Unique Selling Point:
CommonBond offers a 10 year hybrid loan – a combination of fixed and variable rates over time. The first 5 years are at a fixed rate, while the last 5 are variable. The APR offered is lower than a standard fixed rate loan, and may be of interest to those who want initial stability or those who will be able to pay the loan off early.
Who is this app for:
If you are currently in full-time employment and you’re looking to refinance your student loans, CommonBond may be for you. If you have graduated from a Title IV-accredited school within CommonBond’s network, and you have sufficient credit history, you can qualify to refinance your student loans up to $500,000. While a co-signer is required to sign up, after 36 consecutive on-time payments, you can apply to release your co-signer from your loan.
Bonus points:
– If eligible for CommonBond’s forbearance program, you can postpone payments for up to 24 months over the length of your loan. This may be useful for this with a volatile/seasonal income or for those worried about unexpected emergencies.
– With their partnership with the charity Pencils of Promise, CommonBond helps to provide schools, teachers, and technology to thousands of young students in the developing world.