What charges and fees have been assessed on my account?
In accordance with the disclosure statement 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.
Can I consolidate my student loans?
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.