CommonBond, a student loan provider that previously offered financing only to MBA students, has pushed into student loans for both current undergraduates and graduate students. The online lender said it is the first and only company in the US to offer a full suite of student loan solutions, including loans for current students, refinance loans for graduates, and employer student loan benefits for employees.
David Klein, CEO and co-founder of CommonBond, said that since CommonBond first launched they have seen very little innovation in the student loan industry.
“The student loan experience we’re launching today is one I wish I had when I was in school,” said Klein. “It was the frustration with my own student loan experience – dealing with high rates, poor service, and a confusing process – that led me to start CommonBond in the first place. We’re excited to provide students across the country with the transparent and affordable student loan options they deserve.”
CommonBond’s new in-school loans will provide:
- Competitive interest rates: CommonBond’s rates are among the most competitive in the industry, with variable rates starting at 2.87% APR with autopay discount and fixed rates starting at 5.50% APR with autopay discount.
- Flexible repayment options: CommonBond offers four different repayment options for students in school: deferment, fixed monthly payment, interest-only payment, and full monthly payment.
- Superior customer service: CommonBond knows that paying for college is the first major financial decision that many students make, and provides best-in-class care for prospective and current members. In 2016, the company was awarded a People’s Choice Stevie Award for Favorite Customer Service.
CommonBond says it has an industry-first social mission: CommonBond enables its members to drive social good when taking out a student loan. For every student loan funded by CommonBond, the company also funds the education of a child in need through a partnership with Pencils of Promise.
CommonBond says it is now the largest private lender at many business schools, due to its affordable options, easy online experience, and friendly customer service.
CommonBond is also introducing an interactive tool that helps students understand the financial impact over time of different student loan options, enabling them to make informed financial choices. Developed after input from financial aid officers, students, and parents, this educational tool provides personalized guidance for what types of loans families can consider, and how different repayment decisions made now can affect monthly payments later.
“With the price of higher education increasing every year, it’s really important that students, and their parents, get the resources that they need to make informed financial choices,” states Klein. “That’s why CommonBond is offering a comprehensive set of repayment options as well as transparent, easy-to-use tools to help families choose the option that’s right for them.”
CommonBond has funded more than $1 billion in loans to date.