Based in 2012, CommonBond has funded greater than $2 billion in pupil loans. The lender provides undergraduate, graduate, medical, dental, MBA and pupil mortgage refinance loans.
To acquire a mortgage, the borrower or co-signer wants a superb credit standing and at the very least two years of credit score and job historical past. You want a co-signer to use for many undergraduate and graduate loans. When you’ve got the next credit score rating, chances are you’ll discover higher rates of interest elsewhere.
The corporate’s web site is simple to navigate, and the applying course of is simple. From software begin to mortgage certification by your college, the whole course of can take from 5 days to a few weeks. Charges are usually low, although there may be an origination price for MBA, dental and medical loans.
- Co-signers are accepted for all loans.
- Debtors could make as much as full funds whereas at school or select to pay curiosity solely, a flat price or defer funds.
- On-line preapproval is out there.
- Beneficiant forbearance choices can be found.
- CommonBond costs an origination price for MBA, medical and dental loans.
- A co-signer is required for undergraduate and graduate pupil loans, aside from qualifying MBA applications.
- Loans aren’t provided in all states.
What Forms of Pupil Loans Does CommonBond Provide?
CommonBond provides pupil loans and refinancing for all undergraduate or larger training ranges. CommonBond’s pupil mortgage choices embrace:
- Pupil and father or mother refinance
What Are CommonBond’s Mortgage Phrases, Charges and Reductions?
CommonBond provides each fixed- and variable-rate pupil loans. You may apply for a mortgage quantity of $2,000 as much as the price of attendance. Mortgage phrases can be found from 5 to 15 years for many mortgage sorts, however MBA loans solely have 10- to 15-year phrases.
There isn’t a software or origination price for co-signed undergraduate loans, however MBA, medical and dental loans are topic to a 2% origination price. The late price is 5% of the unpaid quantity of the cost due or $10, whichever is much less. The returned verify price is $5.
How Can You Qualify for CommonBond Pupil Loans?
CommonBond requires a minimal FICO rating of 660 and a minimal employment and credit score historical past of two years, however these necessities may be coated by a co-signer.
All pupil debtors should be enrolled at the very least 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 immediate choices can be found.
What Are CommonBond’s Deferment and Reimbursement Choices?
Reimbursement choices for CommonBond pupil loans embrace:
- Full principal and curiosity funds whereas at school
- Curiosity-only funds whereas at school
- Flat $25 month-to-month funds whereas at school
- Deferred cost with no in-school funds required
What Are CommonBond’s Forbearance and Discharge Choices?
Forbearance of as much as 12 months for 3 months at a time is out there with CommonBond pupil loans. Deferment as a consequence of monetary hardship falls beneath the forbearance coverage.
If the scholar 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.
Buyer Service and Status
CommonBond has an A- score with the Higher Enterprise Bureau.
In 2020, the Shopper Monetary Safety Bureau acquired six complaints about CommonBond pupil loans.
Complaints included mortgage software denial, interest-rate issues and payment-handling points. One particular person mentioned that the corporate refused to approve a refinance mortgage primarily based on self-employed standing. One other criticism concerned an unannounced interest-rate enhance after the shopper accepted a mortgage refinance supply. The remaining complaints have been primarily points with CommonBond’s servicers.
What Is the CommonBond Mortgage Utility Course of Like?
To use for a mortgage, you’ll have to:
- Reply some fundamental questions on your self and your college
- Present paperwork that describe your monetary scenario
- Comply with a credit score verify
When you’ve utilized and are accredited, it takes 5 days to a few weeks in your college to certify the mortgage. CommonBond will then disburse the funds on to your college.
CommonBond Pupil Loans Are Greatest for:
- College students who plan to make use of a co-signer to qualify for the mortgage
- College students who want a mortgage of at the very least $2,000
- College students with at the very least half-time enrollment