Typically, Foundation customers worked with brand new U.S. Company away from Education (DOE) to acquire a national education loan. They borrowed to have college or university, and from now on it is time to pay-off the balance.
Consumers pay-off people federal student education loans by the delivering costs so you can Foundation. For folks who come upon troubles to make costs or if you need to supply the pros that come with federal student education loans (particularly impairment launch, income-driven fees preparations, or harmony forgiveness), it is possible to publish their accomplished versions to help you Cornerstone to begin with the application processes.
Cornerstone Student education loans instantly
When you borrow cash thru a federal education loan, you don’t get to choose your loan servicer – new DOE can make one choice for you – yet, if your mortgage is actually provided for Foundation, there is lots to be happier throughout the.
- Borrower positives. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Most help to have services players. 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.
- Effortless 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 more, Foundation even offers loan repayment agreements; the company will not structure or make student loan software. When you are let down along with your loan fine print, otherwise you may be seeking the best student loan offer, this could not the right providers for your requirements.
When your federal education loan try maintained from the Foundation, their build is slightly beneficial since you strive to pay-off everything you keeps borrowed and you will your debts.
Cornerstone Education loan Benefits 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-cash standing: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested my company in helping students to succeed.
- Faithful customer care: 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 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 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’t sign up for a cornerstone education loan, due to the fact providers doesn’t originate financing for college students in addition to their household. Still, it is possible to currently have a cornerstone mortgage and never understand it.
Cornerstone highlights that DOE assigns a loan servicer whenever the initial disbursement is distributed towards university. Normally, you may be notified with the action from the mail. If you are nonetheless at school however, unsure exactly who your loan servicer is actually, anyone throughout the school’s financial aid office might 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.
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