The Department of Education and CornerStone
It’s common to have questions about who CornerStone is, and how we became your student loan servicer. To make it easy, we’ve broken up the student loan process below.
Who is Involved?
- You: Either you or your student took out federal student loans to help pursue your higher education. Part of your student loan agreement involves repayment, which is where we come in.
- Your School: The financial aid office at your school helps you complete the FAFSA and finalizes your financial aid package needed to help finance your schooling. Filling out the FAFSA is how you became qualified to receive federal funding.
- The U.S. Department of Education: The Department of Education provides funding for several student aid programs, one of which is the Direct Loan Program. This is where the funding for your Federal Direct loans originated.
- CornerStone Education Loan Services (Your Servicer): CornerStone, among other servicers, is contracted to service federal student loans, as well as help students successfully manage and repay their loans. If we have been selected as your servicer, we will be your primary resource for any questions you may have about the repayment of your loans. However, it is possible another servicer has been selected to service some of your other loans. You can verify who your servicer’s are by visiting the National Student Loan Data System Website.
How Does it Work?
- You complete and submit the FAFSA to the Department of Education.
- The Department of Education uses your FAFSA application to determine what financial aid you qualify for. Once this information has been reviewed and processed, your award qualifications are sent to you and your school.
- Your school walks you through this information and helps you understand the types of financial aid available to you.
- You determine what aid you need and accept through your financial aid office.
- You complete and sign the Master Promissory Note (MPN), which outlines your repayment terms and responsibilities as a borrower.
- Your school works with the Department of Education to have your loan processed and disbursed to cover your school-related expenses.
- Your servicer (CornerStone) is assigned by the Department of Education at the time of your first disbursement to assist you with the repayment of your loan(s).
- Now that you’ve been assigned to CornerStone, you’ll work with us to navigate all your options for repayment, postponement, forgiveness and discharge.
Please don’t hesitate to contact us at any time if you have any additional questions regarding this process. Also, if you have not already, be sure to set up your online account to have 24/7 access to all your account information.