Helpful Favorable Review
Commonbond saved us thousands of dollars in additional interest to Sallie Mae. Thankful for their help in transferring our loan to them. The process was very simplistic and was handled with professionalism. Love Commonbond!
Helpful Critical Review
Lost $4k when I refinanced, has taken months and it has still not been resolved. It is January 22nd and they have said that the holidays have impacted the 1-2 week timeline, but the holidays were 3 weeks ago. They gave me a revised timeline of 1-3 weeks today and nothing has been applied to my account. Everytime I email them, they are reactive and not proactive in resolving the issue that I have. Would not recommend them as a loan provider for anyone
Helpful Favorable Review
Great company, easy to consolidate student loans. SoFi was able to help me get better control of my student loans by reducing my interest rates and making it so I had one low monthly payment instead of many. I would recommend SoFi to anyone looking more into their student loan situation.
Helpful Critical Review
SoFi Financial is identity theft entity. It knows that it will not help you with refinancing, but try to obtain as much as possible your personal identification information, your income and other personal financial information. They are dangerous!
When choosing a lender to refinance your student loan debt, it is important to compare and contrast the services offered by multiple companies. In this case, Commonbond and SoFi are both top choices in the student loan refinancing industry, offering similar services. However, there are some differences that you should be aware of:
Both Commonbond and SoFi offer fixed interest rate loans and variable interest rate loans. However, Commonbond also offers a hybrid interest rate loan, which is unique to the student loan refinancing industry. Hybrid loans are a common practice in mortgage lending, but are not a common practice within education financing. In fact, Commonbond was the first lender in the student loan refinance industry to provide a hybrid rate offering.
Hybrid interest rates combine the best parts of fixed and variable rates, helping borrowers reduce their interest rate, monthly payments, and total interest paid. A borrower will have a fixed rate for the first half of their hybrid loan and then transition to a variable rate for the latter half, which generally means that they will have a lower interest rate to start off with. This is a particularly good option for those who would like to pay off their loans early because they can repay their loan before it switches to a variable interest rate, saving them more money in the long run.
Both Commonbond and SoFi do not charge a loan origination fee or a prepayment penalty fee. Most lenders do not have prepayment fees, but the majority do have origination fees, so it is nice that both lenders do not charge that fee.
SoFi does not even charge a late fee. Commonbond, on the other hand, does charge a late fee of 5 percent of the unpaid amount of the payment due. Late fees are a common practice in the loan industry, so the fact that Commonbond charges this fee is not unusual. It is a nice perk that SoFi does not charge a late fee, but any borrower should strive to make on-time payments each month, as their credit score could be negatively affected if they do not. Therefore, not having a late fee could remove some stress, but it could also be a detriment if you fall into a pattern of late payments.
Both Commonbond and Sofi offer loan forbearance if a borrower is experiencing financial hardship. However, Commonbond offers up to 24 months of loan forbearance, while SoFi only offers up to 12 months.
Loan forbearance is a very helpful service if you are unable to make your monthly payments for whatever reason. During a period of forbearance, you are not required to make payments, but in some cases, as is with Commonbond, you can still make payments during this time, when you are able. Forbearance also should not affect your credit score.
It is important to note that even though Commonbond has a longer period of available forbearance than SoFi, you may not be approved for that whole term.
Commonbond and SoFi have similar services, assisting borrowers with career planning and connecting customers with specialists. But, SoFi has a membership program that provides multiple benefits.
To become a SoFi member you can either pick a loan product, or simply make an account. Once you are a member, you will have access to financial planning tools and services, member interest rate discounts, deals from SoFi partner companies, and you can even draft your will for free. These offerings are a great way to plan for your financial future, beyond paying off your student loan debt.
Commonbond goes one step beyond in helping students finance their education and pay off student debt, by making a commitment to help children around the world receive an education.
In partnership with Pencils of Promise, a nonprofit organization that builds schools and increases educational opportunities for children in developing countries, Commonbond is making a difference in the developing world. And if you choose to refinance your student loans with Commonbond, you will not only be helping yourself get out of debt, but you will be helping a child receive their education.
To date, Commonbond has donated $1 million to students in need and built over 470 schools. Overall, if you choose to refinance with Commonbond, you will also be making a global impact.
SoFi has no upper limit on how much you can borrow to refinance your student loans. The line is drawn only when the total balance owed on your loans has been reached. This is a great offering if you have multiple student loans, allowing you to consolidate them all into one loan with better rates.
Commonbond allows you to refinance up to $500,000. However, for the majority of borrowers, their total student loan debt will likely be far less than this maximum loan amount, so this upper limit should not be problematic.
Commonbond and SoFi both have limited numbers of customer reviews. However, based on the reviews that we do have, SoFi is ranked significantly higher than Commonbond with many positive reviews.
Commonbond currently only has 25 reviews, but 68 percent of them are one star reviews, outlining difficulties with customer service, as well as a very slow funding time that often left borrowers waiting for weeks while both the old and new loan were potentially accruing interest.
If you've refinanced your student loans with Commonbond, please tell us about your experience and leave a review.
SoFi currently has 57 reviews, 67 percent of which are five star reviews. Customers most often highlight incredible customer service and lowered rates, as well as a much shorter repayment term, saving them much more money than they would have otherwise.
If you've refinanced your student loans with SoFi, please tell us about your experience and leave a review.