CommonBond Expands Student Loan Refinancing To Over 100 Graduate Programs

NEW YORK, March 19, 2014 /PRNewswire/ -- CommonBond, a leading student-lending platform, announced today that it has expanded its low-cost refinance program to graduates of law, medical, and engineering programs, as well as additional MBA programs at Vanderbilt University, Washington University in St. Louis, and University of Texas.  This expansion represents more than four times the number of degree programs on CommonBond's platform from 25 MBA programs to now over 100 graduate degree programs nationwide.

"Our mission is to provide a low-cost, high-impact student loan experience," said David Klein, co-founder and Chief Executive of CommonBond. "We are now lowering monthly payments for even more students and graduates and will have saved our 2014 borrowers as much as $10M in aggregate interest payments over the life of their loan."

Graduates who carry student loan debt are able to consolidate multiple undergraduate and graduate loans into a single, 10-year fixed-rate loan and refinance at a rate of 5.99% (with automatic debit). ¹ By refinancing through CommonBond, borrowers can save over $17,000 in repayment. CommonBond remains committed to no application fees, origination fees, or prepayment penalties.

CommonBond is also introducing a new 15-year fixed-rate loan for borrowers interested in lowering their monthly payments. The fixed-rate product is set at 6.49% (with automatic debit) for refinance borrowers.² Applicants can determine their savings potential and optimal payment timeline with CommonBond's Refinance Calculator. 

A unique component of the CommonBond platform is its Social Promise: For every degree fully funded on the CommonBond platform, the company funds the education of a student in need, at a Pencils of Promise school, for a full year. The company is the first and still-only company to bring the "1-for-1" model to education and finance. Allowing its borrowers to power social good gives that much more meaning to CommonBond's high-impact mission.

ABOUT COMMONBOND

CommonBond is a low-cost, high-impact student-lending platform dedicated to creating a better student loan experience through savings, service, and social good. Since its founding in 2011, CommonBond has raised over $100M to fund and refinance student loans. CommonBond is the first company to bring the "1-for-1" model of social good to education and finance: For every degree fully funded on the company's platform, CommonBond funds the education of a student in need abroad for a full year. 

1 The Annual Percentage Rate (APR) shown is based on a $10,000 loan and reflects the accruing interest, the effect of capitalized interest, and a monthly principal and interest payment of $110.97 for 10 years (120 months). 

2 The Annual Percentage Rate (APR) shown is based on a $10,000 loan and reflects the accruing interest, the effect of capitalized interest, and a monthly principal and interest payment of $87.06 for 15 years (180 months).

SOURCE CommonBond