New York City-based CommonBond launched in late 2012 on a mission to bring the the power of person-to-person lending and crowdsourcing to the student debt crisis. With student debt in the U.S. having surpassed $1 trillion, college grads find themselves in an ugly situation today when it comes to subsidizing their education. Borrowing money from Uncle Sam means turning to federal loans and their high, fixed interest rates, while the big players in the private market appear content to maintain the status quo.
Companies like CommonBond have emerged in response to the student loan crisis, leveraging the popularity of peer-to-peer lending platforms like LendingClub and Prosper to give student borrowers a better shake. By connecting borrowers directly to alumni and a larger network looking to give back to graduates from their alma maters and see a steady return to to boot, CommonBond is becoming an increasingly attractive alternative.
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