Cornerstone EFT Version 1
Direct Debit Date: 12/1/2018
Electronic Funds Transfer Agreement
Direct Debit makes it possible for you to have your student loan payment deducted electronically from your checking or savings account on the same date each
month. Using the Direct Debit service may qualify you for an interest rate reduction.
Please return the completed application to:
CornerStone Education Loan Services PO Box 145122 Salt Lake City, UT 84114-5122
Borrower Name
Last WHITE
First KERRY Middle S
Student Loan
Account Number 1993394223
PAYMENT INFORMATION
Please continue to remit your monthly installments until you receive a monthly billing statement indicating that your account has been set up on Direct Debit.
Please allow one or two billing cycles for Direct Debit to be set up.
Checking Savings ABA/Routing Number 253177049
Checking or Savings Account Number 39262833
Amount to be Monthly Installment Amount (based on your repayment schedule)*
withdrawn: OR
Monthly Installment Amount Plus the following ADDITIONAL amount: $0.00
*The amount debited each month may change based on the installment amount due under your repayment schedule.
**Only indicate the amount that is above and beyond your current installment amount.
Do Not write the total amount to be withdrawn.
Student Loan Recurring Direct Debit/Electronic Funds Transfer Authorization
I authorize the Utah Higher Education Assistance Authority ("UHEAA"), doing business as CornerStone Education Loan Services to initiate preauthorized Electronic Funds
Transfers (“Transfers”) to the student loan accounts indicated above and from my designated account(s) with the bank or financial institution named above pursuant to the
terms and conditions of this Agreement, as may be modified from time to time. I have read, understand and agree to be bound by all of the terms and conditions of the
Agreement. I understand if my student loan(s) are consolidated, I will need to submit a new Agreement for the consolidation loan. I intend and agree to repay my loan(s)
according to the terms and conditions of my promissory note. If my account is past due, I hereby request a forbearance to cover all payments due before the initial Transfer.
Unpaid interest may be capitalized (added to the principal balance) when the forbearance ends. My authorization for the Transfers to my designated student loan(s) shall
continue in effect until my designated student loans are paid in full or until this Agreement is terminated by me or by Utah Higher Education Assistance Authority ("UHEAA"),
doing business as CornerStone Education Loan Services in accordance with the terms of this Agreement. I understand that my authorization may only be revoked in the
manner set forth in the Agreement.
Borrower Signature Kerry White Date 12/03/2019
Electronic Funds Transfer Agreement and Disclosure Statement for Recurring Direct Debit Payments
A. Preauthorized Recurring Debit Payment
Utah Higher Education Assistance Authority ("UHEAA"), doing business as CornerStone Education Loan Services, will electronically transfer funds from your designated
checking/savings account(s) to the student loan account(s) of your designation (“Transfer (s)”).
B. The Type and Nature of Transfer
Each Transfer will be made monthly on the due date of the student loan payment(s) in question in an amount equal to your monthly student loan installment plus any
additional amount you request by way of this Agreement. If your due date falls on a weekend or a holiday, you will receive credit for the payment as of the due date listed.
Please allow 2 to 3 business days for the payment to display in your account details of Account Access.
C. Questions about Your Electronic Funds Transfer
If you have questions about Transfers made under this Agreement, contact CornerStone in writing at CornerStone Education Loan
Services PO Box 145122 Salt Lake City, UT 84114-5122, by phone at 1-800-663-1662, or by e-mail through the Contact Us feature on Account Access.
D. Revocation of Authorization
After you have authorized CornerStone to make Transfers pursuant to this Agreement, you may stop a Transfer by providing timely notice to CornerStone using the
telephone number, address, or e-mail listed above. CornerStone must receive your request at least three (3) business days before a scheduled Transfer date in order for the
Transfer to be stopped. A transfer can be suspended for one due date, or cancelled for all future due dates. You are responsible for making all required payments on your
student loan after you suspend or cancel Transfers.
E. Forbearance, Deferment or Grace Period
If you preauthorize Transfers and are subsequently granted a forbearance, deferment, or grace period, Transfers will be suspended and will resume with the first payment
due following the deferment, forbearance or grace period, unless you cancel future Transfers as set forth above. If you are eligible for an interest rate reduction that reduction
may be suspended until you resume with the first payment due following the deferment, forbearance or grace period. If your loans are past due, we may apply a forbearance
to cover all payments due before automatic debit begins. If a forbearance is placed on the account all unpaid interest will be capitalized.
F. Termination, Changes, Insufficient Funds
CornerStone reserves the right to make changes to this Agreement or to terminate this Agreement at its sole discretion. It is your responsibility to ensure that you have
sufficient funds to cover each Transfer CornerStone reserves the right to collect from you any additional fees, as permitted by law and/or your promissory note(s), resulting
from non-sufficient funds. If your payment is returned due to non-sufficient funds for 3 months in a 12 month period, your Direct Debit may be cancelled. CornerStone may
represent an unsuccessful monthly debit to your financial institution. You are required to submit a new Agreement in order to preauthorize Transfers for any additional
student loans or any student loans previously excluded from this Agreement. If a Transfer will vary in amount from the previous Transfer, CornerStone will inform you of the
new Transfer amount at least 10 days in advance.
G. Paid Ahead Status
CornerStone will debit your scheduled installment amount and any additional amount you have requested on the due date each month, even if your account is in a paid
ahead or partially paid ahead status. You may make additional, one-time payments at any time by visiting mycornerstoneloan.org or mailing a payment to the payment
address listed on your monthly statement.
H. Interest Rate Reduction
If your student loan owner offers an interest rate reduction while your loans are enrolled in Direct Debit, the interest rate reduction may be lost if Direct Debit is cancelled or
suspended for any reason.
I. Limitation of Liability
CornerStone shall not be liable in its performance of the Direct Debit service except for its gross negligence or intentional misconduct in performing the service. In no event
shall CornerStone be liable for exemplary, special, consequential, or punitive damages arising or resulting from Direct Debit.
