CommonBond has expanded its student loan refinancing program to more than 2,000 universities at the graduate and undergraduate levels.
The expansion, from 200 schools previously, follows a recent announcement that the marketplace lending platform had raised $35 million in Series B funding. CommonBond aims to provide personalized loans with lower interest rates than traditional lenders.
The New York company also debuted a refinancing program Tuesday that refinances federal Parent PLUS loans that parents take out to fund their children's undergraduate education.
"While student loan debt weighs heavily on millennials, we also saw a big need in the market to provide a new option for parents who carry student debt on behalf of their children," David Klein, co-founder and chief executive of CommonBond, said in a news release Tuesday.
The company said that it is on track to originate more than $500 million in loans by the end of 2015 and to exceed $1 billion in loans funded in 2016.