Here’s an honest review of MyCornerStoneLoan. The platform is an initiative that helps students access loans.
Reason being that many students face the challenges of funding their education. In order to eliminate this, an institution like MyCornerStone came up with the initiative to help students out with loans to enhance their studies.
So, to do justice to your question, MyCornerStoneLoan.org is practically legit. Frankly, they’re not a scam, at least not when it comes to student loans. The Department of Education has authorized CornerStone to service FFEL and Direct Loans.
In this post, you will know if MyCornerStone Student Loan is legit or scam. There’s a table of content below for ease of access.
What is MyCornerStone Loan?
Wondering what CornerStone Loan Service is? Don’t worry you will be amazed at what you will find out about MyCornerStone Loan and who they are.
CornerStone Education Loan Services is a non-profit service of the Ministry of Education. They have a 35-year tradition of high-quality customer service in student loans.
Basically, the CornerStone Education Loan Services Program administers student loans under the authority of the Utah Higher Education Assistance Authority (UHEAA). UHEAA is a government agency in the state of Utah that is also part of the Utah higher education system.
In addition, MyCornerStoneLoan aims to support families in financing higher education. They earnestly teach students to save for their studies, look for scholarships and grants, and borrow wisely.
Above all, they are pleased to continue this tradition by serving student borrowers across the country.
Who is MyCornerStoneLoan?
It is common to ask questions about who CornerStone is and how we become their student loan service. To make it easier, we have broken down the student loan process below.
Who is Involved?
- You: You or your student have obtained a federal student loan to help you continue your higher education. Part of your student loan agreement involves repayment, that’s where we come in.
- Your School: Your school’s financial aid office helps you complete the free application for federal student aid (FAFSA) and ends your financial aid necessary to finance your education. Completing the FAFSA is how you were qualified to receive federal funds.
- United States Department of Education: The Department of Education funds several student aid programs, one of which is the direct loan program. This is where the financing of your direct federal loans was born.
- CornerStone Education Loan Services (Your Provider): CornerStone, among other services, is responsible for administering federal student loans as well as helping students successfully manage and repay their loans. If we have been selected as a service agent, we will be your primary resource for any questions you may have about your loan repayment. However, another repairer may have been selected to manage some of your other loans. You can verify who your agents are by visiting the StudentAid.gov website.
How Does it Work?
- You complete and send the FAFSA to the Ministry of Education.
- The Department of Education uses your FAFSA application to determine what financial aid you are eligible for. Once this information has been reviewed and processed, your credentials are sent to you and your school.
- Your school guides you through this information and helps you understand the types of financial aid available to you.
- You determine the help you need and accept it through your financial aid office.
- You complete and sign the Master Promissory Note (MPN), which describes your payment terms and your responsibilities as a borrower.
- Your school is working with the Ministry of Education to have your loan processed and disbursed to cover your school-related expenses.
- Your agent (CornerStone) is assigned by the Ministry of Education at the time of your first disbursement to help you repay your loan (s).
- Now that you have been assigned to CornerStone, you will work with us to explore all of your payment, deferment, forgiveness, and registration options.
Above all, they provide conscientious and personalized service to borrowers and encourage responsible payment. The success of students in financing and achieving their educational goals fulfills their mission.
What Student Loan Service Does My CornerStone Loan Offer?
You can use mycornerstoneloan.org for almost anything you need to do with your federal student loans. CornerStone offers:
- Deferrals and Forbearances;
- Monthly payment plans, including income-based reimbursement under REPAYE, PAYE, IBR, and ICR plans;
- Loan consolidation;
- Student loan forgiveness (for example, public service loan forgiveness program); and
- Advice to release student loans
Is CornerStone Student Loans Worth it for Student Loan Debt?
So what do I mean when I say CornerStone is a Federal Student Loan Administrator?
There are nine federal loan service companies, and CornerStone is one of them.
According to Federal Student Aid, loan service companies are in place to handle things like billing and other services on your federal student loan account.
A loan service can help you:
- Provide assistance with various federal payment plans, such as the standard payment plan and income-oriented payment plans.
- Student loan refinancing or loan consolidation
- Manage or change your monthly expiration date
- Determine if you are eligible for a student loan forgiveness or forgiveness program
If you’re having trouble paying or canceling your loan, your agent can help you with the options available for deferment or forbearance.
They can also help you with a variety of other tasks that may be related to your federal student loan.
It is up to you to keep the lines of communication open with your loan service. And be ready to contact them when or if your situation changes, requiring your help.
Is MyCornerStoneLoan Legit or Scam?
MyCornerStoneLoan is absolutely legit. As noted above, they have been offering federal student loans for over 35 years.
They do not have their strengths and weaknesses like others. One of these weaknesses is your client, as a quick Google search of MyCornerStone student loan review will confirm this. And we will be giving you a good detail of the MyCornerStoneLoan review below.
Many negative opinions report a communication failure in the areas of late payments and collections.
Either way, CornerStone remains a good fit as a federal loan servicer, not that you really can pick the person who manages your loan.
Frankly, MyCornerStoneLoan are perfect and legit?
How to Find Out if CornerStone has your Federal Student Loans?
The easiest way to find out if CornerStone has your direct or FFEL loans is to check the National Student Loan Data System.
The NSLDS is the Department of Education’s central database of federal student aid. Contains information about the financial aid you received at school (grants, student loans, etc.)
To log in, you will need an FSA ID.
Once you have that, you connect to the data system at nslds.ed.gov.
Here is a guide that shows you how to use the National Student Loan Data System to view your federal student loans.
Become MyCornerStone Loan Customer
So if you are a MyCornerStoneLoan customer, what can they do and what do they do for you? They are the basics.
How to Login to MyCornerStone Loan?
Actually, the whole process to login to MyCornerStoneLoan is very simple and very entertaining.
All you need to do is just to click on the registration option in the top right corner of the page to login on mycornerstone.org (the CornerStone Loan website).
Note that you can only log in on mycornerstoneloan.org if you are already a member of the Institution.
Then if you are not already a member, you can become a member of CornerStone Loan online. All you need to do is to “Create Account”. Here is a review of how you can create an account on mycornerstoneloan.org.
In Creating your account, all you need to do is to put in “Personal Information” which includes your First Name, Last name, Email Address, Date of Birth, and you ill be required to create a password on the first screen, then click Continue.
On the second page, they require you fill in your coursedetail and so on.
At the end of the Signup, there will be a screen saying your account is successful
All this is done in a few minutes.
How to Find my Account on MyCornerStone Loan?
Account access provides details about each loan, including the loan type, the interest rate, the balance, and more.
Visit StudentAid.gov. You can log into your StudentAid.gov account to see a complete list of your FFELP Loans and Direct Loans. You’ll need your federal PIN to access the information.
Where to Make Payments to CornerStone for your Student Loan?
You can make your federal student loan payments online if you create an account. To do that, visit myaccount.mycornerstoneloan.org/authentication/
You can also manage your account over the phone by calling CornerStone at 800-663-1662.
How to Make Payments to CornerStone for your Student Loan?
These are the steps to make a single payment online.
Self-pay benefits include a 0.25% drop in your interest rate as long as you are registered. Your payment will automatically be deducted from your account each month. Making an automatic payment request is quick and easy!
Pay by Phone
To make a payment over the phone, contact one of our credit specialists. Payments can be scheduled up to 60 days in advance.
Acceptable Payment Methods
CornerStone accepts electronic checks, paper checks, and money orders.
How Payments are Applied to Student Loan?
With some exceptions, payments are applied first to any accrued interest, then to the principal balance.
How to Payoff Your Loans?
If you plan to make a payment to refund your balance, please contact us to discuss your payment amount or check the payment amount indicated on your online account.
Your student loans earn daily interest. Therefore, it is important to mention the correct amount.
Please not that CornerStone’s web address is mycornerstoneloan.org not mycornerstone.com.
However, you can email a CornerStone representative at [email protected].
You can also call them at their toll-free phone number: 800-663-1662.
You don’t need to panic because CornerStone’s customer service team is available Monday – Thursday from 6 am to 7 pm MST and Friday 6 am to 5 pm MST.
Meanwhile, you can also fax them at: 801-866-8400
Their mailing address is:
PO Box 145122
Salt Lake City UT
Or, if you want, you can visit CornerStone in person Monday – Friday, 8 am to 5 pm MST at:
Board of Regents Building, The Gateway
60 South 400 West
Salt Lake City UT 84101-1284
MyCornerStoneLoan Review 2023
Indeed. many people have said a lot about CornerStone Education Loan Services. The Government too has rated their activities thus far and we are here to give you a bit of that rundown.
Here is a Review on MyCornerStoneLoan from a student who was getting an email from mycornerstoneloan.org on Reddit 2 years ago.
Hello, I have been getting these emails (through my school email) from this company for a while, with them telling me that there are documents ready for my viewing (presumably concerning a loan). The thing is, I have never knowingly opened a loan with this company, as all of the student loans I receive are through my university. Is it possible that the University is using this service for my loans, which is why I am getting these emails? Otherwise, I am not really sure why these emails are coming, because I definitely have not made an account on their website. I do not want to retrieve the information to log onto this account either, because getting an authentication code requires that I send in my SSN in addition to the last name, which seems like an awful idea. Does anyone have any ideas?Author: Other
The student got a reply immediately from a reddit user saying
The best idea I have is to go to www.annualcreditreport.com and ask for a free copy of your credit report from each of the three big credit reporting agencies. Then look at those reports and see whether there’s a loan from this company on them. We have a wiki page on identity theft, here: https://www.reddit.com//r/personalfinance/wiki/identity_theft – Author:Voerendaalse
Is it possible that the University is using this service for my loans?Author: halfdone
Have you asked the University if this is the company that services your loans? That would be the first thing I would do.
I would email one of your school administrators and ask if they have a relationship with that company, and also ask if the school sells your school email address to marketers. This could very well just be click-bait spam.Author: standardtissue
If the “documents ready for viewing” are attached, definitely tread carefully. Could be more than clickbait, it’s a common malware distribution vector.Author: GrookeTF
NEVER NEVER NEVER give your SSN to people except under extremely special circumstances. These aren’t those circumstances.
There are ways to find out if you have any business relationship with these people besides handing out ANY personal information. Do one of those; they’ll have a website, get in touch with people there, and find out if you have a loan.
They will certainly want to identify you, and that’s fine, but not with an SSN. If they cannot do it any other way, then they are only crooks. It was possible that they were legitimate loan people and crooks, before that.Author: arghvark
I’m also 19m in college and this is exactly how it works. Since you went through your school I assume you have a federal subsidized and/or Unsubsidized loan. These loans are provided by a private loan company that has an agreement with the school. Just check with your school to make sure that they’re affiliated with the school and you should be fine.
All this information is made available to you when you first sign up for the loans and are emailed to you. Check your old emails and there should be an email from your school regarding what loan servicing company you haveAuthor: ta_01234
Alright, thanks! I just did a credit check and it seems the loans taken out through this company are in fact student loans, so once I get the confirmation from my school I will handle it from there.Author: ChainsawCain
What is CornerStone Education Loan Services?
CornerStone Education Loan Services was created by UHEAA to bring excellent customer service to students throughout the nation.
Can I make online payments with CornerStone Education Loan Services?
Yes. Account Access allows you to make online payments from the bank account of your choice, schedule payments up to 60 days in advance, view details of your loan, and much more. If you haven’t signed up for an account yet, create your online account today.
What is a subsidized loan?
Subsidized means that the government pays the interest on your loans while you are in school and in periods of deferment. And for loans disbursed before July 2023, the government pays the interest while you’re in your grace period.
What does unsubsidized loan mean?
Unsubsidized means that you are responsible for paying the interest on your loans from the moment they are disbursed (even while you’re in school or deferment). Your interest can be capitalized (added to your principal) at specific times during the life of your loan.
What is the difference between direct loans and FFELP?
The main difference between Direct Loans and Family Federal Education Loan Program (FFELP) loans is the source of funding. The funds for FFELP loans came from financial institutions, whereas the funds for Direct Loans come directly from the U.S. Department of Education, from the U.S. Treasury.
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