Typically, Foundation consumers worked with brand new U.S. Institution regarding Education (DOE) to find a federal student loan. It borrowed to have university, nowadays it is time to pay off the bill.

Borrowers pay off those government college loans by sending money to help you Foundation. If you encounter troubles and make repayments or if you need to access the advantages that are included with government college loans (such disability discharge, income-inspired payment arrangements, otherwise equilibrium forgiveness), you’ll be able to post the done models to help you Cornerstone to start the applying process.

Foundation Student education loans instantly

When you borrow cash thru a national education loan, you do not get to determine the loan servicer – this new DOE helps make you to definitely one for you – if your financing was taken to Foundation, there’s a lot becoming happier on the.

• Borrower benefits. Get an interest rate reduction for enrolling in automatic payments. Get a rebate for making your payments on time.
• More assist to have solution 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, Fowler payday loans 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 also provides mortgage installment plans; the firm doesn’t structure or establish education loan programs. When you are let down together with your mortgage terms and conditions, or you will be shopping for an educated education loan offer, this might not just the right team for you.

If for example the federal education loan try maintained of the Cornerstone, the company’s design might possibly be somewhat useful because you strive to pay off everything have lent and you can your balance.

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-funds reputation: The company isn’t interested in making a profit or pleasing shareholders. Executives are exclusively interested in helping students to succeed.
• Loyal 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 only: 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 information: 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 sign up for a cornerstone student loan, since the company does not originate finance for students and their family. Nonetheless, you may want to curently have a foundation financing and never understand it.

Cornerstone explains your DOE assigns that loan servicer whenever the original disbursement is distributed on the university. Generally, you are notified of this action by the post. When you are nevertheless at school however, not knowing who the loan servicer try, people throughout the school’s educational funding office 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.