Forbes reported that CornerStone loans would end up with FedLoan Servicing, a servicer whose own government contract expires in December 2021. CornerStone Education Loan Services — commonly referred to as CornerStone student loans — is a federal loan servicer.
Accordingly, do student loans go away after 7 years?
Student loans don’t go away after 7 years. There is no program for loan forgiveness or loan cancellation after 7 years. However, if it’s been more than 7.5 years since you made a payment on your student loan debt and you default, the debt and the missed payments can be removed from your credit report.
Moreover, how do you pay CornerStone?
Make A Loan Payment
- In person: Pay in person at any of our branches, shared branches, or service centers.
- By mail: Mail or overnight your check to us, and include your Account Number and Loan ID: CCFCU – Payment Processing Department. 2955 University Drive. Auburn Hills, MI 48326.
How do you pay off student loans?
How to Pay Off Student Loans Fast
- Make extra payments the right way.
- Refinance if you have good credit and a steady job.
- Enroll in autopay.
- Make biweekly payments.
- Pay off capitalized interest.
- Stick to the standard repayment plan.
- Use ‘found’ money.
CornerStone was originally contracted to service federal loans through 2022, but it ended its contract in October 2020 due to financial loss. Its website no longer exists, and all loans were transferred to FedLoan Servicing.
CornerStone is a legitimate student loan services. … CornerStone student loans is one of the loan servicers, who take an initiative after the loans are disbursed to administer the loan payment activities. The company is run by the Utah Higher Education Assistance Authority.
It’s not uncommon for a federal student loan servicer to decline to renew its contract. In 2020, CornerStone, Great Lakes and Nelnet all announced that they would stop servicing federal student loans after their current contract expired.
The Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) is available 8 a.m. to 10 p.m. Eastern Time, Monday through Friday, except federal holidays.
Your student loan account number is a unique 10-digit number that is given to you by your student loan provider and is used for identifying your federal student loan. Students can use their student loan account number to look up their payments and see how much of their balance is left.
CornerStone Education Loan Services is a student loan servicer with more than 35 years of experience helping borrowers to manage and pay off their student loans.
You should talk to your school’s financial aid office – they will have information about your federal student loan options. Additionally, you can speak with the U.S. Department of Education’s Federal Student Aid Information Center at 1-800-4FED-AID (1-800-433-3243) for information on student loans.