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CommonBond Review: Refinance With Higher Approval Rate

CommonBond Student Loan Refinance Review

CommonBond Logo

  • Fixed APR: 2.49-7.04%
  • Variable APR: 1.98-7.14%
  • Loan amounts: $5,000 to $500,000
  • Minimum Credit Score: 680

Financeive Rate


  • Forbearance terms (24 Months) are more generous than those provided by many lenders.
  • Parent PLUS loans can be refinanced in your name.
  • You can discover whether you qualify and how much you will get without requiring a hard credit check.


  • Co-signer required: Except for borrowers pursuing business, medical, and dental degrees, all borrowers are required to have a creditworthy co-signer.
  • Not available everywhere: Customers in Mississippi and Nevada do not have access to any lending.
The assistance of CommonBond is really valuable. They were always prompt in their response, and they went above and beyond to meet our questions! very straightforward and open throughout the whole Interview. they have a competitive interest rate by the way!
Marie Mitchell, Financeive Editor

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CommonBond is a marketplace lender that refinances graduate and undergraduate student loans for university graduates.

In September 2013, the firm began offering loans across the country. The CommonBond in-school loan program is available to MBA students at 20 programs around the United States.

Borrowers who might want some breathing room in the future should consider refinancing with CommonBond as a viable alternative.

Today, we’ll go through any questions you may have about CommonBond, as well as how it works and what to expect throughout the application process, APR information, and most importantly, if it’s a safe place to refinance.

What Is CommonBond and What Does It Do?

CommonBond specializes in refinancing for borrowers with bachelor’s degrees or higher. For its 24-month maximum forbearance length, it is unique among other private lenders.

CommonBond provides loans to undergraduate, graduate, business, dental, and medical students.

Rates are reasonable, with fixed and variable rates available starting at 2.00% and ending at 10.74% APR depending on the loan type and credit score of the borrower.

Deferment and forbearance are offered by CommonBond, which might assist you if you need to postpone payments later because of money stress.

Also, every time a degree is completely paid for CommonBond, the lender finances 1 year of tuition for an underprivileged student through Pencils of Promise, an international education nonprofit.

Are Co-Signers Required To Get Accepted?

Co-signers are necessary for undergraduate and graduate loans.

Unless you’re enrolled in one of CommonBond’s partner colleges and meet other requirements, a co-signer is necessary for MBA loans.

After graduation and 12 months of full payments, the borrower may request to release their co-signer.

The borrower must be at least 16 years old and any time away from payment interrupts the consecutive payments.

Repayment Terms and Grace Period

There are 4 repayment options are available to undergraduate and graduate students taking out loans through CommonBond:

1. The Fixed Monthly Payment of

You can pay off your student loan in installments of $25 per month to reduce the overall size of your principal balance.

After the fixed monthly payment period, any past-due interest will be capitalized.

2. The Deferment Option

Borrowers have the option to postpone payments for a 6-month grace period after graduation and while in school.

The interest on the loan will accumulate and earn interest at maturity.

3. Interest-Only Payment

You can decrease your loan balance by making monthly interest-only payments in school.

4. Full Monthly Payment

You can also choose to make full payments with both principal and interest as soon as the loan disburses, while you’re still in school.

Borrowers with various kinds of student loans have somewhat different alternatives:

  • Borrowers in business school can pick from deferment, interest-only, and full monthly payment options.
  • Students who are starting dental or medical school can select between the deferred repayment plan and the full monthly payment option. They may also choose a fixed $100 repayment plan, in which you make $100 per month payments while going to school.
  • Borrowers who refinance can pick from a variety of hybrid repayment alternatives. The interest rate is fixed for the 5 years and then varies monthly for the final five years.

How To Apply for a Loan With CommonBond

You can submit your application entirely online from any device and learn in a few minutes if your loan is accepted.

The entire procedure (from application to reviving cash) might take from 5 days to 3 weeks.

Easy application. You are assigned a personal representative who you can text at any time and who will answer within a minute all of your questions. Jessica was amazing. Thank you for a great experience!

You must provide certain information, such as your Social Security number, anticipated yearly earnings, and the name of your institution.

Once you’ve been accepted, your interest rate will be shown to you.

CommonBond will also want proof of employment, a recent loan statement for each loan you plan to refinance, and proof of residency.

Here’s what it takes to apply for a CommonBond refinancing or student loan:

  1. Fill out the online application form: The procedure is easy to follow, and each section contains frequently asked questions or instructions on what to anticipate.
  2. Get your response: After you’ve been accepted, choose a loan and e-sign your loan information.
  3. Wait for the lender to finish processing your loan: The CommonBond loan will be disbursed directly to your school. This process may take anywhere from 3 to 5 weeks, depending on your institution and the season.
  4. Get confirmation: When your school verifies the loan and sends you a notification, CommonBond will immediately send you an email with instructions on how to disburse the money.

Is It Safe To Use CommonBond?

Although CommonBond does not accept deposits from users, it does for a lot of personal and financial information.

They keep your information private and secure by utilizing HTTPS encryption.

It also utilizes the Signal Sciences platform’s customer to defend itself against web assaults. There have been no data breaches at the site to date.

Customer Service

I changed my loan product after already being approved and selecting a short-term payback. I called care to see if it was still possible to change to a longer-term offer. The rep was so knowledgeable about what could be done and how and took care of everything within that one short call. The most perfect service I could have asked for. The rep provided accurate information communicated clearly and quickly. Thank you very much!

The Better Business Bureau has given CommonBond a “B+” grade. Nelnet Inc.’s Firstmark Services, which services the loans, is rated A+.

You can contact CommonBond’s customer service at, through live chat, or by calling 800-975-7812 at any time.

Is It Worth Refinance With CommonBond?

CommonBond can be a great choice for a college student looking to refinance their loan at a lower interest rate or for a longer period, as well as those needing additional funding for their degree program expenses.

The application procedure is quick and painless, and the loan amounts accessible are greater than those provided by other private student loan lenders.

You can get $200 if a friend signs up for CommonBond through you.

How Does CommonBond Student Loan Refinancing Compare to Other Lenders?

Fixed APR: 1.99-5.79%. Variable APR: 1.74% to 8.27%


Financeive Rate
Interest Rates
Loan Amounts
Customer Experience
Approval Rate
Fixed APR: 2.15% – 5.85%. Variable APR: 1.80% – 5.28%. + ($500 Gift)


Financeive Rate
Interest Rates
Loan Amounts
Customer Experience
Approval Rate
Fixed APR: 2.49-7.04%. Variable APR: 1.98-7.14%


Financeive Rate
Interest Rates
Loan Amounts
Customer Experience
Approval Rate

Estimate How Much You Could Save by Refinancing With Commonbond

Student loan refinance calculator

Step 1: Know what you owe

How much can refinancing save? Enter details of your existing loan


Step 2: Know how much you could save


More: Student Loan Refinance Calculator – Should You Refinance?

What to Do If You Don’t Qualify For a CommonBond Refinance

If CommonBond rejects your refinancing application, the lender will provide a detailed explanation.

You might wish to explore other lenders or require a co-signer depending on the cause.

Before you apply, consider prequalifying with several refinance lenders. This will tell you which lenders you may be accepted with, without affecting your credit.

Quote from Commmonbond

It takes just a few minutes to obtain your new rate. There are no strings attached, no paperwork, and no impact on your credit score. Our numerous refinancing alternatives allow you to select the ideal to refinance loans for you.
Commonbond Homepage

CommonBond Private Student Loans

Commonbond Student Loan

Unfortunately, Commonbond has declared that “we will no longer offer private student loans to pay for current education costs”. If you’re looking for a private student loan, check Ascent private student loan.

Our Methodology

Financeive is committed to providing students with objective, complete evaluations of student loan providers.

To ensure that our information assists borrowers in making the best educational loan selection for their needs, we gathered over 30 data points from more than 15 lenders to provide accurate information.

Frequently Asked Questions


CommonBond is a marketplace lender that refinances graduate and undergraduate student loans for university graduates.

Abdulrahman Henedy

Interest Rates
Loan Amounts
Customer Experience
Approval Rate


For those who already intended to use a co-signer, CommonBond is the best option.