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Earnest vs Commonbond: Student Loan Comparison

Both earnest and commonbond 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.

Earnest vs Commonbond: Student Loans Comparison

CommonbondEarnest
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

Earnest Advantages

Earnest, which was founded in 2013, is notable for its underwriting methodology, which takes into account a borrower’s anticipated earnings and the bank accounts to which they are connected. Borrowers who use Earnest frequently save money, make on-time payments without incident, and have a little credit card or personal loan debt.

Earnest is the ideal option for borrowers who wish to alter their repayment plan in order to pay off debt more quickly. Borrowers who prefer variable payback terms have the option of using a private student loan.

Borrowers have the option to forego one month’s worth of payments with Earnest every twelve months. The amount of the missing payment will be distributed among the remaining loan installments.

Refinancing does away with the initial co-signer, but adding a co-signer is unfortunately not a possibility.

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.

How Do Earnest and Commonbond Differ in Their Eligibility Requirements?

Earnest Requirements

Borrowers must meet the following requirements in order to be eligible for an independent undergraduate or graduate student loan:

Having a bachelor’s or graduate degree in progress
Have a minimum of three years of credit history.
Your credit report should not reflect any bankruptcy filings.
To be eligible for an undergraduate loan, you must make at least $35,000.
Being able to make payments on time in the past, avoiding overdrafts and insufficient funds, fines, and not having a lot of credit card debt are additional requirements for acceptance.

To refinance student debts, you must first:
Request a loan refinancing of at least $5,000.
Possess a job or a steady source of money.
Maintain excellent status of your student loan accounts.
Keep up with your mortgage or rent payments.


Other requirements for acceptance include spending less than you make, having a history of on-time payments, and having savings equivalent to two months’ worth of costs.

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.

How Should You Decide Between Commonbond and Earnest?

Earnest, on the other hand, stands out by approaching lending with a more individualized approach.

By allowing users to choose between fixed and variable interest rates, it gives payment flexibility. Additionally, you are not penalized if you miss a payment once every 12 months. To qualify, you must have a minimum of $5,000 in loans.

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.

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

How many times can I use Earnest to refinance?
You may switch between variable and fixed-rate loans with Earnest by applying to do so up to every four months if you’re a borrower in good standing.

Every time you do so, a hard credit inquiry will be run, but you may always do a soft check to see what your rate might be before submitting an application.

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.

Is LendKey a reputable business?
LendKey has an “A” rating from the Better Business Bureau. This rating considers the business’s complaint history as well as how it handles claims.