CommonBond Student Loans, found online at CommonBond.co, is a new website and company that offers people the chance to apply for a new or refinanced graduate student loan with better terms than traditional loans.
How Does It Work?
According to their website, the creators of CommonBond Student Loans all met while studying at Wharton School of Business, where they realized that there was an area of consumer finance that needed some serious attention: the student lending industry.
Together, using their backgrounds in finance and their first-hand experiences with student loans, they decided to provide students looking to attend graduate school an alternative to the large scale student loan providers with a student loan marketplace that is dedicate to giving their customers loans with better rates.
The website promises that that they have the ability to both refinance and provide loans to students who have been accepted to hundreds of different graduate programs across the United States, and that borrowers who refinance with their service can expect to save $10,000 on average throughout the life of their loan.
To get started, the website says that customers will just need to be prepared to answer questions about their school, their current job and financial circumstances, and their current loans if refinancing, and CommonBond will be able to tell them in just minutes whether or not they are eligible for a loan.
Filling out your application and submitting it is completely free of charge and you will be provided with your options for loans, including all fees, your loan’s specific APR, your repayment plan, and all other payment information before you choose to accept the loan and officially sign your paperwork.
As a financial institution, this company does not provide traditional Refund Policies. Instead, your individual loan may carry with it a policy which allows you a short period of time in which to return the principal of your loan without any financial penalty, and back out of your loan conditions. Customers will need to discuss this with the provider of their loan before they sign the Terms and accept the principal.
Customer Service Contact Info
Customers who would like to contact their Customer Service team with any questions, concerns, or complaints can do so by phone at 800-975-7812 or by email at [email protected].
Unfortunately there does not appear to be any real customer reviews of this company at this time, just reviews provided by student loan and finance blogs and websites. These reviews portray this company just like any other private lender that promises to refinance student loans.
They may be able to provide a better APR, but they don’t offer the same protections that are provided by federal student loans, like unemployment protection or adjustable payments based on income. Borrowers must decide what it is better for them in the long term, depending on their personal circumstances.
Competitors and Alternatives?
As mentioned above, there are many other companies that work to provide their customers with alternatives to traditional student loans, including Credible.com, Gradible.com, Givling.com, Sofi Loans, SimpleTuition.com, and many others.
If you have any experience with this company or their products, please leave your CommonBond Student Loans reviews below.