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Refinancing student debt is one of the best ways to ensure that you aren’t overpaying for your student loans. Student loan companies benefit from the ignorance of many – most students don’t realize that they are paying much higher interest rates than they need to be. If you are able to find a refinancing solution, you can cut down on your total debt obligation and reduce the amount of time that it takes you to pay it back. In addition, you can consolidate multiple loans into a single payment which can reduce the head ache of having multiple debt problems.

Commonbond is one of the most popular debt refinancing companies that is currently working in the industry. They have a long-established reputation for providing low rates to past students seeking to refinance their debt. This review will take a look at all the details you need to understand if Commonbond is a good choice for you.

Overview

Commonbond is a medium-sized lender that has a range of different financial products on offer, although they mainly focus on student loans and student loan refinancing. This company has grown increasingly popular in recent years, as they provide some of the lowest rates on the market. They also have a very easy to understand online application that removes a lot of the stress from applying for finance.

You can refinance both private and government student loans using Commonbond, which is something that many lenders don’t offer. Traditionally, government loans are not eligible for refinancing through private lenders. It must be noted that if you do opt to refinance your government loan, you will lose all protections and benefits associated with that loan – make sure you understand the consequences before doing so.

Pros

  • Lender with considerable expertise in the area of student loan refinancing
  • Very low interest rates
  • Easier to qualify with than traditional banks
  • Both private and government loans can be refinanced

Cons

  • In order to take advantage of best rates you have to enroll in the autopay option
  • Not as large of a physical presence as some larger lenders

    Verdict

    Commonbond is a really great choice for refinancing, especially if you have a blend or private and government loans that you’re trying to refinance. They also have some of the lowest interest rates available – they start at just above 2%. Their online application process is painless – you won’t have the same hassle as you would with a larger lender.