Billing Statement Glossary

Account Number

The primary identifier for ownership of your account at the borrower level. It is a reference for all the loans held by CornerStone that are associated with you.

Amount Applied to Fees

The amount applied to fees since your last statement. CornerStone does not currently charge late fees, so this amount should be zero.

Amount Applied to Interest

The amount applied to accrued interest since your last statement.

Amount Applied to Principal

The amount of principal that was satisfied since your last statement.

Amount Paid

The total amount paid on your loans since your last statement.

Amount Past Due

The remainder of monthly payment amounts from previous billing cycles that have not been satisfied (this does not include fees).

Bill Type

The type of bill that was generated. While in repayment, you will receive regular “Installment Bills,” however, some customers also opt to receive “Interest Bills” while they are in school.

Current Balance

The amount of debt still owed on your account, not including accrued interest.

Date Recieved

The date we received your most recent payment.

Due Date

The date when your next payment is due.

Effective Date

The date your most recent payment was credited to the account within the last billing period.

First Disbursed

The date when the approved loan amount was paid to you or school.

Interest Rate

The proportion of your loan that is charged as interest, expressed as an annual percentage of the outstanding principal balance.

Monthly Installment Amount

The amount required each month to repay your loan according to the repayment schedule.

Original Principal

The original approved loan amount.

Total Amount Due

The total amount you must pay in order to satisfy any outstanding installments. If there is no past due balance, this amount should be equal to the monthly installment amount.

Total Amount Paid

The total amount paid on your loans since your last statement.

Total Interest Paid

The amount of accrued interest that was satisfied since your last statement.

Total Principal Balance

The amount of debt still owed on your account, not including accrued interest.

Total Principal Paid

The amount of principal that was satisfied since your last statement.

Total Un-Capitalized Interest Accrued

Any outstanding accrued interest that has not yet been satisfied. This interest has not been capitalized, meaning it has not been added to the principal balance. Interest accrues daily. You can use the following equation to estimate your daily interest accrual. Be sure to express your interest rate as a decimal, not a percentage.

Daily Interest = Principal (Interest Rate / 365)