CornerStone Education Loan Services was one of several companies that used to service federal student loans. In 2020, CornerStone Education Loan Services terminated its loan servicing contract, which means it’s no longer managing loans for borrowers.
If you had loans with CornerStone Education Loan Services, they were moved to another servicer, and you should have received an email or letter about the transfer.
What Is CornerStone Education Loan Services?
CornerStone Education Loan Services was a federal student loan servicer. The company handled services like accepting loan payments, setting up autopay, updating repayment plans and answering balance questions.
Based in Salt Lake City, Utah, CornerStone Education Loan Services started servicing loans in 2012 under the Utah Higher Education Assistance Authority (UHEAA). In October 2020, the UHEAA announced the end of its government contract, citing financial losses incurred from running the program, according to a Forbes report.
At the time, David S. Schwanke, interim executive director of UHEAA, released a public statement:. “After careful consideration, the decision to terminate the federal student loan servicing contract was made in the best interest of the State of Utah and our organization and its long-term financial sustainability.”
Is CornerStone No Longer Servicing Federal Student Loans?
No—CornerStone and the Department of Education ended its contract, so the company no longer services federal student loans. Borrowers assigned to CornerStone for loan servicing were initially moved to FedLoan Servicing.
However, FedLoan Servicing ended its contract in 2022, and the Department of Education moved loans serviced by FedLoan Servicing to MOHELA, Edfinancial, Aidvantage or Nelnet.
What Happened to CornerStone Education Loan Services?
CornerStone loan servicing shut down after terminating its loan servicing contract. The now-defunct company doesn’t have a website or publicly available contact information. Employees were also laid off as a result of the closure.
Who Took Over CornerStone Education Loan Services?
A company didn’t take over CornerStone Education Loan services; instead, federal loans that the company managed were transferred to other active loan servicers. Loans once serviced by CornerStone are now managed by MOHELA, Edfinancial, Aidvantage or Nelnet.
How Do You Contact CornerStone Education Loan Services?
Borrowers can no longer contact CornerStone Education Services about federal loans, but you are still responsible for repaying your outstanding loan balance.
If CornerStone Education Services was your loan servicer, your loan account should’ve been transferred to another active loan servicing company.
Not sure who that company is? You can find your new loan servicer in the following ways:
- Log into StudentAid.gov. Once logged into the account, you can go to the “My Loan Servicers” section to check your loan servicer.
- Call the Federal Student Aid Information Center (FSAIC). You can call FSAIC at 1-800-433-3243 to request information about your loan servicer.
- Check your credit report. Your loan servicer for both federal and private loans may appear on your credit reports, which you can get for free at annualcreditreport.com.
If you have questions about your loan balance or repayment plan, below are the websites and phone numbers for each company that offers loan servicing and default support for federal student loans.
| Loan Servicer | Website | Phone Number |
|---|---|---|
|
Edfinancial
|
1-855-337-6884
|
|
|
MOHELA
|
1-888-866-4352
|
|
|
Aidvantage
|
1-800-722-1300
|
|
|
Nelnet
|
1-888-486-4722
|
|
|
ECSI
|
1-866-313-3797
|
|
|
Default Resolution Group
|
1-800-621-3115
|
Can You Change Loan Servicers?
Loan servicers are assigned to your loan once the funds are disbursed. In most cases, borrowers don’t get the option to choose or change the servicer. However, you may be able to choose the loan servicer when consolidating federal loan debt.
How To Get Information About Future Loans
Contact the financial aid office at your school if you have questions about loan funding for the current school year or future school years. Loan servicers handle loans once disbursed and don’t handle applications and questions about current or future aid.
Each year, you must fill out the Free Application for Student Aid (FAFSA) to determine your eligibility for financial aid, like grants, scholarships and loans. You can fill out the FAFSA at StudentAid.gov, and since aid may be available on a first-come-first-served basis, it’s always a good idea to fill out the application as soon as possible.
Applications for the 2023-24 school year are available until June 30, 2024.
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