Commonbond Student Loan Refinance Review

November 20, 2021

Commonbond was founded in 2011.  They stand out for their new technology in which they won FitBUX’s 2019 award for best new technology.

In our Commonbond student loan refinance review, we provide an overview of the company, pros, and cons as well as who may want to use them.  Be sure to check out the other companies also by checking out our Best Student Loan Refinance Company review page.

As noted in our Student Loan Refinance Guide, FitBUX partners with seven student loan refinance companies. Over time, we have developed an in-depth knowledge of their underwriting guidelines and have been asked by each company not to disclose certain items. We honor their wishes by not giving out specific information such as typical rates for various FICO scores and DTI ratios.

Table of Contents:

  1. Commonbond Company Overview
  2. Pros of Using Commonbond
  3. Cons of Using Commonbond

Commonbond Company Overview

You may refinance your student loans with Commonbond (both undergrad and grad school). Also, in 2017 they began offering private loans to students.


Pros of Using Commonbond

Below are the pros of working with Commonbond:

  • Terms: Commonbond student loan refinance terms are 5, 7, 10, 15, and 20 years. Many refinance companies have these same terms but Commonbond is different because they have competitive rates on each term.  Other student loan refinance partners of FitBUX may have the same terms but give really good rates on short-term loans and not long-term loans. Commonbond doesn’t have that problem.
  • Technology: Commonbond used to have the 2nd longest application to check your rates (not a good thing). However, they recently rolled out new technology and are now one of the fastest.  Kudos to them for speeding the process up.
  • Time To Close: This is one place Commonbond excels.  They are 2nd fastest among student loan refinance companies in regards to how fast they can close a loan.  The only company faster is Earnest.
  • Staff: This is a big one for FitBUX.  I’m referring with the staff that helps us if you are using our free student loan refinance service.  They respond to our FitBUX Coaches very quickly so we can help you get answers about your student loan refinance and help you qualify.
  • Co-signer Release: If you do not qualify for a Commonbond student loan refinance on your own, you may add a co-signer. Once you have made 2 years of on-time monthly payments, you may release the co-signer of their obligation.
  • Hybrid Loan: For those that plan to pay off your loans in less than five years but don’t want to commit to the minimum required payment of a 5 year loan, then Commonbond has a Hybrid loan. This loan has a fixed rate for the first 5 years and a variable rate for years 6 – 10. This loan has a very specific purpose so we recommend discussing it with your FitBUX Coach if you are thinking of using it.
  • Keep Your Grace Period: If you refinance your student loans during your grace period, you have the option to keep deferring payments. For example, if you graduated in May the grace period for your Federal student loans would be over till November (i.e. you wouldn’t have to make a payment until then). If you refinance with Commonbond (say in June), you can elect to not make payments until November. To learn more about your student loan grace period check out this guide.
  • Parent Plus Loans: You can refinance your Parent Plus loans with Commonbond. Not only that but your parents can transfer these loans to you so they are no longer liable for it.


Cons Of Using Commonbond

Below are the Cons of refinancing with Commonbond:

  • FirstMark Loan Servicing: After you receive your loan from Commonbond, FirstMark will be servicing it. This means you make your payments to FirstMark and if you have a problem you call FirstMark’s customer service. This isn’t necessarily a bad thing. However, many people are shocked by it and get angry. They think their loan has been sold and for some reason that really upsets people.  As an FYI, FirstMark is owned by NelNet.
  • Co-Signer Has To Have A Degree: Unlike other student loan refinancing companies, Commonbond will require your co-signer to have completed their undergraduate degree.
  • Not In All States: Commonbond does not offer student loan refinancing to those living in Mississippi and Vermont.
  • Not Good If You Are On IDR: This applies if you have private and Federal student loans and if you are using an income-driven repayment plan for your Federal Loans. When Commonbond refinances your private loans, they do not use the minimum payment from your income-driven repayment plan to calculate your debt-to-income ratio. Instead, they use the would be payment from a standard 10 year loan plan. This ends up disqualifying most applicants.


By Joseph Reinke, CFA, Founder of FitBUX

Student Loan Refinance Company Reviews By FitBUX

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Splash Financial Student Loan Refinance Review

Sofi Student Loan Refinance Review

Laurel Road Student Loan Refinance Review

Earnest Student Loan Review

Thrivent Student Loan Refinance Review

Education Loan Finance Review

FitBUX Student Loan Refinance Give Away

Student loan planners are hard to find. Our FREE student loan planners have helped thousands of Young Professionals manage and eliminate over $1 billion in student loans. We help you develop your plan for free because planning your financial future should not cost you your financial future.

If you would like free expert help deciding if student loan refinancing is right for you, check out FitBUX’s free student loan refinance service. 

Want to read more about money, check out FitBUX’s main blog page.

Also, if you are pursuing loan forgiveness via income-based repayment plans, do not refinance.

Review Date
Reviewed Item
Commonbond Student Loan Refinance
Author Rating
Product Name
Commonbond Student loan

Student Loan Consolidation, Student Loan Refinance, Student Loan Repayment, Student Loans

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About the author

Joseph Reinke

Joseph Reinke is a Chartered Financial Analyst (CFA) and founder of FitBUX. He holds a degree in finance with an investment concentration. He's been personal investing since he was 12 years old. Joseph has experience in mortgages, wealth management, investment banking, valuation, and stock and option trading.

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