CommonBond [SEP] inception
CommonBond
CommonBond is a marketplace lender that refinances graduate and undergraduate student loans for university graduates. CommonBond also provides in-school loans to MBA students at 20 programs in the United States. The company launched nationally in September 2013.
History.
CommonBond was founded in November 2012 by David Klein, Michael Taormina, and Jessup Shean, who met at the University of Pennsylvania's Wharton School MBA program. The impetus was the founders' frustration with the lack of affordable loan options to fund their own graduate school education.
to 20 MBA programs across the United States in September 2013, after announcing it had raised over $100 million in equity and debt financing. In March 2014, CommonBond expanded its student loan refinancing and consolidation programs to graduates of law, medical, and engineering programs across the US.
In February 2015, CommonBond expanded its student loan refinancing program to 14 graduate degree programs. At that time, the company also announced a financing partnership with Nelnet (NYSE: NNI). Nelnet committed $150 million to fund CommonBond loan