www.commonbond.co Student Loan Refinancing Rates and Reviews
Higher education is expensive and it is a stress for parents as well as students. A student loan with affordable interest rate and flexible repayment options can reduce the burden to a great extent. Here we will discuss on Common Bond student loan rates, reviews and student loan refinance application guide line. CommonBond could provide you a student loan to fulfill your needs; it offers several options.
CommonBond is an online platform which provides finance for higher education. It was set up by a team of financial experts in 2013. Commonbond.co works by connecting a community of investors with a community of student loan borrowers. Let’s check reviews and rating.
CommonBond offers affordable student loans to undergraduate as well as graduate students and provides pay back options and is very transparent in its process.
CommonBond Student Loan products
Loan amount that that can be offered is determined by total education cost. If the student is getting any financial cost, the loan amount is reduced by the assistance being received. You will have to pay back the original amount and interest.
The interest rate can be a fixed rate or variable rate. If you opt for variable rate, your monthly payment starts with lower interest rate. It fluctuates according to the market. The variable interest rate involves some risk, but may turn out less than the fixed rate interest and can save you money. The interest rate is also decided by the time period for which you take loan. In case of fixed interest, you can predict well in advance that exact how much monthly payment you will have to make in future. There are different repayment options available which include deferment option for six month after graduation.
CommonBond Refinancing Student Loan
CommonBond also provides refinancing which includes options for refinancing to parents as well as students. If you are already carrying a loan, you can take a new loan which will replace your old student loan. With refinancing, you get a student loan at lower rate; refinancing interest rates are determined based on several factors such as income, credit score etc. CommonBond offers variable, fixed and hybrid interest rate options. In the hybrid rate option, you have to pay fix interest rate for first 5 years and then variable rate applies.
Eligibility requirements for CommonBond financing
You are required to meet specific criteria in order to qualify for CommonBond refinancing. Here give are the requirements:
- You must be a citizen or permanent resident of USA.
- The loan is given for the undergraduate or graduate study and needs a cosigner irrespective of her/his credit score. They must be enrolled for half-time in an eligible school.
- You must be a student of accredited university or a study program approved by CommonBond.
- MBA student can take up a loan if enrolled in full time study program and have credit score of at least 660.