CommonBond, which was founded in 2012, has backed more than $2 billion in student loans. Undergraduate, graduate, medical, dentistry, MBA, and student loan refinance loans are all available from the lender.
The borrower or co-signer must have a solid credit rating and at least two years of credit and job history to qualify for a loan. To apply for most undergraduate and graduate loans, you’ll need a cosigner. If your credit score is higher, you may be able to get better interest rates elsewhere.
What are the Best Features of Commonbond Student loans?
- For all loans, co-signers are accepted.
- Borrowers can pay up to the full amount while still in school, or pay simply interest, a flat charge, or delay payments.
- Pre Approval can be done online.
- There are numerous forbearance choices available.
What Types of Student Loans Does CommonBond Offer?
CommonBond provides student loans and refinancing to students at all stages of higher education. The following are some of the student loan alternatives available through CommonBond:
Student and parent refinancing (undergraduate, graduate, MBA, medical, dental)
What Are CommonBond’s Loan Terms, Fees and Discounts?
Fixed-rate and variable-rate student loans are available through CommonBond. You may apply for a $5,000 loan up to the cost of attendance. Most loan kinds have periods ranging from five to fifteen years, however MBA loans only have 10- to 15-year terms.
Undergraduate loans with co-signers have no application or origination fees, however MBA, medical, and dental loans have a 2% origination cost. The late fee is 5% of the amount due that has not been paid, or $10, whichever is less. The cost for a returned check is $5.
How Can You Qualify for CommonBond Student Loans?
A minimum FICO score of 660 and two years of work and credit history are required by CommonBond, although these conditions can be met with the help of a co-signer.
All student borrowers must be enrolled in a degree-seeking program at least half-time.
Co-signers are required for undergraduate and graduate loans. Co-signers are permitted, but not necessary, for MBA loans with CommonBond. There are options for pre-approval and fast decisions.
What is Loan Eligibility?
The minimum loan amount with CommonBond is $2,000, but you can borrow up to the cost of attendance as established by the financial aid office at your school. Tuition and fees, books and materials, accommodation and board, transportation, and personal expenditures are all included in this price.
A few requirements must be met in order to be qualified for a CommonBond private student loan:
- be a U.S. citizen or permanent resident, and be enrolled in an approved school at least half-time.
- have a credit score of at least 660
CommonBond looks at an applicant’s free cash flow, or how much disposable income you have after paying your monthly loan commitments, to evaluate eligibility.
What are the CommonBond student loan requirements?
You must be a U.S. citizen or permanent resident to be eligible. You must also be enrolled in one of CommonBond’s qualifying schools at least half-time.
CommonBond will pull your credit during the application process and use it to determine your eligibility and interest rate. With the exception of business, medical, and dental school borrowers, all students must apply with a creditworthy co-signer. However, after two years of on-time payments, you can request that your co-signer be released from your loan.
