User:Scott at CommonBond/draft

CommonBond is a private company headquartered in New York City that provides financial products and services related to student loans. The company was founded in 2011 by three Wharton University students. Initially, it focused on lending to students at elite business schools. Over time, it expanded to eventually supporting most students and graduates.

Corporate history
CommonBond was founded in 2011 by three students from Wharton University in response to cofounder David Klein's experiences looking for student loans. In 2012, CommonBond announced it had raised $3.5 million in funding from Wharton alumni and angel investors. CommonBond raised another $30 million in 2016 and acquired Gradible, a startup focused on employer-sponsored student loan repayment programs. Another $50 million in funding was raised in 2018, bringing total funding to $130 million.

Lending
CommonBond is a provider of student loans, student loan refinancing, and student loan-based employer benefits services. As of 2018, it has provided $1.5 billion in loans to 25,000 borrowers. For every degree that is financed by CommonBond, the company funds the education of a student in Africa through an organization called Pencils of Promise.

CommonBond's first round of student loans was with 40 MBA students and graduates from Wharton University. Later, CommonBond became known for serving a small number of graduate students at elite business schools with loans that were mostly funded by wealthy alumni. It charged lower rates than federal student loans by targeting universities and degree programs where students have more earning power and lower default rates.

Over time, CommonBond's scope expanded. In September 2013, it obtained $100 million in funding that was used to finance 109 student loans for degrees in business, law, medicine, engineering, and others. CommonBond raised another $150 million in 2015 and further expanded the number of universities and degree programs it supported.

In 2016, CommonBond obtained another $300 million to finance student loans. The following year, CommonBond announced it would provide student loan financing products to students from any university for any degree, except for students at online or for-profit schools. It also announced a service for businesses that want to offer student loan repayment benefits to employees.