a low cost term life insurance policy to cover the balance of the loans should anything happen.CommonBond loans don’t share the robust protections of Federal Student loans, but CommonBond does allow forbearance during economic hardship. If you qualify, you may temporarily stop making monthly payments for a limited period of time. During this time, interest continues to accrue.Borrowers who absolutely have to take out private loans to finish school, should considera top contender. It’s not ideal to need a cosigner, but having one can result in better rates and terms. It’s especially helpful that CommonBond offers a cosigner release program after just 24 months of on time payments.In terms of refinancing student loans with CommonBond, you’ll probably find a better rate elsewhere. Compare CommonBond to other lenders atto see where you might find the best interest rate. Plus, if you refinance with Credible, you’ll get up to a $750 bonus! Check out Credible here.

Written by Investors Wallets

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