Before I begin my CornerStone Student Loans review, I’ll provide some background and history.
First off, the CornerStone Education Loan Services Program administers student loans under the authority of the Utah Higher Education Assistance Authority (UHEAA). UHEAA is a Utah state government agency that is also part of the Utah System of Higher Education.
CornerStone Education administers student loans that originated under the Federal Family Education Loan Program and the U.S. Department of Education’s William D. Ford Direct Loan Program.
They have been servicing federal student loans for more than 35 years.
- CornerStone Education falls under the Utah Higher Education Assistance Authority (UHEAA).
- The UHEAA is a Utah state government agency.
- CornerStone services—among others—the Federal Family Education Loan Program, and the Department of Education’s William D. Ford Direct Loan Program
- CornerStone brings more than 35 years of experience to the table.
CornerStone Student Loans: Worth it for Student Loan Debt?
So what do I mean when I say that CornerStone is a federal student loan servicer?
There are nine federal loan servicing companies, and CornerStone is one of them.
According to Federal Student Aid, loan servicing companies are in place to administer things like billing and other services on your federal student loan account.
A loan servicer can help you with:
- Providing assistance with various federal repayment plans, such as the Standard Repayment Plan and income-driven repayment plans
- Refinancing student loans or loan consolidation
- Managing or changing your monthly due date
- Figuring out if you qualify for a student loan discharge or forgiveness programs
- If you are having problems affording or making your loan payments, your servicer can help you under the options available for deferment or forbearance.
They can also assist with a variety of other tasks that may be related to your federal student loan.
It’s up to you to keep the lines of communication open with your loan servicer. And be ready to reach out to them when or if your circumstances change, necessitating their help.
CornerStone Student Loans: What They Service
As mentioned above, CornerStone Student Loans is one of nine federal servicers. This means they only service federal loans, so if you have taken out a loan with any other type of private lender, they will not be your servicer.
Not sure if your loan is federal or not? If you have one of the following, they are federally administrated loans, and there is a chance you could have or get CornerStone as a servicer.
- Direct Consolidation Loans
- Direct Plus Loans
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Perkins Loans
Here’s a bit more info on each of the above types of loans:
- Direct Consolidation Loans. This type of loan combines at least two federal education loans into a single fixed interest loan. Interest rates will be based on the average interest rate of the loans being consolidated.
- Direct Plus Loans. There is a fee for this type of loan, called an origination fee. When your loan is initially disbursed, the fee is deducted before funds are allocated to you or your school.
This type of loan isn’t subsidized. The interest rate is fixed and accrues while you are still in school.
- Direct Subsidized & Unsubsidized Loans. There are two major differences between the two. They are enrollment status.
The only students who are eligible for Direct Subsidized Loans are undergraduates in demonstrable financial need. However, both graduate students and undergrads can apply for a Direct Unsubsidized Loan without the requirement of being in financial need.
- Perkins Loans. These low-interest loans are federally provided to undergraduate and graduate students who are able to demonstrate exceptional financial needs.
Note that while this loan is still being serviced by CornerStone Education, the loan program officially expired in September 2017.
CornerStone does not handle any of the loans you might find with a private lender. This could include things like credit cards, car loans, personal lines of credit, and so forth.
MyCornerstoneLoan.com deals exclusively in student loans, so they are in a better position to service them than a bank or other lending that has a broader focus. When it comes to customer , having a specialist can go a long way.
Their Mission Statement
According to CornerStone, they have made it their mission to help students on their path to higher education.
To some extent, they have taken on the role of teachers themselves. Educating students and their families on how to:
- Save for their education
- Look for and find relevant scholarships and grants
- Make wise borrowing decisions
It is also their mandate to provide and promote:
- Successful financing
- Conscientious, personal to borrowers
- Responsible loan repayments
Helping students meet their educational goals is the final key to fulfilling their mission.
It is very difficult—if not impossible—for many students to attend a graduate school without some kind of federal aid. MyCornerStoneLoan feels that they are helping to further higher education by helping students manage their student debt.
MyCornerStoneLoan lists the following as their “guiding principles.”
- Customer Focus
- Self Discipline
Are You a MyCornerStoneLoan Customer?
So, if you are a MyCornerStoneLoan customer, what can, and do they do for you?
are the basics.
› How to Make Your Payments
You have several options :
- Online. With an online account in place, you can make your monthly payments anytime. If you are comfortable doing so, you can save all of your banking info to their platform. This makes future payments faster, and also means you can schedule payments ahead of time.
Note that CornerStone doesn’t have an app, but its site is fully mobile-friendly.
- Direct Debit. This is a great option which may also provide you with an added bonus.
You can set up automatic payments and have your payment deducted from your checking account every month. Depending on the type of student loan you have, the bonus is you might qualify for a 0.25% reduction in your interest rate. That may not sound like much, but over the life of your loan could save you thousands of dollars.
- Phone. Neither this option or the next are instant, so make sure to do them in advance of your due date. You can call CornerStone during regular business hours to make a payment, which will take up to two days to go through.
- Snail Mail. Give yourself at least 7 working days if you mail in your payments if you want them to arrive in enough time to be processed. Make sure to include your account information.
Wondering if Your My CornerStone Loan is Legit?
My CornerStone is absolutely legit. As pointed out above they have been servicing federal student loans for more than 35 years.
Are they perfect?
No. They have their strengths and weaknesses like any other . One of those weaknesses is their customer as a quick Google search on CornerStone student loan reviews will bear out. Many negative reviews point out a communication break down in areas of late payments and collections.
Regardless, CornerStone remains a good choice as a federal loan servicer—not that you really get to make the choice of who services your loan.