Skip links

Commonbond vs Laurel Road: Student Loan Comparison

Both commonbond and laurel road are favored options. We recommend evaluating each lender’s interest rates to see which is best for your situation.

Let’s examine each lender’s benefits and term offer so you can decide which is ideal for you.

Commonbond vs Laurel Road: Student Loans Comparison

CommonbondLaurel Road
Interest rate (APR)Fixed APR: 2.49-7.04% Variable APR: 1.98-7.14%Fixed APR: 3.99% to 6.40%
Variable APR: 2.50% to 6.30%
Loan Amounts $5,000 to $500,000$5,000 up to your total outstanding loan balance.
Minimum Credit Score680660
Loan TermCustom term from 5 to 20 years5 – 20 Years
Financeive’s rating5/54.2/5

Commonbond Advantages

CommonBond is a lender that specialised in refinancing for borrowers with bachelor’s degrees or higher. It differs from other private lenders in that it only allows forbearance for a maximum of 24 months.

The best choice for recent grads who previously planned to use a co-signer is CommonBond. Even though the majority of students require a co-signer, doing so can allow you to get the lender’s most competitive rates.

You may postpone payments if necessary thanks to the lender’s clearly specified hardship program. During the loan term, borrowers are permitted to request a total hardship forbearance of up to 24 months.

Additionally, every time a degree is fully paid for by CommonBond, the lender funds one year of tuition for a student from a low-income family through the worldwide nonprofit organization Pencils of Promise.

Check out our detailed review of Commonbond right now.

Laurel Road Advantages

Losing government safeguards like forbearance and forgiveness is one of the main disadvantages of refinancing federal loans.

These advantages are not often provided by private lenders. Though Laurel Road fixes that issue. The lender is one of the few on the market to provide cheap interest rates as well as safety features like forbearance and forgiveness under specific conditions.

Also, in the event that the borrower passes away, the lender will repay the whole debt. Disability-related eligibility might also result in full or partial forgiveness for borrowers.

If your financial situation or personal circumstances change, this flexibility may be very helpful to you. The lender also guarantees savings, claiming that throughout the course of their loans.

When medical students are matched to a fellowship or residency program, Laurel Road offers a unique refinancing option that enables them to do so immediately.

Check our Laurel Road vs Splash Financial comparison for more information.

How Do Commonbond and Laurel Road Differ in Their Eligibility Requirements?

Commonbond Requirements

CommonBond is also known for achieving a greater acceptance rate than other student loan refinancing companies. Borrowers with good credit should anticipate receiving loans with low-interest rates, while those with bad credit may still be approved. A co-signer can still satisfy the requirements with a minimum FICO score of 660 and a 2-year job and credit history. All student borrowers are needed to be enrolled at least half-time in a program leading to a degree.

Laurel Road Requirements

Borrowers who are either U.S. citizens or legal residents of the country can apply for Laurel Road student loans. If they have a documented job contract or letter, undergraduate students may refinance as early as their last semester of study.

A $50,000 refinancing with Laurel Road may be available to borrowers with an associate degree in specific professions, such as dental hygiene, radiation therapy, nursing, or diagnostic medical sonography. If an offer of employment in their field of study is made to associate degree students in qualified programs during their final term, they may refinance. Borrowers must have worked for at least a year in their field of study following graduation in order to be eligible.

How Should You Decide Between Laurel Road and Commonbond?

CommonBond may be the right refinancing option for you if you’re seeking a firm that’s dedicated to making student loan payments less complicated.

A broad variety of fixed- and variable-rate loans are available from the organization to accommodate different financial circumstances. It has furthermore been praised for providing world-class customer service.

Healthcare workers may bank online using the KeyBank brand and platform Laurel Road. The ideal candidates for its loans are those who wish to refinance while doing a residency in either medicine or dentistry.

Our Methodology

Financeive is dedicated to providing students objective, comprehensive student loan companies reviews.

We gathered over 30 data points from different lenders to ensure that our information supports borrowers in choosing the optimal educational loan choices for their circumstances.

Frequently Asked Questions

What is the time frame for Laurel Road’s loan approval?
Normally, this takes around 7 business days, but it could take longer. Your exact rate and loan term options will be sent to you by Laurel Road after your loan has been authorized.

Does CommonBond have fees?
Refinancing does not have an upfront fee or a prepayment penalty. CommonBond charges a return check fee of $5.00, which is subject to state law limitations.

However, there are Late fees of $10 or 5% of the monthly payment that must be paid 15 days after a missed payment

How long does it take for CommonBond to approve a loan?
Depending on your school, this process might take 5 days to 3 weeks. they’ll contact your school to verify his or her enrollment and loan amount.