CommonBond Student Loans – WHAT YOU SHOULD KNOW

CommonBond is a private lending company designed for student loans and refinancing as well. Its specialty seems to be of the same purpose as Colleges Ave student loans. This platform was launched in 2013. Before now, the initial purpose was targeted to MBA students but currently extended to undergraduate, graduate, medical, and dental school loans. It supports financing to individuals and through businesses that want to help employees fund their kid’s higher education.

CommonBond Student Loans - WHAT YOU SHOULD KNOW

The unique shade of CommonBond applies to be the first financial company to commit to the one-for-one model of business. Regularly, for every degree funded with CommonBond, they in turn fund the education of a needy student in a developing nation.

WHAT YOU SHOULD KNOW

  • Do you know you can get regular counseling on topics like getting more money for school, managing their budget, and finding internship opportunities? This means that there is access to free mentoring.
  • Also, many loans on CommonBond carry no origination fees on undergraduate and graduate loans, no application, or prepayment penalties. The medical/MBA financing requires origination fees which are made known in the advertised APRs.
  • Furthermore, do you know that borrowers need just 24 unbroken months of payments after graduation to apply so that they can drop their co-signers? This simply means that it has a simple co-signer.
  • Fourthly, you need to understand Co-signers are in most needed for undergraduate and graduate loans. That means with them, the approval won’t be possible.
  • Do also note higher repayment amounts on some loans. This is special about in-school and fixed payment option for dental and medical school students. Basically $100 per month.
  • Lastly, do you know that medical school students must begin payments of at least $100 per month immediately after six months grace period?
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Available CommonBond Student Loans

Undergraduate Student Loans

Undergraduate student loans have the most flexible repayment terms amongst all CommonBond loans.

Variable Rates 1.43% – 7.41%
Fixed Rates 5.45% – 9.74%
Loan Amounts $2,000 up to the total cost of attendance
Loan Terms 5, 10, or 15 years

Graduate Student Loans

Just like the flexibility of loan terms and plans are applicable in undergraduate loans, so has it over the CommonBond graduate student loans. Equally, they can opt-in to receive a free money mentor. Check out for the rates and loan amount limits in the below box.

Variable Rates 5.40% – 9.74%
Fixed Rates 1.33% – 7.41%
Loan Amounts $2,000 up to the total cost of attendance
Loan Terms 5, 10, or 15 years

MBA Loans

This is conditionally different with no co-signer involved for the MBA loan to be approved. On the record of CommonBond, it has offered products to its business school borrowers like an internship program, summer career development series, and often time trips to Ghana.

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Variable Rates 3.15% – 4.87%
Fixed Rates 5.37% – 7.20%
Loan Amounts $2,000 up to the total cost of attendance
Loan Terms 10 or 15 years

Dental School Loans

DMD Students attending any dental school in the U.S is entitled and eligible to CommonBond dental school loan.  Dental loans from this platform have six months grace period and support residency deferment.

Variable Rates 3.23% – 4.87%
Fixed Rates 5.33% – 6.98%
Loan Amounts $2,000 up to the total cost of attendance
Loan Terms 10, 15, or 20 years

Medical School Loans

Medical students entangled with CommonBond’s 59 partner medical schools in the U.S are eligible for medical school loans of CommonBond. There is no deferment in the residency option, though you can make monthly payments as low as $100.

Variable Rates 3.46% – 4.64%
Fixed Rates 5.56% – 6.76%
Loan Amounts $2,000 up to the total cost of attendance
Loan Terms 10, 15, or 20 years

 

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