Normally, Foundation consumers worked with the fresh U.S. Service off Education (DOE) to locate a national student loan. It borrowed to possess school, and then it is time to pay-off the bill.
Borrowers pay those people government college loans because of the delivering payments to Cornerstone. For individuals who encounter issues and make payments or if you should access the huge benefits that include government college loans (such impairment launch, income-motivated payment preparations, otherwise equilibrium forgiveness), you can easily posting the finished variations to Cornerstone to start the applying process.
Foundation Student education loans instantly
Once you borrow cash via a national student loan, you don’t get to determine your loan servicer – the latest DOE renders one to choice for you – but if your loan try taken to Foundation, there is a lot to get pleased throughout the.
- Debtor experts. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Most assist having solution members. 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 again, Foundation now offers mortgage cost preparations; the business does not build otherwise produce student loan applications. When you are let down with your loan fine print, otherwise you may be in search of a knowledgeable education loan contract, this could not be the proper organization for you.
When your federal education loan is actually maintained because of the Foundation, the company’s build might be quite helpful since you strive to pay what you features borrowed and you may your balance.
Cornerstone Education 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-finances updates: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Devoted 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
- Upkeep 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 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 cannot submit an application for a cornerstone education loan, since the business will not originate fund for college students as well as their family. Still, you can even curently have a cornerstone financing rather than understand it.
Foundation highlights that the DOE assigns that loan servicer whenever the initial disbursement is distributed toward school. Generally speaking, you might be notified on the step because of the send. When you find yourself however at school but not knowing exactly who your loan servicer is, anybody about school’s educational funding office will 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 payday loans Rhode Island them and you’re not sure what should happen next, contact CornerStone.