CommonBond was founded in 2012 by University of Pennsylvania’s Wharton School MBA graduates David Klein, Michael Taormina, and Jessup Shean. Due to the founders’ commitment to their customers, CommonBond grew to a national brand in just one year and has already helped refinance over $500 million in student loans. CommonBond is an online student loan service that connects students with investors and they have noteworthy investors such as Tribeca Venture Partners (TVP), The Social+Capital Partnership, as well as Vikram Pandit (former CEO of Citigroup), Tom Kalaris (former Vice Chairman of Barclays), and Thomas Glocer (former CEO of Thomson Reuters).
CommonBond loans will help customers refinance both secured and unsecured debt obligations. These loans include federal, private, and previously consolidated student loans in an amount up to $500,000.
CommonBond makes student loans more affordable with its refinancing program while offering a convenient online application process. Additionally, for every loan CommonBond originates, they will fund the education of a child in need. If that was not enough to show how much they care about their customers, they will pause payments and help customers look for a job if they become unemployed through their program called called CommonBridge. CommonBridge allows borrowers to temporarily postpone payments if they run into financial difficulties. They’ve got your back, while you get your finances back in order.
CommonBond also helps eligible graduates find new jobs and hires them for short-term consulting projects. CommonBond provides it’s borrowers with access to the CommonBond community by connecting them to events in their cities, networking opportunities, and lifestyle perks.
CommonBond offers one of the most flexible repayment plan options in the industry. Customers have the ability to choose from fixed or variable interest rates. Fixed rates are between 3.35% – 6.74% while variable rates range between 2.79% – 6.72%. For customers who want even more flexibility, CommonBond offers a 10-year hybrid rate loan where the first 5 years have a fixed interest rate and the last 5 years have a variable rate.
Customers of CommonBond receive access to a borrowing guide specifically suited for student debt refinancing, a blog with personal finance articles, an in-depth FAQ that goes through the entire borrowing process, and has a page specifically suited to students, graduates, and parents. Borrowers will also have access to in-person educational events Lastly, CommonBond customers are able to intend in-person educational events held in their New York City office.
Receiving a quote from CommonBond will take approximately 10-15 minutes. Potential borrowers are prompted for personal information, education information, and employment information across several intuitive pages. For clients or prospective borrowers who have questions or inquiries, CommonBond’s customer support team is available during business hours seven days a week by phone and email.