CommonBond to Ditch Student Lending: Here's What to Focus On Instead - Fox Business

CommonBond to Ditch Student Lending: Here’s What to Focus On Instead – Fox Business

CommonBond plans to abandon the student lending aspect in mid-June and shift its focus elsewhere. (iStock)

Fintech lending company CommonBond Announced earlier this month She will forego student lending, and turn her focus to something she says will allow homeowners to save money on electricity and reduce their carbon footprint.

The company will now focus exclusively on financing solar energy, a move that has been First announced in February. CommonBond’s solar business quickly became the largest and fastest growing after launching in 2021.

“We’re excited about the impact we’re making in the residential solar market,” David Klein, the company’s co-founder and CEO, said in a statement. “Every day, we hear the stories of our customers who are saving money on their electricity bill and reducing their annual coal consumption by tons – literally, tons – because of the solar adoption we’re enabling. It’s very rewarding.”

Now, the company is finishing issuing new student loans by June 15th. For those who already have private student loans from CommonBond, this move will not change anything and Firstmark Services will continue to provide its services.

If you are looking for the right student loan for your situation, you can browse lenders through an online marketplace like Credible that allows you to compare multiple options.

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Common Bond goes all in green lending

CommonBond also has plans to expand its green lending, and stated ambitions to enter other green lending markets. The company stated that consumers are looking for ways to reduce their carbon footprint, and is looking to expand and provide financing to make this possible.

“This is a giant step forward,” said Brian Hirsch, managing director at Tribeca Venture Partners and a member of the Common Bond board of directors. “We are still very early in the consumer adoption cycle of renewable energy, and there needs to be enablers for crowd adoption. Digitally local funding is one of those enablers, and that is one of CommonBond’s core strengths.”

Solar panels and the installation of a residential solar system can cost the average homeowner nearly $25,000, and most homeowners pay between $17,000 and $32,000 for green energy. But costs can rise above that, for example, if the roof must be replaced or trees removed.

When the transition to solar power was first announced, CommonBond said it would be transitioning to space for the following reasons:

  • More than three-quarters of its clients either own a home or intend to buy a home “within three years of refinancing their student loan with the company.”
  • It looks to “meet the unmet needs in the market” with “extended lending technology”
  • The impact of solar energy is consistent with the company’s mission

If you are interested in solar panels and are looking for financing options for them, consider using a personal loan. Visit Credible to compare several lenders at once And choose the best rate and the best loan terms for you.

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How to switch your student loan service

CommonBond’s switch to solar lending will not affect borrowers who already have a student loan through it, as these loans will continue to be serviced through Firstmark Services. However, if you are looking to switch student loan services, there are several ways to do so.

Federal student loan borrowers do not get to choose their loan service when they first get the loan. However, if they are looking to consolidate their payments or make future changes, they can also opt for a new service. Federal student loan holders can choose a new service when their payments are consolidated, apply for Public Service Loan Forgiveness (PSLF), apply for total disability relief or if their loan is transferred by the Department of Education.

The other way to change student loan service is through refinancing. This option is available to both federal and private student loan holders, but the former will forfeit federal benefits such as income-driven payment plans or student loan forgiveness programs if they refinance.

If you are interested in refinancing your student loan in order to change your service or lower your monthly payments, Contact Credible to speak to a student loan expert And get answers to all your questions.

Have a question related to financing, but don’t know who to ask? Send an email to our certified money expert And your question may be answered by Credible in the Money Expert column.

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