Certain have begun making reference to CommonBond since the “the brand new Warby Parker of college loans,” a moniker CommonBond wears humbly
In the summertime out-of 2011, David Klein got difficulty, a challenge shared by many MBAs during the HBS: high-cost figuratively speaking. At that time, he was entering Wharton’s complete-date MBA system, positioned to start a buddies prior to graduating. The guy unwittingly occurred through to the pain area, and you can greatest idea, who just 9 days after end in your to decrease out from school.
The guy with his co-creators – Michael Taormina and you may Jessup Shean – enjoys due to the fact established a student lending company you to is targeted on reducing the cost of fixed price student education loans to possess MBA students during the the fresh You.S. The company has recently paid huge amount of money and you can intends to launch on HBS that it spring season.
CommonBond is founded on a style of “public financing simulation watches.” Beginner borrowers access less expensive, fixed rate money available with dealers who earn a competitive financial go back. Presently, individuals can anticipate savings of up to $twenty five,one hundred thousand across the life of installment.
“The latest CommonBond offering is more than just financing, otherwise deal. Money now are commoditized circumstances, however, CommonBond now offers yet another community from other consumers and alumni lenders, plus programming to get in touch players and you will promote mentorship near to monetary service,” told you Andrew Haller ’14. “Which represents a valuable financing so you can students.”
Some other Remote controlled, Preethi Krishnaswamy ’14, thinks one “CommonBond are transforming the way MBA children funds the amount.” She goes on to declare that ”hardly any selection currently are present to own MBA children and certainly none of these provide positives such as for instance entry to a system regarding youngsters and you can alums and additionally an inexpensive loanmonBond was perfectly arranged to help you suffice that it you desire such that is not only scalable, however, socially in charge through the you to-for-that design.”