CommonBond Student Loan Review

Editorial note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved, or otherwise endorsed by the financial institution.

CommonBond is an online lender that offers student loan refinancing and private student loans. Their long forbearance period is perfect for borrowers who need flexible repayment options. The best part is that they fund a child’s education for every loan you take out and have one of the most generous policies on stopping payments!

Pros:

Forbearance of 2 months is longer than many lenders offer

You can refinance parent PLUS loans in your name

You can apply with a Co-signer

Cons:

Loans aren’t available in Mississippi and Nevada

Don’t offer more flexible loan payments (such as biweekly payments)

What We Like about CommonBond

Generous Forbearance Policy

CommonBond allows you to stop payments for up to 24 months if you meet certain criteria. If you are in a financial hardship this alleviates the pressure of having to pay your student loans right away. This amount of forbearance is uncommon among private student loan lenders.

Refinance Parent Plus Loan

CommonBond allows parents to refinance Parent Plus loans but borrowers can also transfer the loans to the child’s name.

You can Apply with a Co-signer

CommonBond is one of the few lenders that allows you to apply with a co-signer.

How to Qualify

To qualify you must have a credit score that is higher than 680, must have completed a Bachelor’s degree, and have a minimum loan balance of $5,000. If you are worried about not qualifying they allow co-signers.

Details and Offers

Loan Terms: 5, 7, 10, 15, and 20
Loan Amounts: $5,000 to $500,000
Application or Origination Fee: No
Prepayment Penalty: No
Late Fees: Yes
Eligible Loans: Federal, Private, Parent PLUS
Forbearance: Yes; up to 24 months
Servicer: First Mark Services
Easy Rate Check: Yes
Co-signer allowed: Yes

You can compare the top student loan lenders on Snowball’s Student Loan Lender Marketplace or Snowball can provide you with a personalized plan!

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