When it comes to federal student loans, you don’t get to choose your loan servicer. Instead, the U.S. Department of Education appoints one to you after you receive your loan. CornerStone is one of 10 federal loan servicers. CornerStone only works with federal student loans, not private student loans.
Cornerstone is legit. They’re a federal student loan servicer hired by the Department of Education to handle loan payments, income-driven repayment plan requests, deferments, etc.
Moreover, Are federal student loan forgiveness programs real?
There are legitimate government programs, such as Public Service Loan Forgiveness, that can reduce or eliminate federal student loans after a certain amount of time. Borrowers on income-driven repayment plans can get their remaining loans forgiven after they make payments for 20 or 25 years, depending on the plan.
Secondly, Is CornerStone a federal student loan?
CornerStone is one of nine companies that service federal student loans by collecting and tracking payments. It’s overseen by the Utah Higher Education Assistance Authority, or UHEAA, a state government agency. If CornerStone is your student loan servicer, here’s what it can help you do.
Simply so, Are student loans deferred for 6 months?
Federal student loans are paused for 6 months — should you pay anyway? You don’t have to do anything to get a forbearance to stop student loan payments for six months, which begin in April. You can call your servicer to request a forbearance before then, which would be retroactive to March 13.
What is considered a private loan?
In contrast, private loans are made by private organizations such banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans.
20 Related Question Answers Found
How long does it take for a student loan to be forgiven?
Student loan forgiveness is possible after 20 years if you’re only repaying undergraduate loans, or after 25 years for any of the loans you’re repaying from graduate school or professional study. Student loan forgiveness is possible after 25 years of repayment.
Will the student loan forbearance be extended?
The freeze on student loan payments has been extended through January, though borrowers may continue making principal-only payments at 0% interest. Last week, U.S. Secretary of Education Betsy DeVos announced the extension of the federal student loan administrative forbearance period through January 31, 2021.
How do I know if my loan is private or federal?
Review your billing statement. For federal student loans, the top of a student loan bill will have the name of your student loan servicer and the name of your federal student loan program. For private student loan bills, you’ll see the name of your private lender on the bill instead.
Are federal student loans based on credit?
If you’re applying for federal loans, the answer is “No,” for the most part. A loan applicant’s credit score does not affect access to Stafford or Perkins loans. “As long as you’re not in default on another federal student loan, your credit is not a factor in getting approved for federal student loans.”Oct 29, 2018
Is CornerStone a federal loan?
CornerStone is one of nine companies that service federal student loans by collecting and tracking payments. It’s overseen by the Utah Higher Education Assistance Authority, or UHEAA, a state government agency. If CornerStone is your student loan servicer, here’s what it can help you do.
What is considered a private student loan?
Private student loans are offered by banks, credit unions, state loan programs, and non-federal institutions. Everything from a Sallie Mae loan to a loan offered by your university is considered a private loan. There are two main benefits to private student loans.
Are CornerStone loans real?
CornerStone is one of 10 federal loan servicers. It’s a nonprofit organization run by the Utah Higher Education Assistance Authority (UHEAA) and is headquartered in Salt Lake City. Despite the name, the company services federal loans nationwide, not just the loans of Utah residents.
Is edfinancial a federal student loan?
Edfinancial does not originate federal student loans. To learn how you can apply for federal student loans, visit https://studentaid.gov.
How does a private loan work?
When you get a private student loan, you’re telling the bank that if you don’t pay it back, they can garnish your wages and income to get their money. That’s why it’s like a car loan. Also, unlike most Federal student loans, most private student loans require a cosigner. This is good for banks, but bad for students.
Will student loans be deferred again?
President Donald Trump extended the moratorium on federal student loan payments through December 31, 2020. Federal student loan payments are scheduled to resume on January 1, 2021. (FFELP or Perkins Loans did not qualify for the payment pause).
Are there any real student loan forgiveness programs?
Yes, student loan forgiveness is real, but Yes. The only exception is student loan repayment assistance programs (LRAPs), which sometimes give you financial assistance to pay off both your federal and private loans. These typically come from a state or private organization. You can check out a long list of LRAPs here.
What is CornerStone Education Loan Services?
CornerStone Education Loan Services is a not-for-profit Department of Education servicer. We have a 35 year tradition of high-quality customer service in student loans and are happy to continue that tradition by providing service to student loan borrowers throughout the country.
Last Updated: 16 days ago – Co-authors : 14 – Users : 10
