MYCORNERSTONELOAN REVIEW 2021 –EVERYTHING YOU NEED TO KNOW ABOUT MYCORNERSTONELOAN

CornerStone Education Loan Services –or simply MyCornerStone loan servicer –is a company charged with the duty of servicing federal student loans. The company –operated by the Utah Higher Education Assistance Authority –is said to have served as a loan servicer for almost four decades.

Regardless of their state, any student borrower in the United States can be assigned CornerStone as their loan servicer. In other words, this means that whether a student is based in Utah or not, CornerStone could be their provider.

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As a student, you might find it a bit demanding to manage your loan program especially when you have to deal with loan terms, work out suitable repayment plans, ascertain the types of loans you’re eligible for and figure out if there’s loan forgiveness for you.

Fortunately, loan servicers exist in order to save you the stress of handling the complexities of loan management. While CornerStone comes under this category of loan servicers, this post has been carefully crafted as an honest review of MyCornerStone. The post will walk you through most of the things you might want to know about MyCornerStone loan company and how the general student loan application process works.

What Parties Are Involved in the Student Loan Process?

mycornerstoneloan.org - Access to your Cornerstone Loans Account

It is very likely that you want to have an idea of all those involved in the process of obtaining a student loan. Chances are that you also want to know what each party does in the process.

The first party/individual involved in the process is the student who’s willing to obtain an aid –such as a federal student loan –that will ease their academic advancement.

Another party is the student’s school. Under normal circumstances, the school is expected to have a financial aid department/section. It is through this department that the student applies for FAFSA (free application for federal student aid). Without successful completion of FAFSA, the student may not be deemed qualified for federal aids.

The third party in the student loan process is the United States Department of Education. This department is an indispensable party directly responsible for the financing of the direct loan program and certain other student aid programs. If you’ve successfully obtained a direct federal loan as an American student, it’s safe to conclude that you’re a beneficiary of a loan funded by the United States Department of Education.

The final party is the loan servicer which caters to the administration of federal student loans. In simple words, this party (loan servicer) is your provider whose chief duty is to manage your loan program.

As a student about to obtain a federal loan or one who’s done that already, you could be clueless and might want to ask a whole lot of questions about loan repayment, loan terms, conditions, etc. The good news here is that your provider (a loan service company such as MyCornerStoneLoan) will answer all of your questions.

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Understanding the Loan Application Process

Now that you’ve been armed with the right information about those involved in the student loan process, it might interest you to also know how the process works. Here’s a step-by-step guide you’ll find useful:

  • To get started with your loan application, you’ll have to contact your school’s financial aid department or office
  • Get your FAFSA (free application for student aid) completed through the said department/office
  • Forward the completed FAFSA to the Ministry of Education
  • Your FAFSA will be reviewed in order to ascertain the financial aid that you’re qualified for. Following this review (by the Department of Education), you and your school will get feedback on the submitted FAFSA
  • While this feedback contains your credentials, it’s expected of your school to thoroughly review the feedback and make you realize what financial aid(s) you’re qualified for
  • After making you realize what (financial aids) you can apply for, your school will allow you to choose from the options available to you
  • You’ll then contact your school’s financial aid office in order to confirm your acceptance of the preferred financial aid
  • You’ll be presented with the MPN (Master Promissory Note) –a document that spells out your responsibilities and payment terms. As an intending borrower, it’s expected of you to review these terms and responsibilities. Once you’re satisfied with them, you should complete the MPN and leave your signature on it

Note that in this loan application process, your school and your agent (aka provider or loan servicer) have key roles to play. In order to facilitate the processing and disbursement of your student loan, your school works with the Ministry of Education. Your agent, on the other hand, works to facilitate your loan repayment. This agent is actually a loan service company that the Ministry of Education selects for you during your first disbursement.

What Are the Services Offered by MyCornerStone?

MyCornerStone boasts a comprehensive package of services aimed at helping students manage their loans successfully. These services are listed as follows:

  1. Loan consolidation
  2. Advice for student loans to be released
  3. Loan forgiveness
  4. Monthly payment payments
  5. Deferrals and forbearances

How to Sign Up for MyCornerStoneLoan

There’s easy-to-follow information on how to create an account with the MyCornerStone loan company.

To sign up for a MyCornerStone account, simply head to the official website of MyCornerStone via www.mycornerstone.org. On the homepage, navigate to the top right-hand side of the page and hit the registration button there. Following that, you’ll be able to attempt the process for creating an account with MyCornerStone and thereupon become a member of the student loan scheme.

In the event of creating this account, you’ll be asked to supply such personal data as Name (first and last names), Date of Birth and Email Address. You’ll also have to set up a password for the purpose of signing in to the account.

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The next thing to supply is your course detail. Do well to provide what is necessary just as requested. After fulfilling all the sign-up requirements, you’ll find an indication confirming the success of the account creation.


About the Interest Rate on MyCornerStone Loan

Students with MyCornerStone as their service provider for student loans may want to know the interest rates associated with the loan servicer. However, it’s a well-known fact that the interest rates on student loans are not usually fixed by loan companies.

Generally, the US government, through its Congress, reserves the right to determine the interest rates that will be charged on the various student loans of the federal government. In doing that, the government considers a number of factors including the type of federal student loan involved and the market’s current financial situation. The bottom line here is that the interest rate on a given federal student loan is determined annually by the government.

While applying for a MyCornerStone student loan, endeavor to know if your student loan is subsidized or not as this is a key factor in determining the interest rate on the loan. In fact, the subsidy status of your student loan is likely the only important consideration as repayment ability and creditworthiness do not affect the interest rate in any way.

CornerStone loan servicing company supports only federal student loans. What this means is that students who have CornerStone as their provider can only apply for federal student loans. If you’re keen to have a student loan servicer for your private student loan, then CornerStone isn’t the befitting option for you.

The types of federal student loans supported by CornerStone are as follows:

  • Direct Subsidized Loans
  • Perkins Loans
  • Direct PLUS Loans
  • Direct Consolidation Loans
  • Direct Unsubsidized Loans

What Are the Payment Options Supported by MyCornerStone?

  • Automatic Payment

Not only is it the easiest, automatic payment is also the best payment method to really prove the readiness to repay your student loans in earnest. Using this option, you needn’t keep yourself reminded of when to repay the debt owed.

One pretty benefit of the automatic payment option is that provided you’re registered, you’ll be allowed a 0.25% decrease in interest rate. Another benefit of the option is that it could save you the risk of getting fined for having defaulted payment. This is because by having payments debited automatically from your bank account, you have a high likelihood of making payments as and when due.

  • Payment by Phone

Given that you don’t want your bank account to be debited automatically, you may go with the pay-by-phone option. What you do in this case is to simply put a phone call to one of the company (MyCornerStone)’s credit specialists. This option allows you to schedule payments beforehand. You can schedule an advance payment up to a 60-day period.

  • Online Payment
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You can make payments for your student loan via the online account you created on mycornerstoneloan.org. The only payment option is pretty easy to use as all you need is signing in to the account. Select Account Access and navigate to the Make a Payment button and click it. After filling in your payment information, select the option indicating “Make a Payment”.

Is MyCornerStone a Scam Student Loan Scheme?

MyCornerStone is far from being a scam as findings reveal that it is a reputable company that has offered federal student loan services for almost four decades. It is a federal loan servicer we can recommend to students.

There are seemingly several unfavorable reviews about the company especially with respect to failed communication during collections and late payments. Regardless of whatever negative reviews or opinions you’ve read about MyCornerStone, our findings reveal that it is still one of the trusted federal loan servicers in the United States. We’d suggest that you use the contact information (to be provided next) if you really need to contact MyCornerStone’s customer support team.


Contacting MyCornerStoneLoan

MyCornerStone loan company has a customer support team to which loan applicants can lodge their complaints. Students willing to contact this customer service can do so via phone call or physical meeting. To reach MyCornerStone via its toll-free number, you should call +800-663-1662. MyCornerStone’s customer service can be reached anytime from 6am to 7pm between Monday and Thursday. On Fridays, the customer service can be reached between 6am and 5pm.

If you prefer to reach the customer service in person, you’ll have to visit the address Board of Regents Building, The Gateway 60 South 400 West Salt Lake City UT 84101-1284 between 8am and 5pm. You can visit between Monday and Friday.


Conclusion

MyCornerStone might not be the best loan service company but of course, it is one of the trusted loan servicers with reasonable approaches for managing federal student loans.

Hopefully, this post has walked you through all that you were willing to learn about MyCornerStone. If you have a question about Corner Stone and their student loan program, do let us know in the comment section below.


References:

https://worldscholarshipforum.com/mycornerstoneloan-org-review/

https://www.credible.com/blog/refinance-student-loans/cornerstone-student-loans/

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