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Commonbond vs Sallie Mae: Student Loan Comparison

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

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

Commonbond vs Sallie Mae: Student Loans Comparison

CommonbondSallie Mae
Interest rate (APR)Fixed APR: 2.49-7.04% Variable APR: 1.98-7.14%Undergraduate: 2.62% to 12.97% variable APR, 3.75% to 13.72% fixed APR (with autopay)
Graduate: 3.12% to 12.80% variable APR, 4.25% to 12.92% fixed APR (with autopay)
Loan Amounts $5,000 to $500,000$1,000 Maximum, annual loan limit: Up to 100% of the certified total cost of attendance minus other aid
Minimum Credit Score680650
Loan TermCustom term from 5 to 20 years5, 7, 10, 15, and 20 Years
Financeive’s rating5/54.5/5

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.

Sallie Mae Advantages

Sallie Mae might be a better choice if you were simply taking a few classes. This is ideal for borrowers who are returning to school and simply need to take a few preparatory courses or who are still working full-time job.

Private student loans are available through Sallie Mae, a publicly listed consumer bank, to cover the cost of undergraduate, graduate, and professional degrees, among other educational requirements. As a government-sponsored organization that managed student loans, Sallie Mae was established by Congress in 1972. Since going private in 2004, the lender has continued to provide a variety of student loan packages.

Chech the Ascent vs Sallie Mae comparison to see which one is better for your situation.

Sallie Mae has a score of A+ with the Better Business Bureau and a score of 2 out of 5 stars (bad) with Trustpilot.

In 2020, SLM Corp., Sallie Mae’s holding corporation, was the subject of 170 complaints from consumers regarding student loans. The most common concerns included dealing with the lender or servicer and having trouble paying back the loan.

How Do Commonbond and Sallie Mae 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.

Sallie Mae Requirements

To be eligible for a Sallie Mae student loan while you’re studying abroad, you must be a citizen or legal resident of the United States. If you are not a citizen and wish to attend a U.S. institution, you must have a co-signer who is a citizen or resident of the United States.

Generally speaking, a loan must have a minimum of $1,000 and cannot be for more than what it would cost to attend school after financial aid has been deducted.

While Sallie Mae will examine your credit when you apply, the lender is secretive about the required credit score. The use of a co-signer with good credit is encouraged but not required by the lender in order to be approved for a loan or to receive a lower interest rate than you would otherwise receive.

How Should You Decide Between Sallie Mae 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.On the other hand, Sallie Mae has a high rate compared toLender1 and a high number of students are feeling bad about that.

Sallie Mae might be a better choice if you were simply taking a few classes. This is ideal for borrowers who are returning to school and simply need to take a few preparatory courses or who are still working a full-time job.

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

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.