Usually, Foundation consumers caused brand new U.S. Service regarding Knowledge (DOE) to find a federal student loan. They borrowed getting college or university, and then it is time to repay the bill.
Borrowers pay back those individuals government college loans of the giving repayments so you’re able to Foundation. For many who encounter trouble while making payments or you must availableness the huge benefits that come with federal college loans (such handicap discharge, income-determined repayment arrangements, otherwise harmony forgiveness), you’ll be able to publish your accomplished forms in order to Cornerstone to begin with the program process.
Cornerstone Figuratively speaking without delay
When you borrow money through a federal student loan, you don’t get to decide the loan servicer – the new DOE tends to make one to one for you – if your mortgage try sent to Cornerstone, there’s a lot to get happy throughout the.
- Debtor pros. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- A lot more help getting services professionals. 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 models. 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 loan fees plans; the company does not design or produce education loan applications. When you are unhappy with your loan small print $255 personal loans online same day Wyoming, otherwise you might be in search of the best student loan package, this might never be the best company to you.
Should your government education loan try serviced by the Cornerstone, their framework could well be a little of good use as you work to repay everything you provides borrowed and you can your debts.
Foundation Education loan Advantages and disadvantages
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-profit 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
- Upkeep 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 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 simply can’t apply for a cornerstone education loan, since the organization doesn’t originate loans for students and their family members. Nonetheless, you are able to curently have a cornerstone mortgage and not know it.
Foundation highlights your DOE assigns that loan servicer when the initial disbursement is sent toward college or university. Usually, you may be informed on the action of the post. When you are however in school however, unsure whom your loan servicer is actually, somebody on the school’s financial aid office 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.
