Generally speaking, Cornerstone consumers worked with the newest You.S. Department out of Education (DOE) to find a federal education loan. It lent to possess school, nowadays it’s time to pay-off the bill.
Individuals repay those federal figuratively speaking of the sending money to Cornerstone. For individuals who run into troubles and also make repayments or you want to accessibility the huge benefits that come with federal student loans (like disability release, income-passionate fees plans, otherwise harmony forgiveness), you’ll posting their done versions to Foundation first off the application form procedure.
Cornerstone Student loans immediately
Once you borrow money thru a federal student loan, you don’t get to choose your loan servicer – the fresh new DOE makes one one for you – yet, if your loan is sent to Foundation, there is a lot to be happier about.
- Borrower gurus. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- A lot more assist having services members. 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.
- Easy access to versions. 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.
Again, Foundation has the benefit of loan installment preparations; the business cannot framework or create student loan apps. When you find yourself let down along with your mortgage fine print, otherwise you are shopping for an informed student loan offer, this may not ideal organization to you personally.
Should your government education loan was serviced by Cornerstone, the company’s design could well be somewhat of use since you try to pay-off everything keeps borrowed and you can what you owe.
Foundation Student loan Benefits and drawbacks
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-cash position: The company https://missouripaydayloan.net/cities/clinton/ isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Loyal customer service: 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
- Maintenance simply: 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 facts: 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 cannot sign up for a foundation student loan, while the organization does not originate fund for college students as well as their family. However, you are able to have a cornerstone loan rather than know it.
Foundation explains your DOE assigns financing servicer whenever the original disbursement is distributed on college. Generally speaking, you happen to be notified regarding the action by mail. Whenever you are nevertheless in school but being unsure of whom the loan servicer try, people regarding the school’s financial aid office might 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.