CommonBond, a student loan platform, recently announced it would offer student loan refinancing for U.S. immigrants with work visas.
The financial technology company CommonBond announced it will offer student loan refinancing to U.S. immigrants with work visas. This means over 2 million Americans will have the opportunity to make their student loan debt more manageable.
Student loan refinancing will now be available to immigrants with H1-B, J-1, L-1, E-2, and E-3 visas. To qualify, applicants must have earned an undergraduate or graduate degree at a nonprofit school in the U.S.
CommonBond CEO David Klein issued a statement saying that the company believes that all members of the U.S. workforce deserve to lower their student loan debt through refinancing. Klein added that CommonBond is committed to “improving higher education finance and strengthening the American economy by reducing student debt for even more members of the U.S. workforce – regardless of citizenship."
When new members refinance their loans through CommonBond, they replace their former loans with a new loan at a more competitive rate. According to CommonBond, its members can save an average of $24,000 throughout the life of the loan.
So far, the company has refinanced over $2 billion in student loans and continues to offer new loans to current students. And its CommonBond for Business program lets companies offer student loan repayment benefits to their employees.
The company also partners with Pencils of Promise to further education for children in need. For every loan the company funds, they also fund the education of a child through Pencils of Promise.
College is stressful for most students but immigrants face a number of unique challenges that most students don’t encounter. Depending on the state they live in, many immigrants find it challenging to pay for college in the first place.
However, there has been a movement to remove some of the barriers that immigrants face in accessing higher education. For example, last April Connecticut passed legislation that makes financial aid available to “dreamers,” immigrants that came to the United States as children.