What Are the Benefits of a CommonBond Private Student Loan?
What’s the biggest benefit of a CommonBond loan? Savings!
CommonBond prides itself on no double-digit loan rates. That means that even their highest-interest loans top out at under 10% interest rates.
CommonBond is the first and only finance company with a one-for-one social mission.
Remember that “feel good” factor we mentioned? Check this out: For every loan CommonBond funds, it also funds the education of a child in need through a partnership with Pencils of Promise.
Each year, CommonBond sends a select group of members to Ghana to meet the students they're helping and make a direct impact on local communities.
They also host the annual CommonBond Social Impact Award, which provides funding to young entrepreneurs with socially-minded business ideas.
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What Private Student Loans Does CommonBond offer?
CommonBond offers undergraduate and graduate student loans in most states. The exceptions are South Dakota, Idaho, Mississippi, Louisiana, Nevada, and Vermont.
You can apply for loans for as little as $3000. Maximum loan amounts are $200,000, or up to the cost of school attendance.
||Credit Score Min
||670, cosigner needed
||Yes, 6 months
What Are the Eligibility Requirements for CommonBond Private Students Loans?
CommonBond doesn’t have any household income requirements for loans.
Applicants must be citizens or permanent residents of the U.S., and students must be enrolled in school at least half-time in order to qualify. CommonBond issues loans for eligible Title IV schools (generally, those that participate with federal student aid programs) or not-for-profit schools. CommonBond does not issue loans for for-profit or two-year institutions.
Applicants must apply with a qualified cosigner who has a credit score of 670 or higher. Borrowers with excellent credit are generally entitled to lower interest rates.
Cosigners may be released after 24 consecutive on-time payments.