CornerStone Student LoansLoan Service
CornerStone Student Loans is incompetent at best and unethical at worst. I send in application to renew my income based repayment plan and they forced me into forbearance for two months.
This hurts people in two ways. First, when in forbearance, interest can capitalize if you don’t pay it.
Second, any payment made in forbearance does not count towards the Public Loan Service Forgiveness Program.
Meaning, I have to work two extra months before I can qualify for the program.
Considering it takes ten years to qualify, I would have to work 20 extra months based on Cornerstone putting me in forbearance for two months every year.
When I called and voiced my concerns, the represented just said, “Yeah, sorry.”
I asked to speak with a supervisor, lo and behold, he could easily fix the problem in two minutes by putting me back on my normal plan until they recalculated my payment.
They should have continued to charge me my current payment until they recalculated my payment.
My wife is in similar situation to me, but her loans are with a different company.
Whenever she want to renew her plan there is never an issue.
Sadly, this is not the first time Cornerstone has tried to pull the wool over my eyes.
Hopefully, my loan will be sold to another company.
7 Reviews on CornerStone Student Loans
If you can avoid doing business with this loan servicer.
If you can avoid doing business with this loan servicer. It took over a year to get them to stop billing me once they took over my loan. I had only been in school two semesters but they were telling me I had to make payments and was behind. Seems like every month I was faxing and mailing them stuff telling them I had just started school, was still going and wasn’t close to finishing.
Once I did start paying them back it went fine until I signed up for auto debit. Sometimes they wouldnt withdraw the money then I’d get notice that my account is delinquent and I’d have to pay over the phone when I call to ask why they didn’t take the money.
Definitely don’t use auto payments because they don’t keep good records of your payments and they have you as paying late when they didn’t take the money out when they were suppose to.
I complained to CornerStone.
This place is run by completely incompetent and corrupt people. I just filed a complaint with the Ombudsman. I am an attorney. I have some knowledge of student loan law. I know for a fact that I am eligible for IBR. I was on IBR before I moved overseas for a while.
I made the mistake of asking for a forbearance while I was overseas – definitely should have stayed on IBR. I tried to get off the forbearance and back on IBR while I was overseas. CornerStone denied this even though I was clearly eligible.
I moved back to the US. I tried to get back on IBR. CornerStone denied my application because I allegedly applied to get back on IBR too soon (as there was still time on the forbearance). I complained to CornerStone. A CornerStone representative told me that I was now eligible to go back on IBR and sent me the IBR form. I filled the form out and sent it in. I received a denial letter from CornerStone stating that the form I sent in was an expired form (CornerStone sent me the form!).
I complained and the CornerStone representative tried to get me to go on an unemployment deferment even though I’m eligible for IBR. The reason that CornerStone is doing this is simple. If I am on IBR for 25 years and make “payments” during that time (although, the “payment” may be $0 if my income is low – and it is),
then the debt is discharged after 25 years and CornerStone gets nothing. CornerStone obviously doesn’t want this to happen even though I am LEGALLY entitled to use this program.
Awful, do not to business with them.
Awful customer service, Emails from them go straight to my spam folder, I tried contacting them because I missed payments because, I didn’t see the emails due to them being in my junk folder. When I go to log in, using the correct username and password, my account gets locked. Awful, do not to business with them.
I had a FAFSA grant and since my credits dropped while I was put on the waiting list for my program they decided to turn it into a loan without telling me. AFTER my loans (because they made two of them) that I never signed for were sent to collections and destroyed my credit I started to get harassing phone calls two and three times a day from Corner Stone while I was at work. I took screen shots for proof.
Then After a while of harassment and me having to ask my college if I owe this company money I gave them a call. The lady on the phone was nice but had to put me on a three way call with some man to take all of my bank info and take a payment so I would longer be behind on the payments.
Silly me gave him the information to my bank account since apparently Corner Stone does not accept payments any other way. The payment never went through and I know that all of my info was correct.
Eventually I got an email saying that my payment was returned. It never said why so I logged into the website and still no where in there it explained why it didn’t go through. So I tried to make a second payment online, I got an email again saying they got my payment and then another one saying it was returned.
The company benefits by me not getting my payments to go through because then it makes my loans grow that much faster! Not to mention my information was given to people and then a payment didn’t go through so now people at Corner Stone have my banking information and they aren’t paying my loans!! I will be reporting to the BBB, Again to my College, and I will write as many reviews as possible. If you have a choice unlike me do not pick Corner Stone.
Refinance it to someone better and then pay the thing off!!
I was told they would call back the next day and give me an update, that did not happen, I called them. I’ve spoken to a total of three different people and no one still knows anything. These people are beyond ignorant, how do you have no clue where money is if you are able to get it electronically??
Did they forget to update account numbers?? Just stupid stupid stupid. If your loan gets sent to these people for servicing! Refinance it to someone better and then pay the thing off!!
UHEAA aka CornerStone Student Loans are the WORST
UHEAA aka CornerStone Student Loans are the WORST servicer out there! Do NOT get loans from these people! Sent a payment in to PAY OFF the loan via an electronic funds transfer from my education award, the payment just sat there for TWO WEEKS waiting for them to pick it up from the system.
I called their customer service, they had no clue where the payment was, why they cannot see it, etc. etc. Turns out customer service has no info from accounting, they have to put a help desk ticket in to try and get info.
They harrassed me with several phone calls and emails DAILY in order to recover my $13.00 delinquency. However, if they were as diligent at notifying me of the changes as they were at harassing me over $13 there never would have been an issue and my payment would have been complete and timely.