For any questions related to your student loan or obtaining a new student loan, please reach out to Firstmark Services (844-318-0166). You can also log into your Firstmark account here.
If you have questions about your Solar loan, please reach out to our servicing partner, Scratch. You can log into your account at https://www.scratch.fi or you can call Scratch directly at 844-727-2684.
If you have an open application, please log into your account to continue.
None of the information contained in CommonBond's website constitutes a recommendation, solicitation, or offer by CommonBond or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service. The information contained in CommonBond's website has been prepared without reference to any particular user's lending or investment requirements or financial situation. The information contained and services offered in CommonBond's website are not provided to, and may not be used by, any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or clearing organization or where CommonBond is not authorized to provide such information or services. Some products and services described in CommonBond's website may not be available in all jurisdictions or to all potential users.
Terms and Conditions Apply. CommonBond is not affiliated with, nor does it endorse, any university or program. CommonBond reserves the right to modify its services at any time. Rates and information are accurate as of current date and based on disclosed assumptions.
4) Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of ?% effective ? ?, ?.
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6) When you check your rates, CommonBond conducts a soft credit pull that will not affect your credit score. However if you continue your application, we will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.
If you don't pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
