Imagine a world where pursuing higher education isn’t a financial maze but a well-lit path to your dreams. CommonBond Student Loans, an educational financing solution with a difference, aims to make that vision a reality. In an era where student debt can seem insurmountable, CommonBond shines as a beacon of hope for students across the nation.
Picture this: You’re a dedicated undergraduate with aspirations to change the world through your chosen field. CommonBond enters the scene as your trusted partner, providing flexible undergraduate student loans designed to support your unique educational journey. Whether you’re studying economics, engineering, or art history, CommonBond ensures that the financial aspect of your education is as seamless as possible.
In this article, we’ll delve into the transformative power of CommonBond Student Loans, offering a glimpse of how they’re changing the landscape of educational financing.
Loan Options Tailored to Your Needs
CommonBond offers a range of student loans catering to various educational pursuits:
- Undergraduate Student Loans: With flexible repayment plans and access to their Money Mentor program, these loans support undergraduates on their academic journey.
- Graduate Student Loans: Graduate students benefit from similar flexibility and can opt-in for guidance from the Money Mentor.
- MBA Loans: CommonBond partners with around 30 in-network schools, waiving the need for a co-signer in MBA loan applications. Additionally, they offer unique perks such as internships and career development opportunities.
- Dental School Loans: Dental students in the U.S. can access loans with a six-month grace period and the option for residency deferment.
- Medical School Loans: CommonBond extends support to medical students in their partner medical schools, offering flexible repayment options to accommodate their unique needs.
What are the benefits of CommonBond Student Loans?
Offer lots of loan term option: Student loans have changed a lot over the last decades, with long repayment terms being just one of the many changes. Now, with the advent of CommonBond Student Loans, you have the option to choose how long the loan will be due. There are a lot of benefits to that. But for one thing, you’ll be able to save more money by paying off sooner.
Low maximum interest rates: CommonBond offers low maximum interest rates to its borrowers. This is due to the fact that the company charges a fixed or variable interest rate – depending on your preference or some factors chosen by CommonBond. What’s more is that the company charges no origination fee, and borrowers don’t have to pay a dime until they’ve made their first payment.
Offers online preapproval process: Preapproving for student loans can be a hassle, but that’s where CommonBond comes in. With the online process, you can take care of preapproving for student loans in a few minutes.
CommonBond Student Loans Details
Student Loan Amount: CommonBond Student Loans offers a minimum loan amount of $5,000 up to the cost of attendance. Keep in mind that maximum loan amount is only available to highly-qualified applicants or those who are creditworthy.
Loan Terms: Most loans of CommonBond Student Loans come with a loan term of 5 to 15 years. But to those who are pursuing MBA, the only available loan term is 10 and 15 years.
Loan Eligibility and Prequalification
To be eligible for a CommonBond private student loan, applicants must meet specific criteria:
- Be a U.S. citizen or permanent resident.
- Be currently enrolled at least half-time at an eligible school.
- Have a minimum credit score of around 660.
How to Apply
Applying for CommonBond Student Loans is a straightforward process that ensures you can focus on your education without unnecessary stress. Follow these simple steps to get started:
- Check Eligibility: Before you begin, ensure you meet the eligibility criteria, including U.S. citizenship or permanent residency, enrollment at an eligible school, and a minimum credit score of around 660.
- Gather Information: Prepare essential details, such as your Social Security number, school information, requested loan amount, expected financial aid, and financial information, including income and monthly expenses.
- Start the Application: Visit the CommonBond website and click on the “Apply Now” button. Select “View my rates” under the student loans section for a quick prequalification check that won’t impact your credit score.
- Complete the Application: Fill out the online application with the gathered information. CommonBond will perform a soft credit inquiry to estimate your rates.
- Review and Submit: Review your application for accuracy and submit it. CommonBond’s team will review your application promptly.
- Loan Disbursement: Once approved, CommonBond will disburse the loan funds directly to your school after confirming your enrollment.
FAQs (Frequently Asked Questions)
Are co-signers required for CommonBond Student Loans?
Co-signers are required for undergraduate and graduate loans. However, MBA students may be exempt under specific criteria, such as enrollment in partner schools.
Can I release my co-signer after graduation?
Yes, borrowers can apply to release their co-signer after 24 consecutive months of payments post-graduation.
Are there any application fees for CommonBond Student Loans?
CommonBond does not charge application fees or prepayment penalties on any of its loans.
How can I contact CommonBond’s customer support?
CommonBond’s U.S.-based care team is available by phone, live chat, or email during their operating hours, ensuring prompt assistance.
Editorial Note: CommonBond Student Loans are no longer available for new applications. However, existing borrowers continue to enjoy the benefits of their loans, as the loan has transitioned to Nelnet Bank.