CommonBond was founded in 2012. It is an online lender that offers private student loans and student loan refinancing.
Additionally, are common bond loans private or federal?
While a cosigner is required for undergraduate and graduate student loans, you may qualify for a cosigner release in just 24 months. And, CommonBond offers competitive interest rates and a generous forbearance policy. CommonBond is a private lending company dedicated to student loans and refinancings.
Thereof, can you go to jail over student loans?
Can You Go to Jail for Not Paying Student Loan Debt? You can’t be arrested or sentenced to time behind bars for not paying student loan debt because student loans are considered “civil” debts. This type of debt includes credit card debt and medical bills, and can’t result in an arrest or jail sentence.
Do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
Does a defaulted student loan ever go away?
Defaulted student loans don’t always stay on your record forever. … Defaulted federal student loans either fall off seven years after the date of default, or seven years after the date the loan was transferred from the Federal Family Education Loan Program (FFEL) to the Department of Education.
Does CommonBond have fees?
Are there any fees or penalties? There are no origination fees or prepayment penalties for refinancing! CommonBond does charge a late payment fee of 5.00% of the unpaid amount of the payment due or $10.00, whichever is less, and a return check fee of $5.00, subject to state law restrictions.
Does CommonBond require cosigner?
CommonBond requires all undergraduate and graduate students to have a cosigner when applying for a loan. … At CommonBond, your cosigner will go through a quick and simple underwriting process that requires just a few document uploads, such as a recent paystub, to serve as proof of income.
Does Lendkey have an app?
It is available for Android and iOS operating systems.
Does paying off student loans improve credit?
Paying off the loan in full looks good on your credit history, but it may not have a dramatic impact on your credit score. … Your positive payment history on the account will remain part of your credit report for up to 10 years and will thus have some positive impact on your credit for years to come.
Does student loan affect credit score?
Yes, having a student loan will affect your credit score. Your student loan amount and payment history will go on your credit report. Making payments on time can help you maintain a positive credit score.
How can I get out of student loans without paying?
There are two other instances in which your loans may be forgiven without making a payment:
- Total and permanent disability discharge of both private and federal student loans is possible if you become disabled and can no longer work.
- Death discharge forgives all federal and private student loans borrowed since Nov.
What does common bond do?
What is CommonBond? Launched in 2011, CommonBond was founded by people just like you who felt the pain of the student loan process – high interest rates, poor service, and a confusing process – so they started CommonBond to provide affordable educational products with best in class customer service.
What happens if you never pay your student loans?
Let your lender know if you may have problems repaying your student loan. Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.
What kind of company is CommonBond?
CommonBond, Inc. CommonBond is a marketplace lender that refinances graduate and undergraduate student loans for university graduates. CommonBond also provides in-school loans to MBA students at 20 programs in the United States. The company launched nationally in September 2013.