uses cookies on this website. They help us to know a little bit about how you use our website, which improves the browsing experience and marketing - both for you and for others. They are stored locally on your device. By continuing to use this site you accept this use of cookies. Go to the Privacy and Cookies page for more information. You'll see this message only once.
Not signed in. Log in here.

Fintech student lender launches new loan products

By Ryan Weeks on 25th April 2017

CommonBond adds in-school loans for undergraduates and graduates.


CommonBond, one of the largest online lenders in the US, has launched new loan products, and now claims to be the first firm in the country to offer a full suite of student loans solutions.


CommonBond will now lend to undergraduates and graduates, where previously its in-school funding options were only available to MBA students. Its products now span loans for current students, refinancing options for graduates and employer student loan benefits.


The firm acquired student debt management platform Gradible last summer, paving the way for its entry into the employee benefit market.


The newly launched in-school loans carry variable rates starting at 2.87 per cent APR and fixed rates starting at 5.50 per cent APR, and come with a range of repayment options. There’s a social twist too: for every loan funded by the platform, CommonBond also funds the education of a child in need, via a partnership with Pencils of Promise.


In tandem to launching the news loans, CommonBond is introducing a new interactive tool that helps prospective students borrowers to compare the long-term financial impact of different loan products.


“With the price of higher education increasing every year, it’s really important that students, and their parents, get the resources that they need to make informed financial choices,” said David Klein (pictured), founder and CEO of CommonBond.


CommonBond has funded over $1bn in student loans to date, fuelled by a prolific securitisation programme. The firm clinched an A1 rating for a $168m securitisation in October of last year – its highest rating yet.


SoFi, perhaps CommonBond’s most direct competitor, has lent around $15bn to date. But SoFi offers a broader range of products, including student loans, but also consumer loans, mortgages and insurance.



Enter your name:

Enter a comment in the box below:

More like this:

Crypto lending platform nears launch
19th February 2018
Ryan Weeks
How the Innovative Finance ISA can take off
12th February 2018
Andy Davis
Lendtech Roostify raises $25m in Series B round
16th February 2018
Emily Nicolle