CommonBond Student Loan Refinancing Review 2024

Refinancing your student loans is one way a person can potentially speed up his/her debt payoff. With CommonBond Student Loan Refinancing Review, you can take out a new loan (with a lower interest rate) to pay off the old ones.

CommonBond Student Loan Refinancing Review

CommonBond Student Loan Refinancing Review

CommonBond has one of the best reputations of the many student loan refinance companies.

Additionally, CommonBond offers student loan refinancing to graduates and their parents with Parent PLUS loans.

However, rates at CommonBond tend to run a bit higher than the best lenders.

Regardless, CommonBond continues to make it onto the list of best places to refinance your student loans.

They are also one of just three lenders we recommend for finding the best student loans.

How Does CommonBond Work?

How it works is simple: You take out a new loan with more favorable rates to pay off your current student loans.

You can typically change your loan term, potentially qualify for lower interest, and take advantage of CommonBond’s perks.

It offers between $5,000 and $500,000 in student loan refinancing with the option of fixed, variable, or hybrid rates.

CommonBond doesn’t charge fees for applying or paying off your loan early, and its loan terms range from 60% to 240% for variable and fixed-rate loans and 10 years for its hybrid-rate option.

CommonBond Promotions and Offers

This lender delivers a 0.25% interest rate reduction for enrolling in automatic payments.

Refinance borrowers might also be eligible to participate in CommonBond’s referral program.

A PayPal account is required to obtain any referral bonuses. However, other restrictions also apply.


CommonBond Refinance Rates & Fees

CommonBond Student Loan Refinancing Review

Fixed rates with CommonBond range between 2.72% and 6.36%. CommonBond also offers a hybrid rate between 2.72% and 6.36% for a term of 10 years.

Note that the lowest rates always contain a 0.25% interest rate reduction for enrolling in automatic payments.

In 2024, CommonBond has raised its lowest available fixed rate for new loans by 5.0% (from 2.59% APR) and reduced its highest fixed rate by 11.5% (from 7.19% APR).

Already, the lowest available variable rate has increased by 38.1% (from 1.97% APR) while the highest variable rate is down 12.6% (from 7.28% APR).

Moreso, hybrid rates are up by a combined average of 36.2%.

TermFixed RateVariable Rate
5 Year2.72% – 6.36%2.72% – 6.36%
7 Year2.72% – 6.36%2.72% – 6.36%
10 Year2.72% – 6.36%2.72% – 6.36%
15 Year2.72% – 6.36%2.72% – 6.36%
20 Year2.72% – 6.36%2.72% – 6.36%

Still on CommonBond Student Loan Refinancing Review, here are additional information about CommonBond refinance rates:

1. Checking your rate with CommonBond will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).

2. CommonBond does offer a discount for setting up auto-pay. The offer is a 0.25% interest rate reduction.

3. Variable rates are based on the 1-month LIBOR rate (4.14% as of this writing).

4. No specified variable rate cap.

CommonBond Student Loan Refinancing Pros & Cons


  • Competitively low interest rates
  • No origination fees, application fee, or prepayment penalty
  • Different rate options are available
  • Co-signer allowed


  • Loans are only available for the purpose of refinancing student loans
  • Requires credit score of at least 660

CommonBond Refinance Eligibility Requirements

To qualify for refinancing with CommonBond, all borrowers must meet the criteria below.

1. Citizenship Requirement: U.S. citizenship or permanent residence -OR- certain visas with a qualified co-signer.

2. Income Requirement: proof of income, no minimum specified.

3. Credit Score Requirement: 660 minimum.

4. Graduation Requirement: bachelor’s degree or higher.

5. Location Requirement: available in 48 states (excluding Nevada and Mississippi) and Washington, D.C.

CommonBond Student Loan Repayment Options

CommonBond Student Loan Refinancing Review

CommonBond allows you to refinance up to $500,000 in student loan debt. There are three loans to choose from three loan options:

1. Variable Rate Loans

Generally, a variable rate loan is a loan whose interest rate is tied to an index. When the index goes up or down, the variable rate moves up or down with it.

The upside of a variable rate loan is that you might pay less in interest than a fixed rate loan if the index rate stays low. The downside is that you could end up paying more if rates rise.

CommonBond’s variable rate loans are available with terms of 5, 7, 10, 15 or 20 years. Compared to the other two refinance loans CommonBond offers, you could pay the lowest rate overall with a variable rate loan.

But, that assumes that rates stay low and that you qualify for the best rates, based on your credit score.

2. Fixed-Rate Loans

A fixed-rate loan is just what it sounds like the rate is fixed, which means it stays the same for the life of the loan. The main advantage of a fixed-rate loan is predictability.

You always know what your rate is going to be, which means you can calculate upfront how much interest you’ll pay. And with a fixed rate loan, your payment won’t change the way it could with a variable rate loan.

That kind of knowledge is a trade-off, however, since you might end up paying more in interest with a fixed-rate loan over the long term.

CommonBond offers competitive rates for their fixed-rate loans but the APR range is slightly higher than their variable-rate loans. The loan terms are the same, at 5, 7, 10, 15 or 20 years.

3. Hybrid Rate Loans

CommonBond’s hybrid rate loan is a unique refinance alternative. This loan has just one term option of 10 years, but you get the best benefits of both fixed and variable-rate loans.

With this loan, you pay a fixed rate for five years and a variable rate for five years. The highest APR you could potentially pay is still lower than the highest rate you could get with a variable or fixed-rate loan.

The advantage of these loans is they offer a way to minimize your payment, interest rate, and the total amount of interest paid. The downside to consider, however, is that you’ll only get 10 years to pay off your loan.

That means your monthly payments would be higher than they would with a 15 or 20-year term.

You’d have to consider how a 10-year repayment term would work for your budget. If you’re just out of school and starting your career, a smaller payment might be easier to work with until your income starts growing.

If you’ve been paying on your loans for a couple of years already, however, you might be able to swing the payments required for a 10-year term.

All three loan options require you to have a minimum loan balance of $5,000 to refinance. However, there are some important differences you need to understand.


CommonBond Student Loan Deferment & Forbearance

CommonBond Student Loan Refinancing Review

CommonBond delivers up to 24 months of forbearance over the life of a refinance loan, primarily for financial hardship.

Their coverage is loosely described, but their terms are flexible. See CommonBond’s prerequisites for deferment and forbearance below.

PrerequisitesForbearance, single-month terms
Returning to grad schoolUndisclosed
Disability rehabilitationUndisclosed
Active military dutyUndisclosed
Involuntary unemploymentForbearance, up to 24 months
Natural DisasterForbearance, single month terms

CommonBond offers other opportunities for relief or contract modification below:

1. Unexpected expenses and income reduction forbearances are available; CommonBond does not define terms.

2. Co-signer release is available after 36 consecutive qualifying payments.

3. Death/disability discharge is available in the unfortunate circumstance that a borrower passes away or suffers a total permanent disability as defined by the Social Security Administration.

Who Can Qualify for CommonBond Refinancing?

CommonBond refinancing is available to borrowers with credit scores of 660 or more, otherwise, they will need a co-signer to qualify for refinancing.

Those who desire to take out an undergraduate or graduate student loan are required to use a co-signer, no matter what credit score they have as many students may not have enough credit history to qualify.

How Does CommonBond Compare to Other Student Lenders?

CommonBond does not refinance loans for borrowers without at least a four-year degree from a Title IV institution, while both SoFi and Earnest will refinance loans for borrowers with an associate’s degree.

Although SoFi may have higher APRs than CommonBond, the lender offers extra employment and forbearance guidance to help borrowers facing financial difficulties.

Loan types offeredStudent loan refinance Private Student LoanStudent loan refinance Medical residency refinanceStudent loan refinance
APR range*3.21% – 6.45% Fixed 1.76% – 6.24% Variable4.25% – 8.774% Fixed 3.5% – 8.70% Variable4.25% – 8.77% Fixed 3.5% – 8.72% Variable
Loan amount$5,000 – $500,0005,000 up to 100% school-certified expenses$5,000 – $500,000
SchoolHold a four-year or graduate degree from any Title IV institutionHas a two-year or higher degree from any Title IV institutionHold a degree from any Title IV institution
EmployedYes or signed job offerYes or signed job offerSigned job offer or yes
Co-signerYes, release permitted after 36 on-time paymentsYes, release not permittedYes, release is not permitted
Discounts$200 referral bonus$300 referral bonus 

To round up on the CommonBond Student Loan Refinancing Review, note that CommonBond offers competitive interest rates and flexible repayment terms on both student loans and student loan refinancing.

However, it’s important to compare the actual rates you can qualify for with multiple lenders before choosing a lender.

At this point, we are confident that you enjoyed this vital resource. Let it be a part of your financial compass.

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