NEW YORK, Aug. 7, 2014 /PRNewswire/ -- CommonBond, a leading student lending platform, announced today that it has introduced new variable rate student loans with rates as low as 2.65% APR (with autopay) as well as new fixed rate student loans with rates as low as 3.625% APR (with autopay). This product expansion will provide increased flexibility and customization to eligible borrowers interested in refinancing their federal and private student loans.
"We aim to make student loans simple and human, while putting more money back in our borrowers' pockets," said David Klein, CEO and co-founder of CommonBond. "With our new rates and loan options, we are excited to deliver a better student loan experience that is tailored to the various needs and preferences of many more graduates with student debt."
Graduates who refinance with CommonBond can choose from a variable or fixed rate loan with a 5-, 10-, or 15-year term. Variable rate loans are tied to 1-Month LIBOR and currently range from 2.65% APR to 5.98% APR (with autopay). Fixed rate loans range from 3.625% APR to 7.49% APR (with autopay) and remain locked at their original interest rate for the duration of the loan repayment term. There are no origination fees or prepayment penalties for any refinanced loans through CommonBond.
Additional loan features include:
- Simple and quick 7-minute application process
- Consolidation of multiple loans, including undergraduate and graduate debt
- Borrower protection, including forbearance to borrowers in economic hardship
"We're building the company we wish had been around when we were in grad school," said Klein. "That's a large part of what drives us every day."
CommonBond is a low-cost, high-impact student lending platform dedicated to creating a better student loan experience through savings, service, and social good. Founded by three Wharton MBAs in 2011, CommonBond has raised over $100M to fund and refinance student loans and has expanded to more than 100 degree programs throughout the United States. 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. For more information, please visit www.commonbond.co.