Stafford Loan On-Line
One of our goals in the Student Financial Services office is to connect Cornerstone students who seek federal loans with lenders who will provide them with the best service and borrower benefits. Toward this end, we publish an annual list of preferred lenders, based upon information gathered from top lending institutions. Our preferred lender selection process involves rating items such as borrower benefits, service to the student, service to the school, business model and type of lender. Ratings are then weighted for level of importance, and the two numbers are combined to provide a final rating for each item.
The current Stafford Loan interest rate is 6.8% for unsubsidized Stafford loans; interest will accrue while the student is in school. The subsidized loans have 0% interest while the student is in school and 6% when the undergraduate student is no longer enrolled for at least half-time. Interest rate for the graduate student is 6.8%.
Please note that lenders may change their benefits periodically. Please review your benefits at least annually.
*The Origination Fee is deducted from the gross amount. Net proceeds of a $3500 loan with a 2% fee would be $3430.
Federal rules allow students the right to select lenders which do not appear on our preferred lists. We welcome you to choose this option, but do require that you in turn provide us with the necessary information to process a loan with your lender. To use a non-preferred lender, the student must complete a paper Master Promissory Note. For more information regarding these requirements, please contact the Student Financial Services office at 616-222-1424.
Click here to complete your Master Promissory Note.
