CommonBond Student Loan Review

We’ll help you make the best financial decision if you are looking to refinance student loans.

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CommonBond was founded in 2011 to refinance student loans and lend to students in business school.

Commonbond now also offers private student loans for undergraduates and non-MBA graduate students; refinancing for parents with federal PLUS loans, and the ability for students to refinance their parents’ loans in their own names.

  • Best For: CommonBond is an excellent company because prospective borrowers can easily see what rates they qualify for. Consumers can easily see a high and low APR rate, estimated monthly payment, estimated interest, and estimated cost of a $10,000 loan. All numbers are based on the terms of your loan.
  • Interest Rates: They have interest rates as low as 1.97% (with autopay) for variable APR. You can get your custom rate in 3 minutes or less by visiting CommonBond.
  • Loan Length: You can get a loan through them for a 5, 7, 10, 15, or 20 year term. Speak to one of their representatives to figure out the best loan length that works for you.
  • Amount: The company currently offers student loan refinancing and consolidation for loans over $5,000.
  • Criteria: To start refinancing your student loans, you must be a graduate. This seems to be standard requirement for student debt companies, but there still are companies you can consolidate or refinance through if you did not graduate from college.

To chalk it up, Commonbond will pay off your old loans and replace them with a smarter, single loan. You can benefit and save money every month or pay off your student debt more quickly. It only takes moments to get a rate estimate. No commitment, no documents, no impact on your credit score.

Commonbond Alternatives

While Commonbond offers:

  • No origination fees and no pre-payment penalties
  • Rates starting at 1.97% APR (with autopay)
  • Consolidate private, federal, and Parent PLUS loans into one easy payment

It's not the only player on the block. Here's how it stacks up to other student loan refinancing companies:

splashfinancial logo
1.89% - 5.99%

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  • Variable APR: 1.89%- 5.99%
  • Loan Types: Variable and Fixed
  • Terms: 5 to 25
  • Eligible Degrees: Undergrad and Graduate
  • Eligible Loans: Private and Federal
    1.99% - 5.64%

    Check Now

    • Variable APR: 1.99% - 5.64%
    • Loan Types: Variable and Fixed
    • Terms: 5 – 10
    • Eligible Degrees: Undergrad and Graduate
    • Eligible Loans: Private and Federal
    • Learn more: Earnest Review
      sofi logo
      2.25% - 6.88%

      Check Now

      • Variable APR: 2.25%- 6.88%
      • Loan Types: Variable and Fixed
      • Terms: 5, 7, 10, 15, 20
      • Eligible Degrees: Undergrad and Graduate
      • Eligible Loans: Private and Federal
      • Learn more: SoFi Review
        lendkey1.92% - 5.25%

        Check Now

        • Variable APR: 1.92% - 5.25%
        • Loan Types: Variable and Fixed
        • Terms: 5, 7, 10, 15, 20
        • Eligible Degrees: Undergrad and Graduate
        • Eligible Loans: Private and Federal
        • Learn more: LendKey Review

          Check out our favorite lenders for managing and refinancing your student loans with our other reviews:

          LendKey Refinancing Review

          Laurel Road Refinancing Review

          Earnest Refinancing Review

          SoFi Refinancing Review

          Would You Qualify?

          Now in 2021, more than ever, various private lenders are helping student loan borrowers refinance at lower rates and save thousands of dollars in interest — that is, borrowers with good credit.

          Before you decide if student loan refinancing is right for you, you should check to see if you would qualify.

          Here are some common eligibility requirements:

          Good credit score

          Each lender will have a different credit score requirement, but typically you'll want to have a credit score of 700 or above.

          Have a college degree

          You should have graduated with an associates’ degree or higher from a Title IV school.


          Most lenders require that you are employed or have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

          Good repayment history

          You'll want to be current on your bills, credit cards, and other loans, including student loans.

          *Once you have determined that refinancing your student loans is right for you, we would recommend reviewing your credit report.

          You can get your credit report for free by using If there are any discrepancies on the report, dispute them. This could improve your score and, in turn, improve the terms of the loan.

          Why Should You Refinance?

          It's simple to check your rate and can save you a lot of money

          There are a lot of competing student loan companies and that's good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

          If you have a high interest rate on your student loans

          Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. 

          Student loans with 6.8% interest rates mean that you'll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

          If you don't qualify for public student loan forgiveness

          Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it's best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

          Frequently Asked Questions About Refinancing

          What’s the difference between refinancing and consolidation?

          Consolidation simply means combining multiple student loans into one loan, but you get different results by consolidating with the federal government vs. consolidating with a private lender. Student loan refinancing is when you apply for a loan under new terms and use that loan to pay off one or more existing student loans.

          Would you recommend student loan refinancing?

          The biggest benefit of refinancing your student loans is receiving a lower interest rate than your previous student loans carried, which will save you a lot of money over time. 

          Are my student loans federal or private?

          To get a list of your federal student loans, go to the National Student Loan Data Services website maintained by the U.S. Department of Education.

          99% of all federal student loans are listed on the National Student Loan Data Services website. If a particular student loan is not listed there, it is most likely a private student loan.

          What are the benefits of auto payment?

          Set up an automatic direct debit from your checking account to make the monthly payments on your loans. Borrowers with auto-debit are much less likely to miss a payment. Many lenders offer discounts for borrowers who set up auto debit. Federal loans offer a 0.25% interest rate reduction while private student loans often offer a 0.25% or 0.50% interest rate reduction for the remainder of the repayment period. Some lenders will require electronic billing to get the discount.

          What company should I refinance my student loans with?

          There are hundreds of companies out there that will help you refinance your student loans, but a select few rank above the rest. The five best, are SoFi, Laurel Road, Commonbond, LendKey, and Earnest. All 5 of these companies offer competitive rates with a variety of term lengths, ranging from 5 years to 20 years.

          What will my new lower interest rate depend on?

          The actual interest rate you will receive is based upon your credit score, income, savings, degree type, and/or presence of a co-signer. To increase your chances of getting approved and receiving the lowest interest rate, it is recommend applying with a co-signer.

          Should I be aware of student loan debt relief scams?

          Yes. Student Loan Debt Relief Companies and Student Loan Debt Law Firms are very different. Student loan companies are often in the news for scamming student loan borrowers.  On the other hand, debt relief attorneys are held to specific ethical and legal standards to act in their clients’ best interest.  If they don’t follow these standards, they will be disbarred.

          If you are solicited by a student loan debt company – BEWARE!  This is a red flag and means they probably obtained your information from a list that they bought.  Most of these companies are just out to make a buck and don’t really care about your personal student loan debt struggle.

          What should I do if I have Federal and Private student loans?

          If you have private and federal loans, Commonbond may be your best bet, as they will refinance both loan types together. It is important to apply to several different lenders. Odds are not all of them will offer the same interest rate and terms, so shop around and get the best deal you can find. You can check your rate in under 3 minutes.

          What's the best way to pay off student loans?

          • Make an overall budget for your monthly income and expenses to include your student loan payments.  Make sure you have all payment due dates noted. Use a spreadsheet or an app to help you track where and how you spend your money.
          • Set up automatic payments for your student loans, so you don’t miss any. Some lenders often a small discount on your interest rate if you set this up.
          • Accelerate repayment of high interest student loans first.  You always want to tackle high-interest loans of any kind first.
          Brian Meiggs
          Brian Meiggs
          Brian Meiggs helps you discover clever ways to pay off student loans, make extra money, save money, be resourceful and stay curious. With over 10 years of experience in the financial industry, Brian has developed a reputation for his in-depth knowledge and practical approach to personal finance. He holds a bachelor's degree in Finance and has been recognized by several industry organizations for his contributions to the field. Brian is passionate about educating people about personal finance and has been featured in several national media outlets, including Insider, AOL, Discover, and Yahoo! Finance. With his unique perspective and proven track record, Brian Meiggs is a trusted voice in the world of personal finance.
          CommonBond was founded in 2011 to refinance student loans and lend to students in business school. The company now also offers private student loans for undergraduates and non-MBA graduate students; refinancing for parents with federal PLUS loans; and the ability for students to refinance their parents’ loans in their own names.CommonBond Student Loan Review