What is CommonBond?
Launched in 2011, CommonBond was founded by people just like you who felt the pain of the student loan process – high interest rates, poor service, and a confusing process – so they started CommonBond to provide affordable educational products with best in class customer service. We offer a variety of affordable loans, whether you are looking to refinance existing student loans or to pay for school. Plus, we believe business can and should be a force for good. With our 1-for-1 Social Promise, for every loan funded we support the education of a child in the developing world. In 2017 we launched CommonBond For Business, to empower companies with benefit solutions to address employee student debt challenges.
How can CommonBond offer lower rates than other loan providers?
Our investors believe, as do we, that creditworthy borrowers deserve lower rates than traditional institutions tend to provide. We’re therefore able to provide funds to these creditworthy borrowers at more affordable terms. It's really a win-win for both parties.
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.
Is CommonBond a nonprofit?
We’re a for-profit company with a strong social mission.
Can I make a donation to CommonBond?
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.
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.
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.
What is the CommonBond Social Impact Award?
Our Social Impact Award is an annual prize awarded to the nation's top college entrepreneur with a business idea for social good. Nominees are assessed by our Selection Committee. Assessment criteria include: number of nominations, innovative nature of the idea, likelihood of long-term impact, and traction to date.