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What is CornerStone? You may have received letters or emails from CornerStone and wondered who they are. CornerStone is a legitimate student loan servicer that works with the U.S. Department of Education to manage federal student loans.
What is CornerStone?
CornerStone Education Loan Services, also known as CornerStone is a not-for-profit student loan servicing organization based in Salt Lake City, Utah. It is overseen by the Utah System of Higher Education (UHEAA), a Utah state government agency.
It is one of the nine federal student loan servicers.
What is a federal student loan servicer? When you take out a federal loan from the U.S. Department of Education, the U.S. Department of Education will assign you to one of the nine loan servicers, who are approved to work with them. CornerStone is one of these loan servicers.
How did you end up with CornerStone?
When you take out a federal student loan from the U.S. Department of Education, they will assign you a loan servicer when your loan amount is first paid out to your school.
What is a loan servicer?
A loan servicer is a company that manages the billing and other services on your federal student loan. There is no cost to you for using CornerStone.
Your loan servicer will, for example, send you federal loan bills, receive loan payments from you, and work with you on loan consolidation and repayment plans.
Is CornerStone the lender?
CornerStone is not the lender. The lender of your federal student loans is the U.S. Department of Education.
Do I choose to use CornerStone?
No, you do not choose who your loan servicer is. The U.S. Department of Education assigns you a loan servicer.
Sometimes the U.S. Department of Education will transfer loans from one servicer to another servicer. When this happens, you will be notified. Your loans are still owned by the U.S. Department of Education, but the company who will be sending you loan bills and collecting your loan payments will change.
How does CornerStone work with you?
CornerStone provides a range of services to students who have federal student loans from the U.S. Department of Education.
How to confirm CornerStone is your loan servicer
If you are not sure if CornerStone is your loan servicer, you can check this in two ways.
My Federal Student Aid
You can go to My Federal Student Aid, a U.S. Department of Education website, to see information about all of your federal loans, including who your loan servicer is.
Federal Student Aid Information Center
You can also call the Federal Student Aid Information Center (FSAIC), a U.S. Department of Education center.
Federal Student Aid Information Center phone number:
Is Cornerstone legit?
CornerStone is a legitimate student loan servicer. It is one of nine federal student loan servicers. It has 35 years of experience in the student loan servicing industry. CornerStone is headquartered in Salt Lake City, Utah and is overseen by the Utah System of Higher Education (UHEAA).
Nationwide Multistate Licensing System & Registry (NMLS) registered
CornerStone is registered with the NMLS and and the NMLS ID 1510465. The NMLS is a record system for financial licensing and registration
Can I switch from Cornerstone to a new student loan servicer?
The U.S. Department of Education may transfer loans from one servicer to another. When this occurs, you will be notified. However, you do not get to select your federal student loan servicer.
The only time you can change your student loan servicer if when you:
- Consolidate your loans
- Apply for public student loan forgiveness
Alternatively, you can refinance with a private lender. By doing this, you forfeit federal loan forgiveness programs and income-driven repayment plans. Instead of having your loan managed by the U.S. Department of Education and CornerStone, your loan will instead be managed by a private bank, online lender, or credit union.
How to make payments
You can make your student loan payments to CornerStone online, by phone, or by mail.
What if you can’t afford your payments to CornerStone
CornerStone offers several different repayment plans. If your circumstance make it difficult for you to repay under any of these plans, you can call CornerStone at 1-800-663-1662 to discuss alternatives.
How to contact CornerStone
There are several ways to contact CornerStone.
CornerStone telephone number:
CornerStone hours of operation:
Monday - Thursday: 6 a.m. - 7 p.m., Mountain Time
Friday: 6 a.m. - 5 p.m., Mountain Time
CornerStone address for payments:
U.S. Department of Education
PO Box 979133
St. Louis, MO 63197-9000
CornerStone address for general correspondence:
Do not send payments to this address.
CornerStone Education Loan Services
P.O. Box 145122
Salt Lake City, UT 84114-5122
CornerStone fax number:
CornerStone website: https://mycornerstoneloan.org/
CornerStone login: https://myaccount.mycornerstoneloan.org/authentication/
CornerStone social media:
How to submit a complaint about CornerStone
If you are having problems with CornerStone, there are several ways to file a complaint.
U.S Department of Education Federal Student Aid Feedback System
You can file a complaint with Federal Student Aid at the U.S. Department of Education through their feedback system. File a complaint here.
Better Business Bureau (BBB)
You can also file a complaint with the Better Business Bureau (BBB), a private, non-profit organization that accredits and rates businesses. File a complaint here.
Complaints filed with the BBB are forwarded to CornerStone within two business days, and CornerStone will be asked to respond within 14 days. If CornerStone does not respond, the BBB will reach out to them again.
BBB complaints are generally closed within 30 business days.
U.S Department of Education Federal Student Aid Ombudsman Group
As a last resort, you can contact the Federal Student Aid Ombudsman Group, a confidential resource to help resolve disputes about your federal student loans. File a complaint here.
The Federal Student Aid Ombudsman Group can help you resolve problems with loan balances and payments, disbursements, overpayments, and more.
They provide an information checklist to help prepare for your conversation.
Federal Student Aid Ombudsman Group address:
U.S. Department of Education
FSA Ombudsman Group
P.O. Box 1843
Monticello, KY 42633
Federal Student Aid Ombudsman Group phone:
Federal Student Aid Ombudsman Group fax:
Is CornerStone federal or private?
CornerStone is a private company that is a federal student loan servicer. It is not a U.S. federal organization, but it does work with the U.S. Department of Education to manage student loans.
For example, CornerStone will send loan payment bills, receive loan payments, and work with you on loan consolidation and repayment plans.
Federal student loan servicers
There are nine federal student loan servicers. Learn more about who they are, what they do, and how to contact them.