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Student Loan – Commonbond vs. SoFi. CommonBond and SoFi are two scholar mortgage refinancing organizations that offer bendy reimbursement terms and don’t charge origination fees or prepayment penalties. However, the two organizations vary in some exclusive ways, especially in terms of sorts of loans accessible and cosigner releases.
Here’s a breakdown of CommonBond and SoFi to figure out that is the finest refinancing lender for you.
In this post:
Comparing CommonBond vs. SoFi
SoFi student mortgage refinance
CommonBond scholar loan refinance
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Comparing CommonBond vs. SoFi
Here’s a side-by-side assessment of every student loan refinance lender so you could make an informed decision.
Fixed rates,Check with lender,2.99%+5
Variable rates,Check with lender,2.85%+5
Loan amount,$5,000 to $500,000,$5,000 and up
Loan terms,5, 7, 10, 15, and 20 years,5, 7, 10, 15, and 20 years
Min. credit score,Good to excellent,Good to excellent
Forbearance options,Up to 24 months,Up to 12 months
All APRs replicate autopay and loyalty reductions wherein available | 5SoFi Disclosures
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Looking for different options? Check out this assessment of Earnest vs. SoFi.
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SoFi pupil loan refinance
Minimum credit score score: Good to Excellent
Loan amounts: $5,000 to the full balance of your schooling loans
Cosigner release: No
To borrow from SoFi, you must:
Be a U.S. citizen, permanent resident, or have a E-2, E-3, H-1B, J-1, L-1, or O-1 visa
Have graduated with an associate’s degree or larger from a Identify IV school
Provide evidence of employment, consisting of pay stubs or tax returns
Provide evidence of residency, which includes a utility bill
SoFi probably correct if:
You have an incredibly excessive loan balance: SoFI does not have a mortgage maximum. If you have an exceptionally excessive loan stability from medical college or law school, SoFi might be a greater option.
You desire to make the most of member benefits: SoFi offers a number of member benefits, including profession coaching, member events, customized financial advice, and reductions on future loans.
You want to refinance Dad or mum PLUS Loans into a child’s name: If you’re a mother or father who took out Dad or mum PLUS Loans in your child’s education, it’s possible to refinance them and feature your baby take them over. To do so, your baby have got to practice themselves.
CommonBond pupil loan refinance
Minimum credit score score: Well to Excellent
Loan amounts: $5,000 to $500,000
Cosigner release: Yes
To borrow from CommonBond, you must:
Be a U.S. citizen, everlasting resident, or have a H1-B, J-1, L-1, E-2, or E-3 visa
Graduate from a Name IV-accredited college within CommonBond’s network
Have sufficient credit score history
Provide evidence of employment, together with a pay stub or current tax returns
Produce a latest loan statement for the loans you wish to refinance
Provide evidence of residency, which includes a recent utility bill
CommonBond perhaps wonderful if:
You paintings in a volatile industry: If you’re dealing with an financial hardship, which includes a role loss or medical emergency, you’ll qualify for CommonBond’s forbearance program. If eligible, you could postpone repayments for up to 24 months over the size of your loan.
You desire to make the most of a hybrid loan: CommonBond gives a hybrid loan. For the 1st 5 years of the loan, the rate of interest is fixed. After that, the speed is variable. If you wish to pay off your loan early, making the most of a hybrid loan may help secure a lower rate of interest than if you picked a normal fixed loan.
You plan on pursuing a cosigner release: With CommonBond, you may request a cosigner launch after making 3 years of consecutive, on-time payments. If you meet the lending standards at that point, CommonBond will get rid of the cosigner from your loan.
Estimate Your Payoff Date: Pupil Loan Payoff Calculator
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If your loan balance is larger than the average pupil loan debt, refinancing your student loans may be a good way to save cash and pay off your loans early. However, make sure you compare as many lenders as attainable to find the finest interest rate and loan phrases for you.
Although CommonBond isn’t one in all our associate lenders, you may use Pulp to match rates from SoFi and other refinancing creditors suddenly devoid of affecting your credit.
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