Benefits of Automatic Payments
- Automatic payments save you money. You will qualify for a 0.25% interest rate reduction.
- Automatic payments are the most convenient way to make payments on your student loans.
- Your monthly payment will be made on the same day each month.
- Signing up for automatic payments is free!
How to Apply for Automatic Payments
- Download the form.
- Complete, print and sign the form.
- Keep the second copy for your records.
Send the completed form to
CornerStone Education Loan Services
PO Box 145122
Salt Lake City, UT
Automatic Payment FAQ
Automatic Payment Basics
Can you automatically deduct my payments from my bank account each month?
Yes, we offer automatic payments. It's free, it's convenient, and you will qualify for a 0.25% interest rate reduction.
Why sign up for automatic payments?
We know your time is valuable, automatic payments make it easy to repay your loans because you don't have to think about it. Just sign up once and your payment will be made each month on time and without worry.
How do I know if I've already signed up for automatic payments?
Log into Account Access and navigate to Payments & Billing then to Automatic Payments. If you're already signed up, it will list your account information and the payment information. If you haven't signed up, it will give you the chance to download the autopay form.
When is my automatic payment drawn if my due date falls on a weekend?
The payment will be withdrawn on the next business day, but will be posted to our system on the due date in order to keep your account current. The payment will never be drawn before the scheduled due date.
How much notice do I have to give to stop an automatic payment from being made?
You must allow at least three business days prior to your payment due date in order to stop an automatic payment from being drawn. For payment due dates that fall on a weekend, notification must still be received three business days prior to your payment due date to cancel the payment before the withdrawal process begins.
Signing Up For Automatic Payments
How do I sign up for autopay?
When will my automatic payments start?
It will take about 10 days for your automatic payment application to be processed. We'll send you a confirmation before we start withdrawing your payments. Make sure to keep making payments until you get confirmation.
Updates To My Automatic Payments
How can I make changes to my automatic payments?
Please fill out a new form and return it to us. Currently, we cannot process electronic requests. Please mail your completed form.