Generally, Cornerstone consumers worked with the brand new U.S. Department of Training (DOE) to acquire a national education loan. It lent for school, and today it’s time to repay the balance.
Borrowers pay off men and women government student loans from the giving costs to help you Foundation. For people who come upon trouble while making repayments or if you need certainly to supply advantages that are included with government student loans (particularly handicap release, income-determined cost preparations, or equilibrium forgiveness), it is possible to post your done forms so you’re able to Cornerstone to begin with the applying techniques.
Foundation Figuratively speaking at a glance
When you borrow cash via a national education loan, you don’t get to decide the loan servicer – the brand new DOE renders that one for you – but if your mortgage is delivered to Cornerstone, there is a lot becoming happier about.
- Borrower gurus. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Extra let having 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 forms. 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 offers loan payment agreements; the company cannot design otherwise write education loan applications. While you are let down with your mortgage small print, or you’re finding the best student loan contract, this might not be the proper organization to you.
In case the federal student loan try maintained from the Foundation, their structure is a bit helpful as you strive to repay everything provides lent and you will your debts.
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-earnings updates: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Devoted support 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 merely: 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 cannot sign up for a foundation education loan, once the company will not originate fund for college students as well as their household. Still, it is possible to currently have a foundation financing and never understand it.
Foundation highlights your DOE assigns financing servicer whenever the first disbursement is sent towards college. Usually, you happen to be informed from the step from the mail. If you find yourself however in school but being unsure of just who your loan servicer was, someone regarding school’s educational funding 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.