In accordance with the financial responsibility agreement that each student is required to sign, finance charges are assessed on a monthly basis at 1.25% (15% annually) on all bursar and CornellCard accounts. In addition, accounts are imposed a collection fee once they become 75 days or more past due and referred to the collection department. Student loans accrue interest and late fees at the rates stated in the original promissory note.

In the event that the Collections office deems an account uncollectible, the account may be referred to an outside agency. At such time, additional collection and/or legal fees will be assessed by the collection agency. Fees may range from 25% to 45% of the total balance due. As the account holder, you are responsible for these fees.

Yes, university services including registration, leave of absence, retroactive registration, and diplomas are withheld until payment in full is received.

You can consolidate federal loans by contacting any of the consolidation companies available. However, most lenders will not accept private loans with Cornell University. You should check with the various lenders available to determine which loans may be included.

Note: By consolidating of federal student loans, you forfeit the cancellation benefits as outlined in your promissory notes.

Although Cornell University does not endorse any specific lender for consolidation, information regarding loan consolidation companies is available on our Student Loan Resources page.

Yes, you must submit in-school deferments for each year in which you are eligible if your school does not report to the National Student Clearinghouse. You can download and complete the necessary deferment form and send it to ECSI.

If you are enrolled full-time, you may be eligible for school deferment (Federal NDSL loans are eligible for deferment at half-time status). In order to have your student loans deferred, you must submit a Student Loan Deferment form to ECSI.

You can do so by contacting any of the four credit bureaus directly. Once you submit your dispute, ECSI will be contacted to verify the accuracy of the information. They will then inform the credit bureaus if any changes are needed.

Cornell University reports all student loans to all four national credit bureaus monthly. No other accounts are reported to credit bureaus.