[ad_1]
What it’s essential to know:
- CommonBond Lending, LLC (NMLS # 1175900) affords pupil mortgage refinancing in addition to in-school non-public pupil loans.
- Their loans include mounted, variable or hybrid charges and supply a beneficiant forbearance interval throughout unemployment.
- CommonBond earned a 5.0/5.0 Pupil Mortgage Planner score.
If it’s essential to take out pupil loans to assist pay for college or wish to refinance current pupil loans, CommonBond is a strong choice.
In Pupil Mortgage Planner’s refinancing survey, our readers ranked CommonBond because the #1 lender for refinancing. Our respondents particularly beloved CommonBond’s utility course of and customer support.
Maintain studying for our full evaluate of Commondbond’s pupil mortgage choices, together with phrases, advantages and eligibility necessities.
Word that the COVID-19 pandemic and federal aid measures have impacted many pupil mortgage debtors. To be taught extra about your choices and whether or not you must take into account refinancing now, check out our guide.
CommonBond pupil mortgage refinancing
With CommonBond, you may refinance each federal and personal pupil loans into one new mortgage with aggressive charges and phrases. Right here’s a fast snapshot of CommonBond’s refinance loans:
- Mounted fee: Sure
- Variable fee: Sure
- Hybrid fee: Sure
- Mortgage phrases: 5, 7, 10, 15, and 20 years
- Mortgage quantity: $5,000 to $500,000 (lifetime most)
- Charges: None
- Forbearance: Sure
- Dying or incapacity discharge: Sure
- Cosigner launch: Sure
Professionals and Cons
Professionals
- Beneficiant forbearance: CommonBond affords as much as 24 months of forbearance over the lifetime of your mortgage, which is among the longest forbearance intervals we’ve seen from a non-public pupil mortgage lender.
- Low charges: CommonBond doesn’t cost an utility or origination price and there aren’t any prepayment penalties. They do, nonetheless, cost a late fee price of $10 or 5% of the unpaid quantity (whichever is much less) and a returned examine price of $5.
- Mother or father Plus refinancing: CommonBond is among the few lenders that not solely permits dad and mom to refinance Parent Plus Loans, however can even permit loans to be transferred to the kid’s title.
- Dying and incapacity discharge: Within the unlucky occasion of your sudden dying or everlasting incapacity, CommonBond will forgive your pupil loans and never cross the accountability on to a cosigner.
- Autopay low cost: Debtors will earn a 0.25% rate of interest discount after enrolling in auto-pay.
Cons
- Availability: CommonBond shouldn’t be presently licensed to lend in Mississippi or Nevada.
- Commencement requirement: CommonBond will solely take into account refinancing the scholar loans of debtors who’ve graduated from one of many 2,000+ Title IV accredited universities or graduate packages of their community.
- No federal advantages and protections: For those who refinance federal pupil loans, you’ll lose eligibility for Income-Driven Repayment plans, Public Service Mortgage Forgiveness and different federal pupil mortgage advantages.
Eligibility necessities
To qualify for a CommonBond pupil mortgage refinance mortgage, you’ll have to be a U.S. citizen; everlasting resident; or H1-B, J-1, L-1, E-2, E-3 visa holder.
You’ll additionally have to have earned at the least a bachelor’s diploma from of of the greater than 2,000 Title IV accredited faculties of their community. For those who meet each these standards, CommonBond says that your credit score historical past and different components will have to be thought-about.
Additionally, bear in mind that low to average earnings earners could discover it tough to qualify for a pupil mortgage with CommonBond. In our Pupil Mortgage Planner refinancing survey, 62% of respondents who stated that they had obtained a mortgage from CommonBond had an earnings of greater than $100,000.
For those who don’t qualify for pupil mortgage refinancing by yourself, CommonBond will help you add a cosigner to the mortgage. Working to boost your credit score rating and paying down different money owed (like bank cards) can even enhance your odds of qualifying and not using a cosigner.
Utility course of
In our current Pupil Mortgage Planner refinancing survey, respondents gave CommonBond a 9.07/10.00 score for his or her utility expertise. That was the very best score given to any lender. Right here’s how their utility course of works:
Earlier than filling out a full utility with CommonBond, you may examine your charges by choosing “See my charges.”
With this selection, CommonBond will carry out a gentle credit score examine that received’t damage your credit score rating. For those who like what you see, you may transfer ahead and fill out the total utility.
You’ll want to supply private info (together with your social safety quantity) in addition to details about your earnings and pupil mortgage steadiness.
When you’ve accomplished your utility, CommonBond says you’ll have a preliminary determination in minutes, after which you’ll have to add further documentation. For those who obtain approval, CommonBond will make preparations to repay your present loans and end the refinancing course of.
CommonBond non-public pupil loans
CommonBond affords private student loans for undergraduates and graduate college students. Additionally they supply pupil loans for MBA, dental faculty and medical faculty college students.
- Mounted fee: Sure
- Variable fee: Sure
- Hybrid fee: No
- Mortgage phrases: 5, 10, 15 or 20 years (choices range by mortgage kind)
- Mortgage quantity: As much as $500,000 (lifetime most)
- Origination charges: 2%
- Forbearance: Sure
- Dying or incapacity discharge: Sure
- Cosigner launch: Sure
Professionals and Cons
Professionals
- In-school fee flexibility: Relying on the kind of mortgage you are taking out with CommonBond, you can have 4 in-school reimbursement choices. These embody full principal and curiosity, interest-only, mounted month-to-month fee or full deferment.
- Cosigner launch: Debtors who’ve graduated and made at the least 24 consecutive on-time funds could possibly take away cosigners from their loans.
- Grace interval: Every of CommonBond’s non-public pupil loans include a grace interval of as much as 6 months following commencement.
- Forbearance: As much as 12 months of forbearance is allowed over the lifetime of your mortgage.
- No funding restrict: You’ll be able to borrow as much as 100% of your full value of attendance, together with tuition, charges and dwelling bills.
- Social influence: Everytime you borrow or refinance with CommonBond, they are going to cowl the price of one little one’s schooling by means of their Pencils of Promise partnership.
Cons
- Charges on some loans: Whereas there aren’t any origination charges on undergraduate and graduate loans, CommonBond does cost a 2% origination price on MBA, medical faculty and dental faculty loans.
- Cosigner usually required: You’ll want a cosigner so as to take out an undergraduate or graduate mortgage with CommonBond. They do make an exception for MBA college students, however you’ll have to be enrolled in a single of some choose faculties.
Eligibility necessities
To qualify for a CommonBond pupil mortgage, you’ll have to be enrolled at the least part-time in one of many 2,000+ faculties of their community.
You’ll additionally want to use with a creditworthy cosigner, apart from MBA college students enrolled in considered one of 29 MBA packages.
Utility course of
Making use of for a CommonBond pupil mortgage on-line is easy and easy.
Through the utility course of, they’ll ask in your private info, then your cosigner’s. Then they’ll do a gentle pull of your credit score profile to indicate you your fee.
For those who like what you see, you may transfer ahead with submitting the total utility which entails a tough credit score pull.
For those who’re accredited for a mortgage, CommonBond will examine along with your faculty to substantiate your enrollment and confirm the quantity of your mortgage. As soon as they obtain affirmation out of your faculty, CommonBond will ship the funds on to them.
Read our full review of Commonbond’s student loans.
Must you refinance with CommonBond or take out a CommonBond non-public pupil mortgage?
As talked about earlier, our Pupil Mortgage Planner refinancing survey outcomes point out that CommonBond tends to favor high-income debtors. And Travis Hornsby, founding father of Pupil Mortgage Planner, stated that matches up with what he’s seen as a advisor.
“I’ve seen them supply much less aggressive rates of interest to of us who’ve lower than six figures in earnings,” Hornsby stated. “Nonetheless, out of the nationwide lenders, you must count on CommonBond to indicate up within the high three nearly each time if in case you have six figures of debt and earnings.”
Pupil Mortgage Planner readers also can get a cash bonus of up to $550 by refinancing by means of our referral hyperlink.
On the subject of CommonBond’s non-public pupil loans, the number of reimbursement phrases and in-school fee flexibility they provide is spectacular. Nonetheless, origination charges for MBA, medical faculty and dental faculty college students are a little bit of a bummer.
With rates of interest presently at all-time lows, you’ll in all probability wish to keep away from variable-rate loans or Commonbond’s distinctive hybrid mortgage choice. But when CommonBond is ready to supply a hard and fast fee mortgage with a greater APR than different lenders, it could be price it to go together with them. Simply remember to shop around with other top lenders first.
[ad_2]
Source link