How to Apply for a student-based loan Having Cornerstone

Normally, Cornerstone consumers worked with the fresh new U.S. Department out-of Knowledge (DOE) locate a federal education loan. They lent for college or university, and from now on it’s time to pay the bill.

Individuals pay off people federal student education loans from the delivering repayments so you can Cornerstone. For those who encounter trouble making payments or you have to supply the pros that are included with government figuratively speaking (such as impairment launch, income-determined payment arrangements, or harmony forgiveness), it is possible to send the completed forms to help you Cornerstone first off the program processes.

Cornerstone College loans without delay

After you borrow money through a national education loan, you do not get to choose your loan servicer – the latest DOE renders you to definitely choice for you – but if your loan is actually sent to Cornerstone, there is lots getting pleased on the.

• Debtor gurus. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
• More assist to own provider 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.
• Easy access to versions. If you need help with deferment, forbearance, loan forgiveness, an income-based repayment plan, $255 payday loans online Tennessee 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, Cornerstone now offers financing repayment preparations; the business will not framework otherwise generate student loan software. While let down together with your mortgage small print, or you are wanting the best student loan offer, this may not be ideal organization for you.

Whether your government education loan is maintained of the Foundation, the company’s framework might possibly be somewhat of use as you try to repay what you has lent and you will your balance.

Foundation Student loan Professionals 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 updates: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
• Loyal 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 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 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 not get a foundation student loan, due to the fact providers cannot originate loans for students in addition to their household. Nonetheless, you may want to already have a cornerstone mortgage and never know it.

Cornerstone explains that DOE assigns financing servicer when the initial disbursement is sent into school. Typically, you’re notified associated with action of the post. If you find yourself nonetheless in school however, being unsure of exactly who your loan servicer is, people throughout the 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 them and you’re not sure what should happen next, contact CornerStone.