Generally, Cornerstone people caused brand new U.S. Service from Education (DOE) to obtain a national education loan. It lent to have university, nowadays it is time to pay the balance.

Individuals pay-off the individuals federal student loans from the sending repayments so you’re able to Cornerstone. If you come upon troubles to make payments or you have to availability the huge benefits that are included with government student education loans (particularly disability discharge, income-inspired cost preparations, otherwise equilibrium forgiveness), it is possible to send your own done versions so you can Foundation first off the application form procedure.

Cornerstone College loans instantly

When you borrow funds via a federal education loan, you do not get to decide the loan servicer – new DOE renders one to one for you – if your mortgage is actually taken to Foundation, there is a lot are delighted regarding the.

• Borrower gurus. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
• A lot more assist to have solution 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 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, Foundation even offers loan repayment agreements; the organization does not framework otherwise write education loan programs. When you find yourself unhappy along with your financing conditions and terms, or you might be shopping for the best student loan bargain, this may not suitable team to you personally.

If for example the government education loan is actually serviced by Foundation, the business’s construction is slightly helpful as you try to pay-off everything you enjoys borrowed and you will your balance.

Foundation Student payday loan no bank account Canadian 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 standing: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
• Dedicated 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 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 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 submit an application for a foundation education loan, since company cannot originate money for college students as well as their group. However, you could have a foundation loan and not understand it.

Foundation explains the DOE assigns a loan servicer when the first disbursement is distributed towards school. Generally, you happen to be notified with the action by mail. When you are nevertheless at school however, not knowing exactly who the loan servicer was, some one from 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.