Generally, Foundation people caused brand new U.S. Company away from Training (DOE) discover a national student loan. It lent getting university, and today it is time to pay back the balance.
Consumers pay back the individuals government student loans by the sending repayments to help you Cornerstone. For people who run into difficulties and then make costs or if you have to supply the benefits that are included with government student education loans (including disability discharge, income-determined fees arrangements, or equilibrium forgiveness), you are able to posting your complete forms in order to Cornerstone to start the program processes.
Cornerstone Figuratively speaking without delay
After you borrow money via a national education loan, you do not get to choose the loan servicer – the newest DOE makes one one for you – but if your loan try sent to Foundation, there is lots becoming delighted about.
- Borrower pros. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- A lot more assist getting services 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.
Again, Foundation also offers mortgage cost preparations; the business will not structure or produce education loan software. When you find yourself disappointed together with your mortgage terms and conditions, otherwise you happen to be trying to find the best education loan contract, this may not be suitable team for you.
In the event the federal education loan is serviced by Foundation, the company’s design might be quite of use since you https://onedayloan.net/payday-loans-ca/ strive to pay-off what you has borrowed and you will what you owe.
Foundation Student loan Advantages and disadvantages
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 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
- Maintenance just: 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 apply for a foundation student loan, because company doesn’t originate funds for college students as well as their families. However, you are able to currently have a foundation financing and never understand it.
Foundation highlights your DOE assigns that loan servicer when the initial disbursement is sent for the school. Normally, you’re informed on the action because of the mail. When you find yourself nevertheless in school but unsure exactly who the loan servicer is actually, individuals regarding school’s educational funding place of work 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.
