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Commonbond vs SoFi: Student Loan Comparison

Both Commonbond and SoFi 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 Sofi: Student Loans Comparison

CommonbondSoFI
Interest rate (APR)Fixed APR: 2.49-7.04% Variable APR: 1.98-7.14%Fixed APR
3.99-8.24%
Variable APR
3.24-8.24%
Loan Amounts $5,000 to $500,000$5,000
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.

Sofi Advantages

SoFi has expanded significantly from its beginnings as a company that refinanced student loans. SoFi now provides mortgages, personal loans, and financial management services.

Student loan borrowers should eventually become mortgage and wealth management clients, according to SoFi. Customers are referred to as “members.”

The advantage for customers is that they may anticipate better service. SoFi must treat its customers fairly if they want its customers to use other services.

The career guidance offered to all clients is one of the benefits of being a SoFi “member.” By assisting borrowers in finding employment, lenders can increase the likelihood that they will be paid back. Those borrowers who lose their jobs could find this to be a useful resource.

How Do Commonbond and Sofi 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.

Sofi Requirements

You must be a citizen of the United States, a permanent resident, or a visa holder in order to be eligible for a SoFi personal loan.

In accordance with the regulations of your state, you must also be regarded as an adult. You must be employed, have a job offer that will begin within 90 days, or have a significant amount of money from other sources. Your eligibility is further aided by solid credit history.

Co-borrowers are permitted, however, they must share the same address as the principal borrower. Another week or two may pass while processing applications.


How Should You Decide Between Sofi 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.

Sofi offers several flexible repayment choices as well as no fees and free job counseling.

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

Which type of business is CommonBond?
Refinancing graduate and undergraduate student debts for university graduates is something CommonBond does as a marketplace lender. CommonBond also offers in-school loans to MBA students at 20 different institutions around the United States. In September 2013, the business opened its doors nationwide.

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.