CommonBond does not have any fees for its undergraduate student loans. There is not a fee to apply for the loan or to pay the loan off early. They do not charge origination fees when you close on your loan. Late fees may apply for late payments.
CommonBond offers an interest rate discount of 0.25 percent. When you make monthly payments with automatic withdrawals, you receive this discount. The payment can come from a checking or savings account. This applies to undergraduate, graduate, and refinanced loans. Dental and medical school loans also offer an interest rate reduction.
Undergraduate and graduate loans require a cosigner. You cannot apply for an undergraduate or graduate loan without a cosigner. CommonBond requires your cosigner's credit score to be higher than 670 to apply. The MBA, dental, and medical loans do not require a cosigner.
To apply for a private student loan with CommonBond, you must be attending an eligible school. If CommonBond does not offer lending options for the college of your choice, you will not be able to apply for a loan. You can see if your college is an eligible college on the CommonBond website.
Qualifications to Apply for CommonBond Loans
Useful Information About CommonBond Loans
David Klein is one of the co-founders of CommonBond. He helped start CommonBond in 2012 because he wanted a better and easier way for people to borrow money for school. Since they started, they have funded over $2.5 billion in student loans. They have over 100,000 members.
CommonBond partners with Pencils of Promise. For every loan funded, they support the education of a child in a developing country. Over $1 million has been donated. Over 470 schools have been built through the Pencils of Promise program.
CommonBond is the first company to offer a loan to students in underdeveloped countries. Each student who receives a loan from CommonBond means another student gets an education.
CommonBond has received awards, including:
CommonBond offers private student loans for undergraduate and graduate programs. They offer loans for MBA programs, and dental and medical school. You can apply for a loan online.
Yes. You can apply for CommonBond loans online.
Cosigners must have a credit score higher than 670. This may be lower if you apply on your own.
The smallest loan is generally $2,000. The amount may depend on the state where you live.
The amount varies depending on your college of choice and the cost.
The loan terms are 5, 10, and 15-year term lengths.
Yes. CommonBond offers fixed and variable interest rates. The rate you receive depends on your qualifications and if you apply with a cosigner. Undergraduate and graduate loans require a cosigner.
CommonBond offers fixed and variable interest rates. You can choose which interest rate works best for your financial situation.
CommonBond offers student loans. They offer undergraduate and graduate loans. They offer loans for MBA, dental, and medical programs. You can apply for a new student loan or refinance your current loans. CommonBond offers personal and cosigner loans. Undergraduate and graduate loans require a cosigner.
CommonBond requires basic information, including name, address, phone number, and birthday. They will verify your email, SSN, and banking information. You will need to create an account to open a loan with CommonBond. Other information may be necessary, depending on your application.
CommonBond usually takes one to three business days to review your loan. They will email you within those three days to let you know if you received approval.
CommonBond does not send you the money. They send the check to the school of your choice.
If you are denied, you can apply again with a cosigner. Undergraduate and graduate loans require a cosigner.
CommonBond offers an interest rate discount for paying through automatic withdrawals. You can set up the payments from your checking account.
Yes. There is not a fee for paying your loan off early.
CommonBond provides physical, technical, and administrative safeguards to protect your information.
The CommonBond website does not list a mobile app.
Through phone, mail, or email. You can follow CommonBond on Facebook, Instagram, LinkedIn, Pinterest, Twitter, and YouTube.