40 million Americans owe a whopping total of $1.2 trillion USD in student loan debt. Unbelievably, the total balance of the US student loans grows by an estimated $2,726.27 every second, according to MarketWatch.
If you are one of these 40 million Americans, it's easily to feel overwhelmed under a mountain of debt; but there's good news. If your interest rate is greater than 2.14% APR, you are likely overpaying and may be able to save over $14k on your student loan debt.
by refinancing with a company called CommonBond.
People who refinance their student loans with CommonBond save $14,581 on average over the life of the loan.
Co-founders David Klein, Mike Taormina, and Jessup Shean started CommonBond in 2011 with a goal of simplifying the most frustrating areas of consumer finance: the student lending industry. They founded CommonBond to change this - and to bring to market a product and a service they wished had existed when they were in school.
"CommonBond" can help students borrow at a lower rate, saving them lots of money."
How it works:
Everyone who is approved will receive one of two rates, depending on the repayment term, and will also be eligible for a 0.25% reduction in the interest rate by enrolling in automatic payments. Enrollment is easy and no-obligation, and there are no fees, no penalties, no origination fee and no prepayment penalty. It takes just a couple minutes to approve the application and the process is straightforward and simple.
How can CommonBond offer lower rates than other loan providers?
CommonBond believes that creditworthy borrowers deserve lower rates than traditional institutions have provided in recent years, and is therefore able to provide funds to these creditworthy borrowers at more affordable terms. if you lose your job, they pause payments, and even help you find work.
Click here to see if you can save thousands of dollars with CommonBond.
Commonbond is not right for everyone, but typically unless you have a rate circumstance such as forgiveness programs for employees in specific industries (e.g., public service), you can get a lower rate through CommonBond. This means you pay much less over the duration of your loan. If (a) these type of federal benefits are not available to you and (b) you can save money through refinancing, you are a good candidate for refinancing your student loans with CommonBond.
FAQ about Commonbond:
-federal, private and previously consolidated loans are eligible up to $500k.
-no fees, no penalties, no origination fee and no prepayment penalty.
-You are still eligible for economic hardship forbearance.
Ready to get rates as low as 2.15% APR? Click here to get started.
Our goal is to educate the public about products and services. The information contained herein is for general informational purposes only and is believed to be 100% correct at the time of writing. CommonBond offers affiliate links, so they are provided in this article. We are not a substitute for a lawyer or a financial advisor! Read more about SmartCityMoney here. Thank you for visiting SmartCityMoney!