CommonBond is the best banks for consolidating student loans at a lower rate. In fact, you could save $ 14,000 by refinancing student loans here.
CommonBond was established in 2012. It is still new. However, it is very high and a great mission. This bank was founded by some students of the University of Pennsylvania.
The goal is to help students who need the study cost. The MBA students who founded this bank are tired of high-interest loans.
They want to change the image of the student loan industry. No longer purely profit-oriented, but also contribute to the cost of education of students who desperately need.
Within a few years, this bank has given the student loan up to $ 150 million more. Hundreds of graduate students across the US have been getting this loan with low interest rate.
Yes, the main mission of the establishment of the CommonBond is to assist students with the cost of education with affordable interest. Net profit as much as possible.
Enjoy Consolidating Student Loans with Hybrid Rate
Therefore, the CommonBond also offered the programs to make consolidating student loans at a lower rate, either federal or private loan.
About the loan term, you could choose period of the consolidation for 5, 10, 15, or 20 years.
The interest rates can be chosen: variable, hybrid, or fixed rate.
The range of interest rates has been the lowest variable rate of 1.92% for 5 years and the highest fixed rate 8.605% for the 20 year of the loan.
Same with other banks, the CommonBond also does not charge origination and a prepayment penalty fee to pay off the debt early.
However, the requirements for obtaining a loan are quite high. Yes, this bank is trying to build the best reputation and reliability.
In addition, this bank also offers a hybrid loan with a fixed and a variable rate. This product applies for a loan period of 10 years.
In the first 5 years using a fixed rate and subsequent use variable interest. Of course, these programs benefit the borrowers because they have many options.
Loan Consolidation at the CommonBond with High Conditions
With higher requirements, not all student consolidation or refinance loan applicants can submit their application here. Yes, the CommnBond offers the loan with lower interest rates, but with the high requirements.
You must have a solid earnings and low debt. You must have a good credit score, a good income, and is able to maintain the balance of the debt remains low.
If you apply for loans using the cosigner, most likely your loan will be approved. However, the application with the cosigner must involve a team of this bank. You can not decide alone.
In short, the CommonBond is the best bank to refinance student loan at low rate with the aim of:
1. Lowering monthly payments
2. Getting a low interest rate
3. Can choose longer loan
4. Can consolidate federal and private loans
This bank also has a program of unemployment protection. If you have a student loan from this bank and now you lose your job, you can stop paying the monthly bill for a while.
If you’ve got a new job and have an income, you can continue to pay the monthly bills. No penalty here.
You can also access a variety of other facilities provided to the borrowers. Yes, the CommonBond is the best bank for consolidating student loans at a lower rate.
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