Though the organization is administered by means of the Utah Bigger Schooling Suggestions Authority, CornerStone services federal student loans for borrowers all over the country-which ability they may be your servicer, no matter if you’re nowhere close Utah.
Read on to learn more approximately what CornerStone does and how they can assist you successfully pay off your student loans.
What does CornerStone Schooling Loan Functions do?
As a federal pupil mortgage servicer, CornerStone is certainly answerable for processing your scholar mortgage paperwork, collecting, and managing your pupil loan payments.
In addition, CornerStone plays several other necessary tasks as required of them by means of the federal government, lots of which revolve around assisting you, as a student mortgage borrower, recognize the thoughts accessible to you.
As such, CornerStone:
Helps debtors deal with and change payment due dates
Supports various federal income-driven compensation plans in addition to the Preferred Compensation Plan
Helps borrowers determine if they qualify for scholar loan discharge and forgiveness
Helps borrowers recognize their thoughts for deferment and forbearance in the event that they can’t afford to make payments
What sorts of student loans does CornerStone service?
While some student mortgage servicers will carrier the two federal and private student loans, CornerStone purely works with federal scholar loans.
This signifies that CornerStone may well be your servicer in case you have any of right here varieties of federal scholar loans:
Direct Subsidized Loans
Direct Unsubsidized Loans
Direct Consolidation Loans
Direct PLUS Loans
Not sure whether or now not CornerStone is your scholar loan servicer? Read this article to learn how you can uncover your pupil mortgage servicer using the Countrywide Student Loan Data Method (NSLDS).
How to make your CornerStone scholar mortgage payments
If CornerStone is your student mortgage servicer, you’ve several charge methods at your disposal, including:
Online: Once you create an account through CornerStone’s on-line portal, you may make payments on line anytime. CornerStone helps you to shop your bank information to make paying on line less difficult sooner or later and agenda repayments forward of time, so you in no way miss a charge deadline. Though CornerStone does now not presently have an app, the website is mobile-friendly, which sets it except many different servicers.
Direct Debit: In case you don’t want to ought to consider making payments each month, you may want to sign up for direct debit (or computerized payments) which will instantly withdraw your charge from your checking account each month. Plus, depending in your scholar loan type, you’ll even qualify for a 0.25% reduction in curiosity rate, which may save you thousands of bucks over the lifetime of your loan!
Phone: If you’d prefer to pay by phone, you can do so Monday via Friday in the course of CornerStone’s regular company hours. Whilst paying by phone, you can time table payments as much as 60 days in advance, and payments would be deducted inside 24-48 hours after your call.
Check by Mail: Choose to pay by means of snail mail? You can definitely do so, though CornerStone recommends sending your check five to seven days before your due date to make certain they receive it on time. You ought to also include your account range to make certain the fee is applied to the right account.
How payments are applied
When making payments on your student loans, it’s significant to recognize exactly how CornerStone applies your payments – even if they’re steady or extra payments.
Generally, your regular month-to-month payments will first be utilized to any fees you could have incurred on your account, after which to any collected interest. Whatsoever is left later on is used to pay down your student mortgage principal.
That being said, if you’re enrolled in an income-based repayment plan, payments will first be applied to extraordinary interest, then to fees, and then for your loan’s principal.
If you can’t make your CornerStone payment
Having hassle making your student loan payments? Luckily, there are a variety of ways in which you can paintings with CornerStone to make your payments extra manageable.
1. Difference the due date
Sometimes, sincerely changing your payment due date may be sufficient to make paying returned your pupil loans easier. In case you uncover that your current due date falls whilst all of your other monthly payments, for example, you may desire to request a due date difference to a different time of the month, when you have fewer obligations.
To request a metamorphosis of due date, all you would like to do is contact CornerStone’s customer service department by calling 800-663-1662. With the intention to change your due date, you’ll want to:
Be in repayment
Be present in your monthly payments
Choose a due date among the first and 28th of the month
2. Reduce your payments
If truely changing your charge due date isn’t sufficient to make paying your loans returned easier, don’t worry. CornerStone, as a federal student mortgage servicer, is needed by regulation to help you recognize your strategies for opting into an additional reimbursement plan.
The exclusive charge plans presented by CornerStone include:
Standard Repayment: During this payment plan, you’ll pay the same amount monthly across the life of your loan
Graduated Repayment: During this fee plan, you’ll make smaller repayments in the beginning of your mortgage reimbursement and the fee quantity will develop over the life of the loan
Extended Repayment: In this payment plan, you’ll have reduced month-to-month payments-but you’ll be paying a lot longer, resulting in much higher complete interest repayments over the life of the loan
In addition to the fee plans above, CornerStone gives quite a few income-driven repayment plans wherein your monthly payment volume is calculated in your income.
Depending on what quantity of money you make, your charge might be as little as $0 consistent with month.
Income-Based Reimbursement (IBR): If your loan originated on or after July 1, 2014, you’ll pay 10% of your after-tax revenue and you’ll make payments for 20 years, at which factor any remaining balance would be forgiven. If your mortgage turned into originated before then, you’ll pay 15% of your after-tax revenue and you’ll have got to pay for 25 years to arrive forgiveness
Income-Contingent Reimbursement (ICR): You’ll pay both 20% of your after-tax revenue or the amount that you would pay on a reimbursement plan with a set fee over the path of 12 years (adjusted in line with your income)-whatever is lower. After 25 years of making payments, any closing balance will be forgiven (but remember, the forgiven balance is subject to taxes!)
Pay As You Earn (PAYE): You’ll pay 10% of your after-tax income, but no more than what you’d pay on the conventional repayment plan. After two decades the balance of your loans will be forgiven
These repayment plans every have their very own eligibility specifications and are available for borrowers with federal student loans. You may estimate how much your monthly invoice will difference by utilizing this compensation estimator.
3. Consider placing your loans in deferment or forbearance
Students who’re experiencing actual financial complication would determine that they have got to vicinity their scholar loans in deferment or forbearance, two strategies available to all borrowers with federal pupil loans.
Student loan deferment is a method in which you may briefly stop making your month-to-month payments on federal student loans. In case you have federal pupil loans, you could qualify for deferment by meeting sure eligibility requisites such as:
Being enrolled at least half-time as a student
For as much as 3 years while experiencing financial hassle such as unemployment
When you’re on energetic army obligation in the course of war, an army operation, or a national emergency
You are disabled or caring for somebody who is disabled
You are on leave from work as a result of being pregnant or while taking good care of your new child infant or newly-adopted child
Whether or no longer you’ll have to pay interest that accrues on your student loans while they are in deferment relies upon totally on even if or no longer they’re federally subsidized. If they are subsidized, you will no longer must worry concerning the interest; if they are not subsidized, you’ll both have to pay the interest or it will be capitalized (added to your mortgage principal).
Student mortgage forbearance is more or less a similar issue as deferment-an choice to pause your scholar mortgage payments. The most ameliorations are that in the course of forbearance, students are liable for paying all interest that accrues (even on backed student loans) and eligibility requirements.
Before utilizing deferment or forbearance to prevent making payments, it’s important that you do your study to determine even if your interest will continue to accrue and what kind of each option will cost you over the lifetime of the loan. Very often, outside of actual monetary emergencies, you’ll discover that an income-dependent reimbursement plan may be extra beneficial than deferment and forbearance.
CornerStone interest rates and fees
If you’ve scholar loans serviced by CornerStone Schooling Loan Services, it’s significant that you remember that CornerStone does no longer set the interest rates in your loans.
The rates of interest on federal student loans are set by the united states Congress, meaning that CornerStone isn’t able to alter your rate-no matter how well you ask!
Not sure what the interest rate is for your student loans being serviced by means of CornerStone? You may find that information in a number of ways:
Logging into your account and navigating on your loan details
Contacting a CornerStone pupil mortgage consultant to ask
Looking at your monthly pupil loan statement
Logging into the National Student Loan Database (NSLDS) to view your scholar loan details
How to lower your CornerStone curiosity rates
Because CornerStone does now not set the interest rates on your student loans, your strategies for reducing your charges with CornerStone are relatively limited.
If you enroll in automated payments through CornerStone, then you’ll qualify for a 0.25% interest rate reduction (depending in your particular variety of scholar loan). A quarter of a percentage may not seem like a lot of money, but based in your complete pupil mortgage burden, it could translate into hundreds or thousands of greenbacks in discount rates over the lifetime of your loan.
For example, let’s suppose that you have $25,000 of pupil loans with a 4.5% interest rate. Over the direction of 10-year trendy repayment, you’d pay a complete of $6,091.52 in interest. If you were to drop your price by means of 0.25%, you’d purely pay $5,731.26 in interest-saving you greater than $360!
If you desire a greater interest rate reduction, you’ll have to consider refinancing your pupil loans with a private lender.
Refinancing your CornerStone scholar loan
Student mortgage refinancing is the method of getting rid of a brand new loan to repay your present mortgage or loans. Debtors usually refinance their student loans so as to:
Get a decrease curiosity rate
Reduce their month-to-month payments
Shorten the time period of their loan
Convert a variable-rate loan into a fixed-rate loan
Some mixture of these benefits
Refinancing has the capability to help you save thousands of greenbacks over the lifetime of your loan. If interest rates have fallen significantly since you took out your loan or you’ve substantially elevated your credit seeing that disposing of your loans, refinancing may make sense so you might pursue.
It is crucial to remember that there isn’t any federal scholar mortgage refinancing program. If you would like to refinance your federal pupil loans, you can merely accomplish that by using changing your federal student loan into a new personal student loan.
If you’re now not interested in refinancing your scholar loans to accomplish a decrease curiosity rate, yet rather in reality want to make your pupil loans less difficult to handle, then scholar mortgage consolidation possibly a better choice for you. When reminiscent of refinancing in some regards, consolidation, and refinancing are extraordinary in some particularly significant ways, so it’d be wise to completely realise both strategies before settling your plan.
While refinancing would save you a lot of money over the life of your loan, it could also imply giving up sure protections and advantages that include federal student loans. Merely you may assess even if the cash you save will outweigh the federal benefits that you deliver up.
Typically, borrowers don’t have any manage over which company services their scholar loans; that call is managed by using the federal government.
Still, it’s important that you, as a customer, have all the information you wish to make an educated decision approximately even if or not to stick with CornerStone or consider refinancing to a different lender.
It’s additionally important which you understand what your servicer is and isn’t allowed to do.
As with any financial organization, CornerStone has acquired many reviews from pupil debtors around the country, some positive and some negative. When many purchasers are proud of CornerStone’s responsiveness and client service, others have expressed dissatisfaction with those exact same issues.
You can read patron reviews of CornerStone via their Facebook page and the Larger Company Bureau.
Where CornerStone stands out
CornerStone is certainly one of purely nine firms that have been approved by the Branch of Education to service federal student loans, which speaks volumes in regards to the good quality in their service.
Some examples of what CornerStone does well, include:
Intuitive, Mobile-friendly Website: Although the web site might use an update in design, it’s rather simple to navigate, particularly in contrast to a few different servicers. Additionally, the web site is mobile-friendly, making it simple to cope payments even if you’re at the go.
Financial Literacy: CornerStone’s website offers a wide variety of information designed to assist borrowers recognize their pupil loans and the a number of strategies available to them. Moreover a wide library of data for debtors who are contributors of the armed forces, CornerStone has doubled down on content about financial fundamentals like budgeting, credit, and popular monetary literacy, as well as helpful calculators or even games.
Direct Debit: You may sign up for automated payments to make dealing with your repayments easier and even qualify for an rate of interest discount of .25%.
Multiple Methods to Contact CornerStone: In addition to phone, email, mail, and fax, you may talk with CornerStone representatives by way of the company’s social channels.
Where CornerStone falls short
Though CornerStone excels in many locations as a servicer, there are some locations where it may stand to improve:
Customer Service: Though some debtors are pleased with CornerStone’s client service, there are a number of adverse reviews bringing up a lack of clean communication on the topic of overdue payments and collections. These are mixed, though, with different reports mentioning perfect customer service.
Lack of Online Form Submission: Whereas another servicers enable clients to submit types online, CornerStone does no longer facilitate this: If you would like to request a deferment, forbearance, a metamorphosis in reimbursement plan, or other services, you’ll have got to print the types out and send them by mail. Although a small inconvenience, it still bears considering.
How to contact CornerStone Student Loans
If you would like to touch CornerStone to discuss your pupil loan repayment, you’ve a number of avenues to do so: By using phone, fax, mail, or even in person (if you’re near Salt Lake City, Utah).
Phone and Fax
To converse with a CornerStone representative, you may name 800-663-1662. Paperwork and different communications is also despatched by means of fax to 801-366-5122.
Hours of operation for their name center are Monday through Thursday, from 6 am to 7 pm, and Friday from 6 am to 5 pm.
If you’d like to arrive out to CornerStone by using mail, you may send correspondence to:
P.O. Box 145122
Salt Lake City, UT
If you’re within the Salt Lake City, Utah vicinity and wish to meet with a CornerStone representative in person, you can accomplish that by means of touring the tackle below. Hours of Operation for walk-in appointments are Monday via Friday, from eight am to five pm.
Board of Regents Building, The Gateway
60 South 400 West
Salt Lake City, UT 84101-1284
In addition to utilizing their social channels to post and distribute valuable, informative content with a target of training and empowering borrowers, you may attain out to CornerStone representatives by means of its social channels:
According to Facebook, CornerStone will usually respond to messages within some hours.
CornerStone Schooling Loan Services is a student mortgage servicer with more than 35 years of experience helping debtors to cope and pay off their pupil loans.
That being said, there are numerous motives that school graduates whose loans are serviced by CornerStone may determine to refinance or consolidate their loans with one other lender.
Only Credible lets you instantly compare the finest pupil mortgage refinancing charges from CornerStone Student Loans as well as different suitable lenders. With Credible, you may evaluate the finest thoughts with no hidden fees, with out affecting your credit score, and the peace of mind that your data is completely secure.
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