8 Things to Know about CommonBond

Deciding to refinance your student loans is a major choice; one that shouldn't be made softly. Numerous elements go into it, the most significant of which is the thing that loan specialist you'll refinance with. One incredible choice worth looking at is CommonBond. Read more about them.

Updated by Namitha Antony on 10th November 2021

Deciding to refinance your student loans is a major choice; one that shouldn't be made softly. Numerous elements go into it, the most significant of which is the thing that loan specialist you'll refinance with. There are numerous choices to look over, so how would you pick? It's essential to audit the entirety of your choices to settle on an educated choice. One incredible choice worth looking at is CommonBond. Look at our 8 primary CommonBond audits underneath.

Table of contents:

Qualification Requirements 

Before you begin to investigate their rate of interest and different terms, you should initially ensure that you meet their qualification standards. 

Here's a depiction of the fundamental qualification necessities for refinancing with CommonBond. 

  • You should be a US resident or a perpetual occupant with the correct documentation. 

  • Have earned at any rate a four-year college education. 

  • You should have a degree from a qualified school. CommonBond works with numerous schools and colleges, however not all. 

  • Are an occupant of any state other than Nevada, Idaho, Vermont, or Mississippi. Occupants of these states are not qualified. 

  • You should have a base credit score of 660 to be endorsed for renegotiating without a cosigner. 

Notwithstanding these prerequisites, CommonBond will likewise think about your work status, pay, debt-to-pay proportion, and income to decide your qualification and getting power. If you are endorsed, your winning and pay subtleties are then used to set a redid pace of intrigue. 

Interest Rates

You have three rate decisions while refinancing through CommonBond—fixed, variable, and hybrid. While fixed and variable rates are basic with different loan specialists, relatively few offer hybrid interest rates. 

Hybrid rates give you the advantages of both fixed rates and variable rates. With this alternative, you pay a fixed rate for the initial 5 years, and afterward, switch over to a variable rate for the following 5 years. This gives you the steadiness of fixed rates during the initial 5 years of your credit term, with the possibility to spare more during the following 5. 

Remember that with hybrid rates, you need to take care of your credit inside 10 years. 

Fees, Discounts, and Penalties

CommonBond doesn't charge borrowers any application or beginning expenses. This is not normal for some different moneylenders that charge different preparing expenses, which increment the general expense of your loan. 

Furthermore, you may meet all requirements for a 0.25% rebate on the cited rate of interest if you pursue auto-installments. 

CommonBond likewise permits you to take care of your debt sooner than the settled upon term without charging you any pre-installment punishments. Deciding to take care of your loans early can spare you a great deal of cash in collecting premiums. Numerous banks will punish you for early installments. CommonBond won't. 

Be that as it may, CommonBond forces a $10 late expense if you are over 10 days late on your installment. So don't be late!

Loan Application Process 

Refinancing student loans through CommonBond is brisk and simple. The whole procedure is finished on the web. It will just take a couple of moments to finish the application, and you will get evaluated rates inside minutes after submitting it. 

As a feature of the application, you should give these subtleties: 

  • Your full name

  • Date of birth

  • Contact details – email address, mailing address, and phone number

  • Social Security number

  • College name

  • Date of graduation

  • Type of degree

  • Estimated loan balance

  • Monthly income

  • Housing status

After you present this data, CommonBond will give you an expected rate in the wake of doing a delicate keep an eye on your credit. This doesn't affect your record as a consumer. A hard credit check is possibly done when you consent to the terms. 

During the last procedure, you will be approached to sign a promissory note and present a couple of reports, including your pay stubs and credit explanations. 

Borrower Protections 

CommonBond offers forbearance on the off chance that you are experiencing a monetary emergency and think that it's hard to make your regularly scheduled installments. Forbearance permits you to stop your installments briefly. While your advantage will keep on including during the forbearance time frame, it is much better than late installments or student loan default. 

Pros and Cons of Refinancing with CommonBond 

Similarly, as with all things, there are upsides and downsides—both are essential to consider before settling on an official choice. Here are the fundamental advantages and disadvantages of CommonBond. 


  • No-hidden expenses worked into the loan – CommonBond doesn't charge application or start expenses. 

  • Competitive refinancing rates – The renegotiating rates you get past CommonBond are probably the least in the business. 

  • You get 3 rate choices – Very scarcely any different moneylenders offer you the alternative of looking over fixed, variable, and hybrid rates. 

  • Autopay discount – You might be qualified for a 0.25% decrease in the rate of interest cited on the off chance that you make your regularly scheduled installments through autopay. 

  • Can refinance with a cosigner – If you don't meet the passing necessities all alone, you can refinance with a reliable co-signer. 

  • No prepayment punishment – CommonBond won't charge you for taking care of your loan early. 

  • Forbearance alternative – CommonBond permits you to delay your installments on the off chance that you are briefly jobless or confronting some other budgetary difficulty. 

  • Can refinance Parent PLUS loans – This is something not very many different loan specialists are eager to do. 


  • Ineligibility for occupants of certain states – If you are an inhabitant of Nevada, Idaho, Vermont, or Mississippi you are not qualified to renegotiate through CommonBond. 

  • You should have a degree – Only students who have finished their degree program can apply to CommonBond to renegotiate. 

  • Ineligibility for moves on from specific projects – To meet all requirements for renegotiating with CommonBond, you probably moved on from a school that remembered for their rundown of more than 2,000 qualified schools. 

CommonBond Reviews

On the off chance that you meet their qualification necessities, you should consider renegotiating with CommonBond to profit by their rate choices, alluring limits, and borrower insurances. 

Be that as it may, it's as yet a smart thought to think about the entirety of your different alternatives. Look at College Raptor's audits of the best student credit renegotiate organizations—where we included CommonBond! Make certain to peruse other CommonBond surveys too, so you can settle on the most educated choice.