BorrowStudent LoansCommonBond Review: Is CommonBond Legit for Refinancing Student Loans?

CommonBond Review: Is CommonBond Legit for Refinancing Student Loans?

Saving thousands of dollars on your student loan debt seems ideal, and that's just what CommonBond promises. Is it legit, though?

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Looking for a legit CommonBond review?

Saving thousands of dollars on your student loan debt seems ideal, and that’s just what CommonBond promises. Is it legit, though?

CommonBond is your friend in finance. They provide simpler, smarter student loan loans for a brighter future.

But if it the right student loan refinancing company for you?

Let’s find out, together in our CommonBond review.

What is CommonBond?

CommonBond is an online lender founded in 2012 that offers both student loan refinancing and private student loans.

CommonBond promises to jump-start your dreams with better loans & bigger savings. CommonBond members save over $24,000 on average and they don’t have any application fees, forbearance options, or prepayment penalties. No hidden fees whatsoever. They offer student loan Refinancing, parent PLUS refinancing, and student loan benefits. But should you use it to refinance your student loans?

CommonBond Review

Reviewed loan Student loan refinancing
Interest rates Fixed: 3.21% – 6.45%
Variable: 2.02% – 6.3%
Includes autopay discount of 0.25%
Loan terms 5, 7, 10, 15 and 20 years for fixed- and variable-rate loans. 10 years for hybrid loan.
Loan amounts $5,000 to $500,000
Co-signer release available Yes
Can transfer a parent loan to the child Yes

CommonBond Pros:

  • CommonBond has low and transparent rates
  • This company offers lower rates than other lenders in the student debt industry
  • Conveniently offers a hybrid loan option

CommonBond Cons:

  • To be accepted you must have graduated from college
  • Not available in Mississippi or Nevada

Who is CommonBond Best For?

CommonBond is quickly becoming one of the largest providers of student loan refinancing and consolidation. CommonBond is good for refinancing or consolidating student loans for anyone that has a good or excellent credit score. You’ll need a minimum credit score of 660 and get approved. The company has one of the best forbearance policies and you can visit CommonBond to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

CommonBond Features

Forbearance, No Prepayment Fees, No Origination Fees, Auto Payment, Career Support, Cosigner Option

CommonBond Student Loan Refinancing Rates

  • Fixed: 3.2% – 6.45%
  • Variable: 2.02% – 6.03%

Includes autopay discount of 0.25%

You can get your student loan refinancing custom rate in 3 minutes or less.

CommonBond Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

CommonBond Loan Amounts

The company currently offers student loan refinancing and consolidation for loans over $5,000.

CommonBond Eligibility

To start refinancing your student loans, you must be a graduate. This seems to be the standard requirement for student debt companies, but there still are companies you can consolidate or refinance through if you did not graduate from college.

CommonBond Customer Service

One feature that is important is being able to get in touch with your student loan refinancing company. Sometimes it’s nice to talk to a real person. CommonBond has a U.S.-based care team is available by phone and live chat Monday–Friday, 9am–8pm EST, and you can email them anytime.

Why Should You Refinance Your Student Loan Debt?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with CommonBond, here are some good student loan resources to consider:

Check your rate without a hard credit check
College Ave Student Loans
4.5

College Ave offers private student loans with multiple repayment options. Apply online in 3 minutes and get an instant credit decision. No application, origination, or disbursement fees.

Pros:
  • Min credit score: Mid 600s
  • Fixed APR: 3.24-13.59%
  • Variable APR: 0.94-12.99%
VIEW RATES

The Bottom Line

CommonBond is among the very best for consumer-friendly features and a great option for students who want to refinance their student loans.
Brian Meiggs
Brian Meiggs
Founder of Smarts, Brian is an entrepreneur and investor who enjoys working out, reading, spending time with his family and friends, playing chess, traveling and creating great content. He’s passionate about helping others make smarter money moves and achieve financial freedom. He uses the free Personal Capital app to manage his cash flow and net worth.
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CommonBond Review: Is CommonBond Legit for Refinancing Student Loans?CommonBond is among the very best for consumer-friendly features and a great option for students who want to refinance their student loans.