Tips Sign up for a student-based loan That have Cornerstone
Generally, Cornerstone people worked with the new You.S. Department out-of Training (DOE) discover a national education loan. They borrowed to own university, nowadays it’s time to pay off the bill.
Borrowers pay the individuals government student loans from the delivering repayments so you can Foundation. If you find dilemmas and also make repayments or if you should accessibility advantages that come with government student loans (such as impairment launch, income-driven cost agreements, or equilibrium forgiveness), you can send your done models in order to Cornerstone to begin with the application techniques.
Foundation College loans without delay
When you borrow funds via a national education loan, you do not get to decide your loan servicer – the fresh new DOE produces one choice for you – but if your mortgage was taken to Cornerstone, there is a lot to get happy on.
- Debtor masters. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
- Additional let 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 https://paydayloanmaryland.org/cities/frostburg/ 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 variations. 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, Cornerstone now offers mortgage installment preparations; the firm cannot design or make student loan programs. Whenever you are let down with your financing fine print, otherwise you will be wanting an educated student loan contract, this might never be the proper providers for your requirements.
In the event your government student loan try serviced because of the Cornerstone, the company’s design would-be slightly useful as you work to repay everything enjoys borrowed and you can 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-money position: 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
- Maintenance 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 not make an application for a foundation education loan, because the business cannot originate money for college students in addition to their group. Nevertheless, you can also have a cornerstone mortgage and never know it.
Cornerstone points out that DOE assigns that loan servicer when the first disbursement is sent on the university. Generally, you’re informed from the step by post. While still at school however, not knowing just who your loan servicer was, people regarding the school’s financial aid work environment 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.