If you’re looking for the best place for student loans, or even one with a great tradition of making students happy, you’re probably going to look for a student loan review before doing anything else. Typing in ‘student loan.com’ won’t help you here. However, Common Bond will! This company offers student and graduate loans and refinancing with a range of variable and fixed interest rates and special MBA loans.
Common Bond, founded in 2012, was one of the first online student loan lenders and they have been one of the leaders in the field ever since they began. They have a variety of products for students and graduates, including loans and refinancing, and highly competitive interest rates, making them one of the best student loan banks.
One of the things that make Common Bond stand out from the crowd is their social promise. Every time they fund a student loan or refinance a loan in the U.S., they will fund the education for a child in a developing country. This is what makes them one of the best student loan companies in the US.
Common Bond offers some of the best student loans available at the moment.
Common Bond offers Undergraduate Loans, Graduate Loans, MBA Loans and Refinancing options.
The Undergraduate Loans have rates of 5.3% – 9.82% Fixed APR or 3.96% – 9.78% Variable APR. In both instances, they have terms of 5, 10 or 15 years. They offer four different repayment options:
The undergraduate loans come with 12 months forbearance over the lifetime of the loan, no prepayment penalties, and cosigner release after two years of on-time payments.
The Graduate Loans have rates of 5.3% – 9.79% Fixed APR or 3.96% – 9.75% Variable APR. They also have terms of 5, 10 or 15 years and the same repayment options as the undergraduate loans. They also offer the same protections as the undergraduate loans.
The MBA Loans have 10 year fixed rates of 5.5% – 6.36% APR and variable rates of 5.47% – 6.32% APR, and 15 year fixed rates of 5.91% – 7.11% APR and variable rates of 5.88% – 7.08% APR. They also offer the same protections as the undergraduate loans.
Those looking to refinance their loans have a number of options. There are rates of 3.67% – 7.25% fixed APR, 2.50% – 7.24% Variable APR, and 4.36% – 6.30% Hybrid APR. The Fixed and Variable loans have terms of 5, 7, 15 or 20 years, while the Hybrid loans have terms of 10 years. Hybrid loans have a fixed interest rate for the first five years and a variable interest rate for the next five.
|Competitive fixed and variable interest rates||2% origination fee|
|Flexible forbearance period||Not all states covered|
|Grace period before repayments start after graduation|
|Cosigner release after 2 years of consecutive full payments|
Common Bond will lend to undergraduate or graduate students who are currently enrolled at least half time, or will be enrolled at least half time for the upcoming school year at eligible Title IV or not-for-profit schools. They require you to apply with a creditworthy cosigner, who could be a parent, family member or friend. However, it is later possible to release the cosigner from their responsibility. You must also be a U.S. citizen or permanent resident with a valid Social Security Number. Those applying for MBA Loans may be able to apply without a cosigner if they are at one of the eligible schools.
Common Bond will lend to undergraduate or graduate students who are currently enrolled at least half time, or will be enrolled at least half time for the upcoming school year at eligible Title IV or not-for-profit schools. They require you to apply with a creditworthy cosigner, who could be a parent, family member or friend in order to secure your loan. However, it is later possible to release the cosigner from their responsibility. You must also be a U.S. citizen or permanent resident with a valid Social Security Number. Those applying for MBA Loans may be able to apply without a cosigner if they are at one of the eligible schools. This is a true bonus for any students at the eligible schools and it’s yet another piece of proof that Common Bond offers the best private student loans.
Student loan reviews tend to overcomplicate procedures when it comes to choosing a company, but with Common Bond, that shouldn’t be a problem. When looking for the best college loans, it’s very important to pick the right company. Here’s why the application procedure here is one of the best: It takes just a few minutes to apply to Common Bond for a student loan. It is essentially a three-step process, you enter your information, the cosigner’s information, and then you get your rate. They require information such as your name, address, Social Security Number, the amount you are requesting, your school details, employment and financial information and so on.
They will also need much of the same information from your cosigner. They will then run a credit check and will normally be able to supply an answer in a few minutes. If you are approved you need to choose a loan and sign the relevant forms. They will confirm your enrolment and loan amount with your school, and once the school has certified the loan they will disburse the funds to the school. In the meanwhile, you should start planning your earnings so you have enough to pay back the loan. It’s never a good feeling when you get caught out in the open without any money, and even if you only have $25 to spare every month, it still counts!
Common Bond maintains a very serious online presence as well as an extensive customer service workgroup. There is an excellent FAQ section on the Common Bond website that contains a huge amount of information about applying for loans and repaying loans. If you can’t find the information that you need you can contact Common Bond via email, telephone or live chat on the website.