Office of the Bursar Division of Financial Affairs

Congratulations!
The information you will be presented during this interview comes from the information provided by Cornell University. Cornell was pleased to have helped you finance your education through our loan program. The information below deals with the loan programs administered by Cornell; that is, those in which the university is the lender. You are responsible for contacting other lenders (Direct Loans 800-848-0979 or 315-738-6634 or www.dl.ed.gov) to determine their requirements for repayment. The Perkins Loan (formerly NDSL), the Health Professions Student Loan (HPSL), and the Cornell University Student Loan (University Loan), each have their own repayment terms.

Things You Need to Know
Now that you're leaving school (or dropping below half-time attendance), it's important to brush up on the details of your Cornell administered student loans. Among the most important points:

1. You MUST pay back your loan. That is true no matter what your circumstances -- even if you don't finish school, you don't get a job after leaving school, or your education didn't meet your expectations. If you pay on time, you build a good credit history, which makes it easier for you to borrow money in the future. Prompt repayment is also important to future Cornellians, as your repayments are used to make loans to current students. If you don't make your payments on time, your account will be reported to a National Credit Bureau.
2. Your school is your lender for Perkins, Health Professions and University loans -- so keep them informed. Stay in close touch with your account representative. Contact them, by mail at Student Loan Office, 260 Day Hall, Ithaca, New York 14853-2801, by telephone during regular business hours, 8:00 a.m. to 4:30 p.m., Monday through Friday at 607-255-7234 or email: UCO-LOANS@CORNELL.EDU. You can also visit our Website at: http://www.bursar.cornell.edu.
3. Staying informed can make a big difference. Keep your records accurate and organized, so you can resolve problems more easily. Know the amount of your student loan payments -- and when they begin. Read all information carefully. Keep copies of any promissory notes you signed: they tell you the total amounts borrowed, and the names and addresses of the institutions from which you borrowed.
4. If you have trouble making payments, help is out there. In fact, you have several options for resolving difficulties. The first step is to contact the Student Loan department @ (607) 255-7234 or email: UCO-LOANS@CORNELL.EDU, subject line should read "Student Loan Department". Our office hours are 8:00 a.m. to 4:30 p.m. Monday through Friday.
5. It helps to develop a budget now. This helps you manage your debt. It also prepares you to manage your student loan payments when you're done with school.

Now, please read the rest of this counseling session. An exit interview is a federal requirement for anyone who is graduating, withdrawing from school, or dropping below half-time status. Reading this session fulfills the requirement.

What Is a Perkins/Health Professions/University Loan?
A Federal Perkins Loan is a low-interest (five percent) loan for both undergraduate and graduate students with exceptional financial need. The loan comes from government funds, with a share contributed by the school. The Health Professions Loan is a five percent loan for students in the Veterinary and Medical colleges at Cornell. University Loans are Institutional Funds awarded to both undergraduate and graduate students with financial need. Please refer to your promissory notes for the interest rate as each loan may vary. If you need further information please contact the Cornell University Student Loan Department. (Your bank lender is your contact for Stafford Loans and the Federal Government is your contact for Direct Loans).

All of your loans (Perkins, Health Professions and University) have certain deferment and cancellation privileges. Deferments help delay payments on your loan. Cancellations provide a way to have a portion (or all) of the loan and accrued interest reduced such that you will not have to pay that amount. Deferments and cancellations require that you complete and submit forms to the Student Loan Department @ 260 Day Hall Ithaca, New York, 14853-2801 on a timely basis. Deferments must be submitted either every term or upon each new event. Cancellations must be submitted annually. A deferment form received in Lieu of payments due. Therefore if a deferment form is not received, it's the same as though payment has not been received. Your Promissory Notes will list all of the rights and responsibilities available to you under each Loan Program (sample in PDF Perkins, Health Professions, University will open in a new window). You may contact your school and request a copy of your signed promissory note. Deferments and cancellations are granted based on your promissory note provisions. You can review a list of possible deferments, including the conditions under which each deferment can be granted.

What Happens After I Leave School?
Several steps take place after you leave school or drop below half-time/full time attendance. First, you get a grace period -- a period of time (nine months for Perkins below half time), (six months for University Loans below full time), (twelve months for Health Professions below full time) when you don't have to make payments. (Of course, you can repay your loans any time you want, without penalty.) During the grace period, no interest is added to your loan. What if you re-enroll in school? It depends on when you do it. If you re-enroll at least half-time during this grace period (Perkins Only) -- and you file for deferment (for more information about deferments, see below) -- you get another nine-month grace period the next time you drop below half-time. If you re-enroll after the grace period, however, your next grace period will only be six months. You must be enrolled full time to be eligible for a student deferment on University and Health Profession Loans.

During the grace period, Cornell will send you a billing statement, which will include your Perkins, University and Health Profession Loans. The invoice will tell you the amount due, and the due date. The methods may include:

1. ACH (Automated Clearing House) Overview -- an automatic deduction each month from your checking account. You'll save money by not writing a check or paying postage. You will receive an annual statement in the month of January listing the amount paid to Interest and Principal for the past year.
2. Billing statements -- sent each month as a convenient reminder with a return envelope provided.

One month after the grace period, your first payment is due. The Federal Perkins Loan usually carries a minimum monthly payment of $40; the University Loan carries a minimum payment of $30; and the Health Professions carries a minimum monthly payment of $40; your payment may be higher, depending on your loan balance. The maximum repayment period is 10 years. You will need to contact Direct Loans to verify their payment methods 800-848-0979 or 315-738-6634.

What Do I Owe?
Be sure you know how much you owe! If you are unsure of your total loan amount (shown below), contact your school or your billing service. Now is the time to resolve any discrepancies and to ask questions! Your school requires that you sign your repayment schedule. By completing this on-line exit interview, you will satisfy that requirement. Cornell has provided an image of the promissory note as part of this on-line exit interview.

We currently show you are responsible for the following loans:

• Perkins (NDSL08) - 8,120.00
• University (UNIV15) - 8,650.00

If you believe that the list of loans shown above is not correct, you should contact the Student Loan Department @607-255-7234 or via email UCO-LOANS@CORNELL.EDU to resolve this matter.