Commonbond Student Loan Refinancing Review

Commonbond student loan refinancing caters to those who want to give something back and have flexibility in cases of economic hardship. They also offer a unique type of loan that combines the benefits of a fixed and variable together.

Please note: All variable rates are current as of 1/15/2021. We do not receive compensation from Commonbond if you sign up for their services. See how This College Life makes money here.

When Commondbond co-founder David Klein was applying to business school, he was blown away by the high-interest rates. This and an itch to build a business that could positively contribute to society spurred him and his co-founders to develop the platform.


  • Commonbond student loan refinancing offers a unique hybrid loan option – although you should make sure if that’s right for you.
  • 2.59% – 6.74% APR Fixed Interest Rates (with autopay discount)
  • 2.58% – 6.89% APR Variable Rates (with autopay discount)
  • 2.99% – 6.57% APR Hybrid Interest Rates (with autopay discount)
  • Up to 24 months of forbearance
  • No penalties for prepayment
  • 1:1 social promise – for each loan funded, they also fund the education of a child in need
  • Terms of 5, 7, 10, 15, or 20 years (for fixed/variable only)
  • No origination fees
  • .25% autopay discount
  • Over 2000 Title IV schools are eligible to refinance with Commonbond
  • Available in 47 states

Full Review on Commonbond Student Loan Refinancing

In a constantly changing economy, job security is tough to find. The company I first worked for out of school started experimenting with outsourcing jobs for my position in about my 4th month there.

That’s why Commonbond’s student loan refinancing has 24 total months of forbearance may be attractive to many recent grads. It should be noted, though, that those 24 months can only be used in 3-month increments.

Their 1:1 Social Promise may be appealing if you like the idea of helping a young child in the developing world to get an education. In their partnership with Pencils of Promise, Commonbond pays for a young child’s education each time a person refinances their loan.

So far, over 1 million has been donated by Commonbond and the Pencils of Promise program has built over 500 schools through their work.

A very unique offering that they bring to the table is the option for a hybrid loan.

The hybrid loan from Commonbond comes with:

  • A 10-year repayment term
  • A fixed-rate for years 1-5 of the loan
  • A variable-rate after the fifth year for the remainder of the loan period.

Getting a hybrid loan brings 3 major benefits in Rate, Risk, and Monthly Payment. 

Borrowers receive a lower fixed rate than with Commonbond student loan refinancing’s 10-, 15-, or 20- year fixed rate products.

The first five years of the loan are a fixed rate, so there’s no risk of that changing. Their average borrower has the 10-year hybrid loan paid off in about 6.5 years.

The estimated monthly payment is lower than their 5-year loan products, too.

To Qualify for Commonbond Student Loan Refinancing

Borrowers must meet certain requirements to qualify:

  • Credit score: around 660+
  • Cosigner not required, but having one can get you a better rate
  • Must have a current address in one of these states. Refinancing is not available in Mississippi, Nevada, or Vermont
  • Must have attended a Title IV school
  • Must be a U.S. Citizen, permanent resident, or H1-B, J-1, L-1, E-2, or E-3 visa holder

Additional Points on Commonbond Student Loan Refinancing

Rates and terms for their fixed and variable offerings are about average throughout the industry. In order to provide rate estimates, they perform a soft credit pull.

It will not show up on your official credit report or reduce your credit score in any way. There are no penalties for prepayment or origination fees. Their current rating with the Better Business Bureau is a B.

On Glassdoor, current/past employee reviews are largely positive of working there, although there were a few pretty negative ones near the end of 2020. The only major complaints people have are about the hectic atmosphere that almost every startup typically has.

Sound like Commonbond’s a good fit for you?

Check your rate with them here.

Bob Buckley

Bob Buckley writes about food and business.