Usually, Foundation customers caused new U.S. Institution of Knowledge (DOE) to track down a national student loan. It borrowed having university, and now it’s time to repay the bill.
Borrowers pay off those people federal student loans by the sending repayments so you can Cornerstone. For individuals who find problems and come up with repayments or if you need to availableness the pros that are included with government college loans (particularly handicap launch, income-passionate installment preparations, otherwise equilibrium forgiveness), you can post their finished variations so you can Foundation to start the application form techniques.
Foundation Student loans instantly
After you borrow money through a federal student loan, you do not get to determine the loan servicer – the fresh DOE helps make one choice for you – but if your financing is delivered check to Cornerstone, there is lots become happier regarding.
- Borrower benefits. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- A lot more help to own provider people. 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, Cornerstone also provides mortgage cost plans; the business will not construction or make education loan software. When you’re let down with your financing small print, otherwise you happen to be interested in an informed student loan bargain, this may never be the best company to you.
In the event the federal student loan are serviced by Foundation, the business’s design was some useful as you work to pay back everything keeps borrowed and your debts.
Cornerstone Education loan Professionals 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-finances standing: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Faithful 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
- Servicing just: 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 info: 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 can not apply for a cornerstone education loan, as company cannot originate loans for students in addition to their family members. Nonetheless, you could actually have a foundation mortgage and not understand it.
Foundation explains your DOE assigns financing servicer when the initial disbursement is distributed to the school. Typically, you may be informed on the action because of the send. If you’re nonetheless in school but being unsure of just who the loan servicer was, someone regarding the school’s school funding place of work will 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.