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.