Normally, Foundation consumers worked with the fresh new U.S. Department from Studies (DOE) to find a national student loan. They borrowed to have school, nowadays it is time to pay-off the balance.
Borrowers pay back those individuals government figuratively speaking by sending payments so you can Cornerstone. For folks who find difficulties and also make repayments or you should accessibility the advantages that include government college loans (such as for instance handicap launch, income-determined repayment agreements, or equilibrium forgiveness), possible publish your own complete variations so you can Cornerstone to start the application form techniques.
Cornerstone Student education loans at a glance
Once you borrow funds through a national education loan, you do not get to decide your loan servicer – the fresh new DOE makes one to choice for you – but if your financing are taken to Cornerstone, there’s a lot becoming happier regarding.
- Borrower advantages. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Most assist having services participants. If you serve in the military now or have done so in the recent past, CornerStone can help. The company offers easy access to federal benefits, including deferment and loan forgiveness. The company has dedicated specialists who can manage your student loan while you’re in active service.
- Effortless access to forms. If you need help with deferment, forbearance, loan forgiveness, an income-based repayment plan, or other federal programs, you must fill out a form to start the process. CornerStone makes this easy. All the forms you need are available on one web page.
Once again, Cornerstone also provides financing payment preparations; the company will not structure or write student loan applications. While you are unhappy with your loan small print, or you may be in search of a knowledgeable student loan package, this could not ideal organization for you.
In case your federal education loan are maintained from the Cornerstone, the business’s construction could well be a bit of use as you try to pay off everything features lent and you can what you owe.
Cornerstone Education loan Masters and cons
CornerStone executives focus on student loan borrowers. The company’s mission is to guide students through the student loan process, so they can make wise decisions about how much to borrow. They also hope to help students take advantage of the protections that come with federal student loans.
Pros
- Not-for-money reputation: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Faithful customer care: Customers with questions have plenty of options. You can call a dedicated phone number, chat with loan specialists, send an email, or send a letter. Help is available five days a week.
Cons
- Servicing only: CornerStone doesn’t offer loan products. If you need extra help and want to borrow more money, the company can’t assist with that.
- Prepayment information: If you want to make an extra loan payment, CornerStone will automatically put the funds toward outstanding accrued interest, not the principal. That might not be your preference.
You simply can’t get a foundation student loan, just like the team does not originate money for college students as well as their families. Nonetheless, you can currently have a cornerstone loan rather than know it.
Foundation explains that the DOE assigns financing servicer whenever the initial disbursement is sent with the college or university. Typically, you are informed of the step by mail. When you are still at school however, unsure whom the loan servicer are, anyone from the school’s educational funding place of work can help.
If you’ve graduated from school and need to pay back your balance, CornerStone should send statements by mail. If you don’t see them and you’re not sure what should happen next, contact CornerStone.