Normally, Foundation customers worked with the fresh U.S. Service off Degree (DOE) to acquire a national student loan. It lent getting school, and then it is time to repay the balance.

Consumers pay those individuals government student loans from the giving payments so you can Foundation. For people who come across troubles and make repayments or you want to access the pros that come with government college loans (such as for example impairment launch, income-inspired fees arrangements, otherwise harmony forgiveness), you can easily posting the finished variations to Cornerstone first off the program processes.

Cornerstone Student education loans immediately

Once you borrow cash thru a national student loan, you don’t get to decide your loan servicer – the latest DOE tends to make one choice for you – if your mortgage was taken to Foundation, there’s a lot are delighted about.

• Borrower benefits. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
• A lot more let having service 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 variations. 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 more, Foundation also provides loan payment preparations; the company cannot framework or develop student loan apps. If you are let down along with your financing terms and conditions, or you might be trying to find a knowledgeable student loan price, this could not ideal organization to you personally.

When your government education loan are serviced from the Foundation, the company’s construction is slightly of use since https://www.loansexpress.org/payday-loans-az you strive to repay what you keeps borrowed and your debts.

Cornerstone Education 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-earnings updates: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
• Dedicated 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

• Repair 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 can not sign up for a cornerstone student loan, once the company cannot originate financing for college students as well as their family members. Nonetheless, you’ll be able to have a cornerstone financing and never know it.

Foundation highlights your DOE assigns financing servicer whenever the original disbursement is distributed into college or university. Normally, you will be notified associated with the step from the send. When you are nonetheless at school however, being unsure of just who your loan servicer is actually, anyone from the school’s school funding office 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.