Specific have started writing about CommonBond once the “the fresh new Warby Parker of college loans,” a moniker CommonBond wears humbly
During summer from 2011, David Klein got an issue, problematic common by many MBAs in the HBS: high-pricing figuratively speaking. During the time, he was typing Wharton’s complete-time MBA system, poised to begin with a buddies before graduating. He unknowingly occurred on the pain area, and best idea, who merely nine days later on bring about him to decrease aside out-of college.
He and his awesome co-founders – Michael Taormina and you will Jessup Shean – has actually because established students mortgage lender you to definitely centers on decreasing the cost of fixed rate college loans getting MBA college students when you look at the the fresh new You.S. The firm has already disbursed millions of dollars and intends to discharge from the HBS that it springtime.
CommonBond is dependant on a type of “societal lending simulation observe.” Beginner consumers get access to lower cost, repaired price funds provided by people which earn a competitive monetary come back. Presently, borrowers can also be invited offers of up to $twenty five,100 along side life of fees.
“The fresh new CommonBond offering is over merely a loan, otherwise deal. Fund now is commoditized affairs, however, CommonBond also provides a separate community of fellow consumers and you will alumni loan providers, and programming to get in touch players and you can render mentorship next to economic assistance,” told you Andrew Haller ’14. Read more