Common Bond Student Loan Review

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  • Fixed and Variable Rate Loans Available
  • 5 Years Academic Forbearance and 2 Years Hardship Forbearance
  • Flexible Repayment Plans
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Common Bond offers student and graduate loans and refinancing with a range of variable and fixed interest rates and special MBA loans.

By Editorial Team | 2nd January 2019

Common Bond, founded in 2011, 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.

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.

Different Types of Student Loans

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:

  • Deferment – This allows you to postpone repaying your student loan until after graduation.
  • Fixed monthly payment of $25 – This allows you to make fixed payments of $25 each month while you are in school.
  • Interest-only payment – This allows you to make interest-only payments each month while you are in school.
  • Full monthly payment – This requires the largest monthly outlay while you are in school and will see you make monthly payments of the student loan (principal plus interest).

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.

ProsCons
Competitive fixed and variable interest rates2% origination fee
Flexible forbearance periodNot all states covered
Grace period before repayments start after graduation
Cosigner release after 2 years of consecutive full payments
Student Loan Eligibility

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.

How do I Apply?

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 enrollment and loan amount with your school, and once the school has certified the loan they will disburse the funds to the school.

Customer Support

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.

Reviewed by
Editorial Team
Our Editorial Team is constantly watching for new and exciting services to report on. They aim to bring balanced, honest reviews to the site to give you the best comparisons and ensure you have the knowledge to choose the product right for you. Read more.
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