NEW YORK, Nov. 12, 2013 /PRNewswire/ -- CommonBond, a leading student lending platform that provides low cost, high impact loans to graduate school students in the U.S., announced today a first-of-its-kind partnership with Pencils of Promise, an education non-profit that builds schools across the globe.
As part of the partnership, CommonBond has committed that for every degree fully funded on its lending platform, the company will cover the full cost of sending a Pencils of Promise student to school for a full year. Full cost includes tuition, school uniforms, school supplies, and other needs including transportation vouchers.
Founded in 2011, CommonBond recently raised over $100M from financial luminaries including Vikram Pandit, Tom Glocer, and Tom Kalaris to expand its lending platform across the country, providing a better student loan experience to graduate students through low rates, first-rate service, and a strong commitment to community.
"At CommonBond, we set out to do more than just fix the broken student loan market. We set out to prove that business can and should be a positive force for change – at home and abroad," said David Klein, co-founder and CEO of CommonBond. "As we continue to grow the company, we are excited to grow our Social Promise with Pencils of Promise."
Since its founding in 2008, Pencils of Promise has built more than 150 schools throughout Laos, Nicaragua, Guatemala, and Ghana to increase access to quality education in the developing world.
"We are so excited to form this partnership with CommonBond," said Adam Braun, Founder of Pencils of Promise, "At Pencils of Promise, we understand how a great business approach can empower others to change lives, and so does CommonBond."
CommonBond is a student lending company that provides a better student loan experience through low rates, personal service and a strong commitment to community. Founded with a strong social mission, the company launched in November 2012 at The Wharton School of the University of Pennsylvania and after raising over $100M in September 2013 expanded to 25 MBA programs. CommonBond is the first company to bring the "one-for-one" model to education and finance. For more information on CommonBond's Social Promise, visit www.commonbond.co/social-promise.
Pencils of Promise ("PoP") is a nonprofit organization founded in 2008 to increase access to quality education for children in the developing world. PoP works with communities across the globe to build schools and create programs that provide education opportunities for children, no matter where they were born, or what resources they have. PoP has broken ground on over 150 schools throughout Laos, Nicaragua, Guatemala, and Ghana, and has established itself as a leader amongst the innovative global nonprofits working toward sustainable social change. To learn more about Pencils of Promise, please visit www.pencilsofpromise.org.