Usually, Cornerstone people worked with the fresh You.S. Department out-of Studies (DOE) to locate a federal education loan. They lent to have college, now it’s time to pay-off the balance.
Borrowers pay off those federal figuratively speaking from the sending repayments to help you Cornerstone. For individuals who encounter difficulties and also make payments or you want to availableness the benefits that come with federal college loans (such as for example impairment release, income-determined fees agreements, otherwise balance forgiveness), you’ll send their done models so you can Cornerstone first off the program processes.
Foundation Student loans immediately
When you borrow cash thru a federal education loan, you do not get to decide the loan servicer – this new DOE can make one choice for you – but if your loan are sent to Cornerstone, there’s a lot become delighted on.
- Debtor pros. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Even more help to have service 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 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.
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Once again, Foundation offers mortgage cost preparations; the business doesn’t design or establish student loan software. When you are let down together with your mortgage conditions and terms, or you may be selecting a knowledgeable student loan offer, this may never be ideal providers for your requirements.
In case the government student loan is maintained of the Cornerstone, the business’s build would be a little of use since you work to pay everything you enjoys lent and you can your debts.
Foundation 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-finances reputation: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
- Faithful 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
- 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 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 get a foundation student loan, as the team cannot originate finance for students and their family. Still, you can currently have a cornerstone loan rather than understand it.
Foundation highlights the DOE assigns a loan servicer whenever the original disbursement is sent on the college or university. Typically, you happen to be notified of action by mail. If you find yourself however at school however, not knowing which the loan servicer is actually, anybody throughout the school’s educational funding place of work 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.