Frequently asked questions about 

CommonBond

Social Promise

COVID 19 Response

Student Loan Interest Waiver

Eligibility

Loan terms

Hybrid Loan

Prodigy finance

Application

Repayment

COVID-19 Response

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Federal student loan relief

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General questions

Who is CommonBond?

While taking out loans for business school, our co-founder David Klein found himself asking a lot of questions: Why is the process so confusing? Why is the customer service so bad? Why are the interest rates so high? Isn’t there a better way for people to borrow?

That led to the creation of CommonBond, a company that offers affordable lending solutions. Our products—solar financing, and student lending—are designed to save people money and drive sustainable impact. Since we launched in 2012, we’ve funded over $5 billion in better loans. Our approach is no big secret: lower rates, simpler options, and a world class experience—all built to support you throughout your loan journey.

What happens to my loan if CommonBond is no longer around?

Not to worry; you're good. The loan lives on and is tied to the servicer of that loan. You will continue to make payments as scheduled through your servicer.

What is federal student loan relief?

Currently all payments are suspended, and all interest is paused, for student loans held by the US government (Direct Loans and Department of Education administered FFEL loans) until August 31st, 2022. Visit the StudentAid.gov for more details.

Is CommonBond a nonprofit?

We’re a for-profit company with a strong social mission.

What is CommonBond doing to help members impacted by COVID-19?

As COVID-19 has been classified as a national disaster, it qualifies for natural disaster forbearance for CommonBond student loan members.

This functions in much the same way as standard student loan forbearance, but you can take advantage of this program through the end of the national emergency declaration. Any time that you are in natural disaster forbearance does not count towards your standard student loan forbearance. As with any form of forbearance, be aware that interest will still accrue, but there are no fees to participate.

I am experiencing financial hardship due to COVID-19, what are the options for my federal student loans?

Federal loans currently have 0% interest and no payments due. By refinancing your student loans you lose access to this and other federal protections. For more information on federal student loan repayment options and programs visit: https://studentaid.gov/

What is CommonBond's Social Promise?

Inspired by companies like TOMS Shoes and Warby Parker, we have been committed since our launch to proving that business can and should be a positive force for change—we call it our "Social Promise." It means that for every degree fully funded through us, we fund the tuition of a student in need for a full year through our partnership with Pencils of Promise. We’re the first-ever company to bring the "1-for-1" model to education and finance.

Can I make a donation to CommonBond's Social Promise?

If you would like to make a direct donation, we'd like to point you to our non-profit partners. Click here to make a gift to Pencils of Promise.

Social Promise

Why Pencils of Promise?

Pencils of Promise, or PoP, is a non-profit founded in 2008 to increase access to quality education for children in the developing world. Based in NYC, PoP has developed over 200 schools and educational programs across four countries already: Laos, Nicaragua, Guatemala, and Ghana. We're excited to help new PoP students achieve their educational dreams.

Eligibility

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Loan terms

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Hybrid loan

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Prodigy finance

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Application

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Repayment

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