While attending Cornell University, students may have borrowed loans from various sources. Information regarding Federal Direct loans, which are administered by the U.S. Department of Education through various student loan billing servicers, is available at www.studentloans.gov.
Student loan billing statements are sent out mid-month by Heartland ECSI. Payments are due by the first of the month. If payment is not received by the first of the month, your account will be considered past due, and you will be charged a late fee. If you do not receive a bill, you are still obligated to make your payment as scheduled.
You must update your billing address through Heartland ECSI, or by contacting the Student Loan Repayment office by e-mail at firstname.lastname@example.org, or by fax at (607) 255-6442, Attn: Student Loans. Borrowers with a Direct Stafford or Plus Loan must contact the Direct Loan Servicing Center at (800) 848-0979, or update online with Direct Loan Servicing. Informing other offices on campus (e.g., the Office of the Bursar, Alumni Office) of a change of address is not sufficient.
Note: Failure of the Student Loan office to provide bills, notices, or statements to borrowers does not alter a borrower's responsibility to make payments due on a loan as specified in the promissory notes.
Billing statements provide a payment stub and a return envelope with which to remit your payment. Payments that do not accompany a payment stub must include your Cornell ID number to assure proper credit of your payment.
Your student loan is a serious legal obligation. You must fulfill your obligation to Cornell according to the terms to which you agreed when you signed your promissory notes. We expect you to assign at least the same level of importance to your student loan obligation as you do to other forms of credit you will obtain after you leave Cornell, such as credit cards or automobile loans.
Prompt repayment is also important to future Cornellians, because your repayments are used to make loans available to them. This is your opportunity to assist students who depend on loan funds to continue their education.
If you have more than one loan, each payment is distributed among all your loans. If you want to have a payment applied to a specific loan account, you must include with your payment a letter to that effect.
Regardless of the loan type or number of loans, each payment is distributed in the following order:
Get more information about Payments in Advance and Prepayments.