What You Need to Know
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
- Annual Income: DOSCC
- Job History: DOSCC
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: >670 for cosigner
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: Not specified
- U.S. Citizenship Required: Yes, or permanent resident
- Required Age: 18
- SSN Required: SSN
- Valid Bank Account Required: Yes, for ACH payments
Useful Information About CommonBond Loans
- Business Loans Offered: No
- Cosigner Loans Offered: Yes
- Joint Loans Offered: No
- APR Range: 3.31-9.74%
- Fixed Interest Rates: Yes, and variable rates
- Repayment Options: ACH, checks, online, phone
- Payments Due: Monthly
- Payment Methods Fees: No, but interest rate discount for ACH
- Smallest Loan: $2,000
- Largest Loan: Depends on the school
- Loan Term Lengths: 5, 10, or 15 years
History and Achievements
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:
- One of the "Genius Companies" from TIME
- Named "Most Innovative Company in Education" by Fast Company
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.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply for CommonBond loans online.
What is the lowest my credit score can be?
Cosigners must have a credit score higher than 670. This may be lower if you apply on your own.
What is the smallest loan amount available?
The smallest loan is generally $2,000. The amount may depend on the state where you live.
What is the largest loan amount available?
The amount varies depending on your college of choice and the cost.
What are the loan term lengths?
The loan terms are 5, 10, and 15-year term lengths.
Are the interest rates competitive?
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.
Are the interest rates fixed?
CommonBond offers fixed and variable interest rates. You can choose which interest rate works best for your financial situation.
What types of loans are available?
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.
What information do I need to apply for a loan?
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.
How long does approval take?
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.
How long will it take the money to enter my account after approval?
CommonBond does not send you the money. They send the check to the school of your choice.
If I have been denied a loan before, how long do I have to wait to apply again?
If you are denied, you can apply again with a cosigner. Undergraduate and graduate loans require a cosigner.
What are the payment options to repay my loan?
CommonBond offers an interest rate discount for paying through automatic withdrawals. You can set up the payments from your checking account.
Can I pay my loan off early?
Yes. There is not a fee for paying your loan off early.
Is my information secure?
CommonBond provides physical, technical, and administrative safeguards to protect your information.
Does this loan company offer a mobile app?
The CommonBond website does not list a mobile app.
How do I contact customer service?
Through phone, mail, or email. You can follow CommonBond on Facebook, Instagram, LinkedIn, Pinterest, Twitter, and YouTube.
Bank Contact Information
CommonBond
524 Broadway, 6th Fl.
New York, NY 10012
800-975-7812
