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CommonBond and SoFi are two student loan refinancing companies that offer flexible repayment terms and don’t charge origination fees or prepayment penalties. However, the two companies differ in some unique ways, especially when it comes to types of loans available and cosigner releases.

Here’s a breakdown of CommonBond and SoFi to figure out which is the best refinancing lender for you.

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Comparing CommonBond vs. SoFi

Here’s a side-by-side comparison of each student loan refinance lender so you can make an informed decision.

Fixed ratesCheck with lender3.46%+4
Variable ratesCheck with lender2.31%+4
Loan amount$5,000 to $500,000$5,000 and up
Loan terms5, 7, 10, 15, and 20 years5, 7, 10, 15, and 20 years
Min. credit scoreGood to excellentGood to excellent
Origination feeNoneNone
Cosigner releaseYesNo
Forbearance optionsUp to 24 monthsUp to 12 months

All APRs reflect autopay and loyalty discounts where available | 4SoFi Disclosures

Looking for other options? Check out this comparison of Earnest vs. SoFi.

See More The Best Student Loan Refinance Companies

SoFi student loan refinance

  • Minimum credit score: Good to Excellent
  • Loan amounts: $5,000 to the full balance of your education 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 higher from a Title IV school
  • Provide proof of employment, such as pay stubs or tax returns
  • Provide proof of residency, such as a utility bill

SoFi might be the best option if:

  • You have a very high loan balance: SoFI does not have a loan maximum. If you have a very high loan balance from medical school or law school, SoFi may be a better option.
  • You want to take advantage of member benefits: SoFi offers a number of member benefits, including career coaching, member events, personalized financial advice, and discounts on future loans.
  • You want to refinance Parent PLUS Loans into a child’s name: If you’re a parent who took out Parent PLUS Loans for your child’s education, it’s possible to refinance them and have your child take them over. To do so, your child must apply themselves.

CommonBond student loan refinance

  • Minimum credit score: Good to Excellent
  • Loan amounts: $5,000 to $500,000
  • Cosigner release: Yes

To borrow from CommonBond, you must:

  • Be a U.S. citizen, permanent resident, or have a H1-B, J-1, L-1, E-2, or E-3 visa
  • Graduate from a Title IV-accredited school within CommonBond’s network
  • Have sufficient credit history
  • Provide proof of employment, such as a pay stub or recent tax returns
  • Produce a recent loan statement for the loans you wish to refinance
  • Provide proof of residency, such as a recent utility bill

CommonBond might be the best option if:

  • You work in a volatile industry: If you’re facing an economic hardship, such as a job loss or medical emergency, you may qualify for CommonBond’s forbearance program. If eligible, you can postpone payments for up to 24 months over the length of your loan.
  • You want to take advantage of a hybrid loan: CommonBond offers a hybrid loan. For the first five years of the loan, the interest rate is fixed. After that, the rate is variable. If you intend to pay off your loan early, taking advantage of a hybrid loan can help you secure a lower interest rate than if you picked a normal fixed loan.
  • You plan on pursuing a cosigner release: With CommonBond, you can request a cosigner release after making three years of consecutive, on-time payments. If you meet the lending criteria at that point, CommonBond will remove the cosigner from your loan.

Estimate Your Payoff Date: Student Loan Payoff Calculator

Compare your options before picking a lender

If your loan balance is higher than the average student loan debt, refinancing your student loans can be a smart way to save money and pay off your loans early. However, make sure you compare as many lenders as possible to find the best interest rate and loan terms for you.

Although CommonBond isn’t one of our partner lenders, you can use Credible to compare rates from SoFi and other refinancing lenders all at once without affecting your credit.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

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About the author
Kat Tretina
Kat Tretina

Kat Tretina is an authority on student loans and a contributor to Credible. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

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