Editor’s notice: CommonBond is not originating pupil loans or pupil mortgage refinancing.
Discover the Greatest Pupil Mortgage Refinance Lenders
CommonBond affords pupil loans and refinancing for all undergraduate or greater schooling ranges. CommonBond’s pupil mortgage choices embody:
- Pupil and father or mother refinance
CommonBond affords each fixed- and variable-rate pupil loans. You may apply for a mortgage quantity of $5,000 as much as the price of attendance. Mortgage phrases can be found from 5 to fifteen years for many mortgage sorts, however MBA loans solely have 10- to 15-year phrases.
There is no such thing as a utility or origination charge for co-signed undergraduate loans, however MBA, medical and dental loans are topic to a 2% origination charge. The late charge is 5% of the unpaid quantity of the fee due or $10, whichever is much less. The returned examine charge is $5.
CommonBond requires a minimal FICO rating of 660 and a minimal employment and credit score historical past of two years, however these necessities will be lined by a co-signer.
All pupil debtors have to be enrolled not less than half time in a degree-seeking program.
Undergraduate and graduate loans require co-signers. Although CommonBond permits co-signers for MBA loans, they aren’t required. Preapproval and prompt selections can be found.
Compensation choices for CommonBond pupil loans embody:
- Full principal and curiosity funds whereas in class
- Curiosity-only funds whereas in class
- Flat $25 month-to-month funds whereas in class
- Deferred fee with no in-school funds required
Forbearance of as much as 12 months for 3 months at a time is obtainable with CommonBond pupil loans. Deferment on account of monetary hardship falls beneath the forbearance coverage.
If the coed dies or is completely disabled and there’s no co-signer, the mortgage shall be discharged. It is going to be handed on if there’s a co-signer.
CommonBond has an B+ score with the Higher Enterprise Bureau.
In 2020, the Shopper Monetary Safety Bureau acquired six complaints about CommonBond pupil loans.
Complaints included mortgage utility denial, interest-rate issues and payment-handling points. One individual mentioned that the corporate refused to approve a refinance mortgage primarily based on self-employed standing. One other criticism concerned an unannounced interest-rate improve after the shopper accepted a mortgage refinance provide. The remaining complaints had been primarily points with CommonBond’s servicers.
To use for a mortgage, you’ll must:
- Reply some primary questions on your self and your college
- Present paperwork that describe your monetary state of affairs
- Conform to a credit score examine
When you’ve utilized and are authorized, it takes 5 days to a few weeks to your college to certify the mortgage. CommonBond will then disburse the funds on to your college.
- College students who plan to make use of a co-signer to qualify for the mortgage.
- College students who want a mortgage of not less than $5,000.
- College students with not less than half-time enrollment.