Student loan -- Dealing with your lender or servicer -- Complaint #6177056
Complaint Overview
Complaint ID: 6177056
Company: Commonbond, INC.
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Trouble with how payments are being handled
State: Pennsylvania
ZIP Code: 178XX
Date Received: 2022-11-07T12:00:00-05:00
Date Sent to Company: 2022-11-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I refinanced my loan with Commonbond ( held with XXXX XXXX ) over a XXXX XXXX ago. In that time I have never failed to make a payment and even paid extra per XXXX. I went back to school in XX/XX/XXXX and entered into a school deferment period that would end when my program ended. I attended XXXXXXXX XXXX in XXXX, XXXX. My final assignment, classes, and time on campus ended as of XX/XX/XXXX however my graduation date is not until XX/XX/XXXX. I was contacted about repayment beginning again by CommonbondXXXX XXXX XXXX and was told repayment would begin on XX/XX/XXXX. I applied for post-graduation grace period XXXX XXXX after my end date, and was denied. They told me I was denied because " I agreed to instant repayment plan ''. When I said I never agreed to that, they told me that because I didn't call XXXX XXXX of** my graduation, I forfeit the right to have a post-graduation grace period. The need to call in the XXXX of my graduation was *never* expressed in my deferment agreement or in the letters/emails they sent that if I didn't call ( from abroad ) the XXXX of my graduation I give up the right to apply for graduation grace deferment and " agree '' to instant repayment. When I mentioned this and that this policy wasn't published anywhere, I was told " too bad, that there was nothing they can do ''. It is not only unfair, but surely a legal gray area ( at best ) to create a binding policy that is never covered, mentioned, or agreed to ; but then hold students to the claim " I agreed to start payments immediately ''.
Frequently Asked Questions
What is Complaint #6177056 about?
Complaint #6177056 was filed against Commonbond, INC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-11-07T12:00:00-05:00.
How did Commonbond, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was not timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Commonbond, INC.?
Yes, visit the Commonbond, INC. company profile at readthecomplaint.com/company/commonbond-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.