CornerStone Education Loan Services recently announced that it will no longer be servicing federal student loans. As a result, CornerStone has begun the process of transferring loans to other loan servicers, such as Fedloan. CornerStone previously serviced about 0.8% of all U.S. student loans.
Peanut Butter has already communicated these changes to affected borrowers and has been working with employees to update their accounts accordingly. Many CornerStone borrowers have already been transferred to another servicer and made the necessary changes to their Peanut Butter accounts in order to continue receiving employer-sponsored student loan contributions.
Affected borrowers can add new loan information to their accounts with just a few clicks by visiting the ‘My Loans’ tab of their Peanut Butter account. This can be done quickly and easily online:
- Login to your Peanut Butter account: https://app.getpeanutbutter.com/users/sign_in
- Click ‘My Loans’
- Click ‘Add Loan’
- Follow the on-screen instructions to either link your loan or upload a statement
- The process will be complete when the new loan appears on your ‘My Loans’ page with a green banner that says, “Contributions are being applied to this account.”