Refinancing your student loans with CommonBond can get you ultra-low interest rates and 24 months of forbearance if you need it
- CommonBond is a lender that specializes in refinancing student loans.
- With CommonBond, you can refinance Parent Plus loans and even transfer ownership to the child.
- CommonBond loans offer competitive rates and fees, and borrowers can receive up to 24 months of forbearance.
- Get a quote from CommonBond today and find out how much you can lower your student loan interest rate »
If you're looking to refinance your student loans, CommonBond could be a great choice. Its loans come with unique repayment options, flexible terms, and low fees.
If you took out private student loans in college, you may be able to get a lower interest rate with a CommonBond student loan refinance. And a lower interest rate could save you tens of thousands of dollars over the life of your student loans.
CommonBond can refinance your federal student loans, too. But keep in mind that you'll lose out on federal benefits, like income-driven repayment and the potential for student loan forgiveness.
What CommonBond offers
Parent Plus refinancing
Were Parent Plus loans a part of your educational funding? If so, you'll be glad to know that CommonBond will refinance Parent Plus loans and even allow parents to transfer the ownership of those loan into their child's name.
In order for the child to qualify, they'll need to be a graduate of one of CommonBond's 2,000-plus eligible schools and demonstrate that they are able to handle the responsibility of full ownership of the loan. Applicants whose credit score and income do not meet CommonBond's requirements will need to find a cosigner.
Generous forbearance and deferment policies
Many of the top student loan refinance lenders offer up to 12 months of forbearance for financial hardship. But CommonBond blows that standard out of the water by offering up to 24 months of forbearance when you have an unexpected loss of income.
CommonBond will also allow borrowers to place their loans in deferment if they decide to go back to school.
Need help refinancing your student loans? Find out what CommonBond can do for you »
Hybrid loans
Most refinance lenders offer two types of loans - variable and fixed-rated. Variable-rate loans will be cheaper upfront, but your interest rate could rise over time. With a fixed-rate loan, you begin with a slightly higher APR, but it's locked in for the life of the loan.
CommonBond offers variable and fixed-rate loans, too, but it also has a third option it calls a hybrid loan. CommonBond hybrid loans are 10-year loans - the first five years will be at a fixed interest rate, and the latter five years will have a variable rate.
CommonBond's hybrid loans come with better interest rates than its 10-, 15-, and 20-year loans. At the same time, your monthly payment will be lower than what you'd have with a traditional five-year loan.
Should you take out a hybrid loan?
The best way to take advantage of CommonBond's hybrid loan would be to pay extra each month during the first five years. By doing so, you may be able to pay off your loans not long after they switch to a variable rate. And, in the meantime, you'd be taking full advantage of a lower interest rate.
However, if you don't plan to pay off your loans early, you'd probably be better off going with a standard 10-year loan at a fixed rate.
Social responsibility
Lenders and banks aren't known for having big hearts. But CommonBond is trying to change that narrative. In addition to offering low-cost student loans with fair terms, the company gives back via its partnership with Pencils of Promise.
By partnering with Pencils of Promise, CommonBond is helping to provide teachers, schools, and educational tools for students in Ghana. Pencils of Promise has started over 470 schools and CommonBond has donated over $1 million towards that cause.
Low rates and fees
CommonBond's student loan refinance products consistently have some of the lowest interest rates in the industry. Here are the rates it is advertising as of September 2019.
And CommonBond doesn't believe in junk fees. You won't be charged an origination fee and there are no prepayment penalties either.
Customer service
You can reach out to a CommonBond specialist via phone and live chat Monday to Friday, 9 am to 6 pm EST. You can also email them at any time at care@commonbond.co.
Is CommonBond right for you?
There's a lot to love about CommonBond. It allows refinancing on Parent Plus loans, offers extended forbearance periods, and doesn't try to gouge borrowers with high interest rates and fees.
But even with all that CommonBond has going for it, you'll still want to get quotes from other top refinance companies, including Earnest and SoFi. Shopping around with multiple lenders is always the key to finding the best deal.