student loan refinancing - bt pharmacy consulting › uploads › 5 › 6 › 4 › 0 › ... · is...
Post on 27-Jun-2020
4 Views
Preview:
TRANSCRIPT
A quick guide to lower rates, bigger savings, and greater financial freedom
Student Loan Refinancing for Pharmacists
3
Want freedom from student loans? We have that in common.You did everything right. You sacrificed and put yourself through
pharmacy school. Now comes the hard part: you have to start paying off
your student loans. Those high balances may make you feel like you’ll be
in debt forever, and you may feel like you’re the only one. But you’re not
alone. Many pharmacists are in the same boat. In fact, the average debt
for pharmacy school graduates has increased dramatically between
2011 and 2015. (See chart below.) While paying your student loans may
seem daunting, you can refinance your loans to reduce your debt and
save thousands of dollars.
$100,000
$120,000
$160,000
$140,000
2011$80,000
2012 2013 2014 2015
$98,605
$149,320$144,718
$133,694
$123,063
Average pharmacy school debt increased 51% from 2011 to 20151
Call, email, or chat(800) 975-7812 | care@commonbond.co4 5
What is refinancing?
What CommonBond members who went to pharmacy school could save on average
$21,9162
What CommonBond members who went to pharmacy school could save with the lowest CommonBond rate
$36,3123
How much can I really save by refinancing my student loans?CommonBond is able to save you thousands because we customize a new, low rate just for
you, based on data including your income, credit history, earning potential and more.
See below for how much you could save.
The average CommonBond member with pharmacy school debt could save $21,9162
SUMMARY OF SAVINGS
Refinancing simply means taking out a new loan to replace an existing
loan. When you refinance with CommonBond:
■ Generally, we create a new loan for you at a lower interest rate.
■ We pay off your existing student loans.
■ We refinance both federal and private student loans, as well as
previously consolidated loans.
What you’ll need to know ■ How much can I really save by refinancing my student loans? (page 5)
■ Is refinancing right for me? (page 8)
■ How do I pick the best lender and loan for me? (page 10)
Don’t know where to start? No worries! We’ve talked to thousands of
members about refinancing and we’ve created this quick guide to walk
you through everything you’ll need to know about refinancing your
student loans.
Unlike when you refinance your mortgage, refinancing student loans with CommonBond
has no additional fees – no origination, prepayment or refinancing fees at all. Plus, you can refinance all of your student loans or choose only select loans to refinance.
Caryn, CommonBond Care Team
2.32% APR4Lowest CommonBond Rate (Variable)
4.41% APR5Average CommonBond Rate
7.21% APR7US Government Rate (Direct Plus rate)
COMPARISON OF INTEREST RATES6
Call, email, or chat(800) 975-7812 | care@commonbond.co6 7
CommonBond’s Social Promise (for every loan funded by CommonBond,
the company funds the education of a child in need) resonated with my personal values. To me, education is one of the few things that can never be taken away and as an educated person, I feel the only way to show gratitude for this extreme privilege is to pay it forward.
Real people.
Real stories.
Real savings.As a CommonBond member,
you’re not a loan with us™. You’re
part of a growing community that
shares common experiences,
common goals and a unique
common bond.
Blair Thielemier
Age: 29
Hometown: Pocahontas, Arkansas
Education: PharmD, University of Arkansas for Medical Sciences.
Total estimated savings: $10,500
When you graduate from medical school, you feel like you are chained to
the giant weight of your student loans. It can feel demoralizing, but what CommonBond did is allow my optimism to return.
I put in applications with all the big guys, but CommonBond was the fastest to get
back to me and the process was easy from the start. That’s exactly what I wanted.
Cody Steeves
Age: 30
Hometown: Apex, North Carolina
Education: BS, University of Florida. PharmD, University of North Carolina.
Estimated monthly savings: $215
Noah Heilbrun
Age: 35
Hometown: Beverly Hills, Michigan
Education: BA, Kalamazoo College. MSPH, Tulane University. MD, Univ. of Michigan Medical School.
Total estimated savings: $16,000
Call, email, or chat(800) 975-7812 | care@commonbond.co8 9
Is refinancing right for me?Now that you know refinancing with CommonBond
saves members who went to pharmacy school more
than $21,9162, on average, you need to figure out if
refinancing is right for you.
Refinancing isn’t the right option for everyone.
As with any financial decision, there are benefits
and risks.
Call, email, or chat(800) 975-7812 | care@commonbond.co8
REFINANCE WITH COMMONBOND
■ Get a lower interest rate, which ccan
save you, on average, $21,9162 over the life of
your loan.
■ Consolidate and refinance federal, private, and
previously consolidated student loans into a
single, lower-interest-rate loan.
■ Defer payments if you go back to school or
lose your job. Additionally, if you find yourself
between jobs, receive support through our
CommonBridge program. Learn more. (See
page 11 for more details.)
■ Your loan will contribute to the education of a
child in need. (See more on page 13.) We call it
our Social Promise.
MAINTAIN FEDERAL STUDENT LOANS
■ Consolidate all your federal student loans into
one federal loan, letting you pay one monthly
payment instead of many.
■ Enables an income-driven repayment option,
which can lower your monthly payments.
■ Offers public service loan forgiveness which
forgives the remaining balance on your loans
after you’ve made 120 monthly payments if you
work for a qualified employer.
■ Allows you to defer payments if you lose your
job or go back to school.
Benefits
We’re here for you!
The CommonBond Care Team,
based in New York City, is here
to answer any questions you may
have. Just give us a call at (800)
975-7812. You can email us at
care@commonbond.co or chat on
our website.
REFINANCE WITH COMMONBOND
■ Does not include income-based repayment
options.
■ Does not include public service loan forgiveness.
MAINTAIN FEDERAL STUDENT LOANS
■ You may pay more in interest over the life of the
loan, compared to refinancing.
■ You may increase the cost of your loans if you
select income-based repayment programs.
Risks
Call, email, or chat(800) 975-7812 | care@commonbond.co10 11
How do I pick the best lender and loan for me? We encourage you to evaluate your options
by asking the questions below of any lender
you’re considering. To help you get started,
we’ve provided the CommonBond answer to
each question.
IS YOUR RATE COMPETITIVE?
Yes, we take a personalized approach to
lending and offer you a range of rates from
2.32% to 7.74% APR (with autopay).
WHAT TYPES OF LOANS DO YOU OFFER?
We offer fixed and variable rate student loans.
In addition, we provide our hybrid8 loan, an
industry first, for people who tend to prepay.
Find out which type of loan works best for you.
DO YOU REFINANCE BOTH PRIVATE AND FEDERAL STUDENT LOANS?
Yes, we refinance both federal and private
student loans, as well as previously
consolidated loans.
HOW LONG DOES IT TAKE TO APPLY?
We can provide an estimate of your interest
rate in minutes, without affecting your credit
score. Just answer a few questions about
yourself and you’re on your way. See your rate now.
IF I NEED HELP WITH APPLYING, WHERE CAN I GET IT?
Our friendly group of problem solvers on the
CommonBond Care Team can answer all your
questions about refinancing. Call us at (800)
975-7812. You can also chat on our website
or send us an email - care@commonbond.co
- anytime. We’ll respond promptly to answer
any questions you have!
Savings Process
WHAT HAPPENS TO MY LOAN IF I LOSE MY JOB?
Our CommonBridge program allows you to
postpone monthly payments in 3-month
increments for up to 12 months consecutively,
and for 24 months total. And CommonBridge
goes even further to help you if you find
yourself in between jobs. (See sidebar.)
WHAT DIFFERENTIATES YOU FROM OTHER LENDERS?
We believe that business can – and should – be
a positive force for change. For every degree
funded on the CommonBond platform, we
fund the education of a student in need. We
call it our Social Promise.
Benefits
11
CommonBridge: We’ve got your back
Beyond allowing you to pause your payments, our CommonBridge program will help you find your next professional opportunity. We’ll develop a personalized career plan for you and connect you to mentors, networking events and webinars that help take you where you want to go. When you’re a CommonBond member, you’re part of a network dedicated to financial and professional success.
CommonBridge provided the perfect
consulting project to tide me over
between jobs. I got the chance to earn
some income and build my
work portfolio.Christina Wallace, CommonBond member
■ A good credit score (typically 670 or higher)
■ To be currently employed or have a signed offer of employment
■ U.S. citizenship or permanent residency
To qualify for a loan with CommonBond you’ll need
11
Call, email, or chat(800) 975-7812 | care@commonbond.co12 13
You’re not a loan with us™
There’s strength in numbers. As a CommonBond
member, you’re part of a growing community that
gives you access to peers, employers, investors and
speakers who share common experiences, common
goals and a unique common bond.
COMMONBOND EVENTS
Our events team creates experiences on the topics
you care about – from entrepreneurship, to personal
finance, to career growth. And of course, there’s a
happy hour or two as well, just so we can get to know
each other better. Learn more.
Ready to start saving?
OUR SOCIAL PROMISE
We provide students in need with the lasting gift
of an education. We’re the first and only company
to bring a “1-for-1” social mission to finance and
education. For every loan funded by CommonBond,
we fund the education of a student in need.
Learn more.
THE COMMONBOND SOCIAL IMPACT AWARD
Through the CommonBond Social
Impact Award, we recognize a
for-profit social entrepreneur
who’s driving positive change
locally or globally. The 2016 award
went to Saumya, co-founder of
Kheyti, which makes low-cost
greenhouses that help growers
in India increase the yield and
predictability of their crops.
The next step is easy. Get your rate by completing our
online application in just a few minutes.
Still have questions? Our Care Team members are here to help
– call us at (800) 975-7812.
Call, email, or chat(800) 975-7812 | care@commonbond.co14
2 Savings calculation of $21,916 is based on an assumed loan balance of $144,718 and a weighted average interest rate for CommonBond members that refinanced student loans from 10/1/2015-1/31/2016 and indicated they had a Pharm.D degree. Savings is calculated as the difference between borrowers’ estimated future payments for loans at 7.21% (Federal Grad PLUS Rate between 7/1/14 and 6/30/15) and their future expected payments after refinancing with CommonBond. The calculation is a weighted average dollar savings across loan terms and assumes no change in interest rates, on-time payments, enrollment in ACH, and no pre-payment of loans.
3 Savings calculation of $36,312 is based on borrowers’ estimated future payments for a Direct PLUS loan at 7.21% and their future expected payments after refinancing with CommonBond at a 10-year variable rate loan at 2.94%. The calculation assumes no change in interest rates, on-time payments, enrollment in ACH, and no pre-payment of loans.
4 Lowest CommonBond rate as of January 2017.
5 Average CommonBond Rate as of January 2017.
6 Rates current as of September 2016.
7 Direct Plus Rate is for loans disbursed between July 1, 2014 and June 30, 2015.
Rates and terms are subject to change based on market conditions. Minimum loan amount is $5,000. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
Rates current as of January 3, 2017.
8 For the Hybrid Loan Product, the first 60 payments (5 years) of the hybrid loan have a fixed rate which ranges from 4.06% (with auto pay discount) to 6.50% (with auto pay discount). The last 60 payments (last 5 years) have a variable rate which is the total of the margin plus 1-month LIBOR.
Borrowers are eligible during the repayment period for the 0.25% reduction in the loan rate by signing up for auto pay and making monthly payments. Variable loan rates may increase after origination. Full principal and interest payments will begin approximately 30-60 days after disbursement. There is no origination fee for Refinance Loans. The Refinance Loan Program is not offered or endorsed by the educational institution that you are attending.
Individuals portrayed as CommonBond members are actual clients and were compensated for their participation.
To learn more about CommonBond’s Social Promise, visit commonbond.co/social-promise
CommonBond, Inc.524 Broadway, 6th FloorNew York, NY 10012
©2017 CommonBond, Inc.
Legal
Notes
1 Source: American Association of Colleges of Pharmacy
Lowest APR (with autopay) Highest APR (with autopay) Variable Rate Cap Variable Rate MarginProduct
Fixed Rate 3.37%
2.32%
3.85%
7.74% N/A N/A
8.99%–9.99% 1.89% – 5.75%
9.99% 2.75% – 5.13%
6.18%
6.29%
Variable Rate
Hybrid Rate
top related