Saturday, July 2, 2022
HomeBusinessCommonBond Student Loans Review

CommonBond Student Loans Review


Editor’s note: CommonBond is no longer originating student loans or student loan refinancing.

Find the Best Student Loan Refinance Lenders

CommonBond offers student loans and refinancing for all undergraduate or higher education levels. CommonBond’s student loan options include:

  • Undergraduate
  • Graduate
  • MBA
  • Medical
  • Dental
  • Student and parent refinance

CommonBond offers both fixed- and variable-rate student loans. You can apply for a loan amount of $5,000 up to the cost of attendance. Loan terms are available from five to 15 years for most loan types, but MBA loans only have 10- to 15-year terms.

There is no application or origination fee for co-signed undergraduate loans, but MBA, medical and dental loans are subject to a 2% origination fee. The late fee is 5% of the unpaid amount of the payment due or $10, whichever is less. The returned check fee is $5.

CommonBond requires a minimum FICO score of 660 and a minimum employment and credit history of two years, but those requirements can be covered by a co-signer.

All student borrowers must be enrolled at least half time in a degree-seeking program.

Undergraduate and graduate loans require co-signers. Though CommonBond allows co-signers for MBA loans, they aren’t required. Preapproval and instant decisions are available.

Repayment options for CommonBond student loans include:

  • Full principal and interest payments while in school
  • Interest-only payments while in school
  • Flat $25 monthly payments while in school
  • Deferred payment with no in-school payments required

Forbearance of up to 12 months for three months at a time is available with CommonBond student loans. Deferment due to financial hardship falls under the forbearance policy.

If the student dies or is permanently disabled and there is no co-signer, the loan will be discharged. It will be passed on if there’s a co-signer.

CommonBond has an B+ rating with the Better Business Bureau.

In 2020, the Consumer Financial Protection Bureau received six complaints about CommonBond student loans.

Complaints included loan application denial, interest-rate problems and payment-handling issues. One person said that the company refused to approve a refinance loan based on self-employed status. Another complaint involved an unannounced interest-rate increase after the customer accepted a loan refinance offer. The remaining complaints were mainly issues with CommonBond’s servicers.

To apply for a loan, you’ll need to:

  • Answer some basic questions about yourself and your school
  • Provide documents that describe your financial situation
  • Agree to a credit check

Once you’ve applied and are approved, it takes five days to three weeks for your school to certify the loan. CommonBond will then disburse the funds directly to your school.

  • Students who plan to use a co-signer to qualify for the loan.
  • Students who need a loan of at least $5,000.
  • Students with at least half-time enrollment.

Find the Best Student Loan Refinance Lenders



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments