CommonBond is our final favorite place to get a private student loan. They are the one of the few direct lenders we have on this list, simply because they aren’t on any of the comparison sites. But there is a reason for this – by avoiding the middleman, you get the savings passed on to you.
CommonBond has some of the lowest private student loan interest rates available on the market right now, but they do require a cosigner for their loans. However, they also have a 2 year cosigner release, which is one of the shortest terms we’ve seen.
CommonBond also is one of the few private lenders that offers a forbearance to borrowers who suffer economic hardship after graduation and during repayment. Read our full CommonBond review.
It can be hard to know if private student loans are right for you. Honestly. there is no right answer. Some people swear off private student loans. Other people have found them to be a helpful way to pay for college while saving money in interest.
It’s important to remember that Federal student loans come with a lot of options, and they usually have a very good interest rate. With Federal student loans, you get access to income-driven repayment plans, student loan forgiveness options, and more. You don’t get many benefits with private student loans.