Usually, Cornerstone people caused the latest U.S. Institution out-of Education (DOE) to find a federal education loan. They lent to own university, and then it’s time to pay off the balance.
Consumers pay-off those individuals government figuratively speaking by giving payments to help you Cornerstone. For individuals who encounter issues and make payments or you need certainly to supply the pros that are included with government college loans (such as for example impairment launch, income-driven fees preparations, or equilibrium forgiveness), you can easily publish their completed versions to help you Foundation to start the applying techniques.
Foundation Figuratively speaking instantly
Once you borrow money through a national education loan, you don’t get to choose the loan servicer – new DOE produces you to one for you – if your loan was sent to Foundation, there is a lot to be happier on the.
- Borrower gurus. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Extra let getting provider users. 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, Cornerstone has the benefit of mortgage repayment agreements; the company does not build or produce student loan software. Whenever you are unhappy with your financing small print, otherwise you may be interested in an educated education loan contract, this could not ideal providers for your requirements.
If for example the government education loan was serviced by Foundation, the company’s build might possibly be a bit of use since you work to pay-off that which you possess borrowed and you can your balance.
Foundation Student 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-money position: payday loans Forest Hill The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Dedicated customer support: 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 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 details: 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’t apply for a cornerstone student loan, because the business doesn’t originate money for college students and their parents. Still, you may want to already have a foundation loan rather than know it.
Foundation explains your DOE assigns a loan servicer whenever the original disbursement is sent on college or university. Normally, you happen to be notified of this step by the send. If you’re still at school but not knowing just who your loan servicer is, individuals throughout the school’s school funding office may 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.
