Refinancing is simply combining your student loans into a new one that helps you pay down your debt faster or lower your monthly payment. It can be a great option for people with high-interest private loans. We have gathered some of the basics to help you make the right choice for your student debt situation.
There are federal loans, private loans, refinanced loans, and Parent PLUS loans. All of these loan can be refinanced.
Most federal student loans have their interest set to 0% and payments suspended until 1/31/2021. If you are unsure if your loans qualify, our student loan relief tool can help. If you know your loans are covered under federal student loan relief, we recommend waiting to refinance until regular interest and payments resume.
Anyone with good credit, who is employed, who attended a qualified school, and who is a U.S. citizen and permanent residents can apply to refinance. CommonBond also accepts certain Visa holders.
It depends on your personal financial situation, but factors like FICO score and your total debt amount versus your income can all impact your new rate. Adding a cosigner with good credit may help you qualify and get a lower rate. Also there is no fee to refinance with CommonBond.
You can see your potential savings without impacting your credit score. If you decide to move forward you will have to do a hard credit pull (HCP), which may cause a 5 to 10 point drop in your credit score for a few months. Keep in mind that you can run multiple HCP's for student loan refinancing in a single month without adding any additional impact to your score.
Our care team is award-winning and here to deep dive with you on any additional refinancing questions you still have. Reach us by phone and live chat Monday–Friday, 9am–8pm EST.
CommonBond intends to conduct its daily operations in an equal and fair manner with customers and Third Parties alike. CommonBond does not discriminate on the basis of an applicant's race, marital status, nationality, gender, age, or religion; an applicant whose income is derived from a public assistance program; or an applicant who, in good faith, exercised rights under the Consumer Credit Protection Act.
DISCLAIMER: Offered terms are subject to change and state law restrictions. Loans are made by CommonBond Lending, LLC (NMLS # 1175900). CommonBond is not affiliated with the school you attended or are attending. 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.