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CommonBond Student Loan Review

Who is a  CommonBond Student Loan Good For?

If you’re already planning to use a co-signer, this loan is best for borrowers who value strong customer support. Each borrower is paired with a Money Mentor, which is a real person who helps you manage your budget, understand your loan and find internship opportunities.

The lender also offers a defined hardship program, which provides flexibility if you need to pause payments down the road. Borrowers can request hardship forbearance in three-month increments for up to 12 consecutive months at a time, for 24 months total. The lender also offers natural disaster forbearance, which allows you to pause payments throughout a national emergency.

CommonBond is also a good fit if you want your lender to have a strong charitable mission. Every time it funds a loan, CommonBond donates to students in need through the international Pencils of Promise program.

CommonBond Student Loan Eligibility Requirement

To qualify, you must be a U.S. citizen, a permanent resident or a visa holder with an H1-B, J-1, L-1, E-2 or E-3 visa type. You also must be enrolled at least half time at one of CommonBond’s eligible schools.

During the application process, CommonBond will pull your credit and base eligibility and your interest rate on your credit history. All students must apply with a creditworthy co-signer, with the exception of business, medical and dental school borrowers. But after making at least two years of consecutive, on-time payments, you can apply to release your co-signer from your loan. Refinance loan borrowers will need to make at least 36 payments.

Interest Rates and Terms

CommonBond borrowers can get a 0.25 percent discount after setting up automatic payments. The following rates include this discount:

Loan productVariable rateFixed rate
Undergraduate student loans6.61% to 9.42% APR6.98% to 10.74% APR
Graduate student loans6.76% to 9.42% APR7.12% to 10.74% APR
MBA student loans5.82% to 7.17% APR6.04% to 7.25% APR
Dental student loans5.95% to 7.32% APR5.79% to 7.16% APR
Medical school loans3.46% to 4.64% APR5.56% to 6.76% APR
Refinance student loansVariable: 1.99% to 5.41% APR
Hybrid: 3.85% to 5.35% APR
2.78% to 5.59% APR



CommonBond undergraduate, graduate and refinance loans come with no application fees, no origination fees and no prepayment penalties. There’s a 2 percent origination fee baked into the APR on medical, dental and business degrees.

All borrowers pay a late fee equal to 5 percent of the unpaid amount due or $10, whichever is less. There’s also a returned check fee of $5, subject to state law restrictions.

How to Get a Student Loan

You can complete the application process entirely online from any device and find out if your loan is approved in just a few minutes. The entire process, from application to funds disbursement, may take up to three weeks.

In order to apply, you’ll need to gather information, including your Social Security number, estimated annual income, school name and the amount you’d like to borrow. You’ll see your interest rate once you’re approved. If you’re looking to refinance a loan, CommonBond may also need proof of employment, a recent loan statement for each loan you plan to refinance and proof of residency.

Here’s what the process looks like when applying for a student loan through CommonBond:

  1. Fill out the online application. The process is easy and even contains some helpful pieces of info about what to expect.
  2. Get your response. If you’re approved, select a loan product and e-sign your loan disclosures.
  3. Wait for the lender to process the loan. CommonBond will contact your school to confirm your enrollment and loan amount. This process can take five days to three weeks, depending on your school and the time of year.
  4. Get confirmation. Once your school certifies the loan, CommonBond will notify you by email and disburse the funds directly to your school.