We get a lot of questions at CommonBond from graduates who used multiple loans to fund their degrees (most people have!) and want to refinance all or some of those loans into a lower rate.
We wanted to share the basics about which student loans can be refinanced and consolidated and which cannot using some examples that are pretty common:
What Loans Can CommonBond Refinance?
· Federal student loans – These include the Direct Stafford Loan, Grad PLUS Loan, and any other loan programs managed by the U.S. government.
· Private student loans – This category includes student loans issued by banks, for example.
· Corporate-sponsored student loans – If your firm sponsored your MBA, for example, but you’ve chosen to move to a new company and take on the loans yourself, you can refinance those through CommonBond.
· International student loans – For instance, if you borrowed student loans through the Bank of Mexico, you can refinance those through CommonBond. (See more here.)
What Loans Are CommonBond Unable to Refinance?
· Personal loans – These include loans you take out for additional expenses incurred while in school – for example, to fund a wedding – yet are not certified by your school.
· Bar study loans – Loans that you take out to prep for the bar or any other exam do not qualify because your school does not certify these as qualified education expenses,
· Loans from family and friends – If your loan for school came from a friend or a relative rather than a student lending company, this loan also counts as a personal loan and therefore cannot be refinanced through CommonBond.
Have more specific questions? Leave a comment or call (800) 975-7812 – we look forward to helping you save!
James Gilligan is Operations Manager at CommonBond, a student lending platform that provides a better student loan experience through lower rates, superior service, and a strong commitment to community. CommonBond is also the first company to bring the 1-for-1 model to education.
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