This study extended the objects of trust—which had previously been confined mainly to the organizational level—to multiple dimensions in the e-Learning environment, including the university, instructors, and fellow learners. The study then empirically examined the effects of these multi-dimensional trust objects on school loyalty, as well as the interrelational effects among the multiple trust objects. In addition, the study analyzed whether the content dimensions of trust, such as credibility and benevolence, as trust formation factors, differ across each trust object. The research model was tested using data collected through an HTML-based online survey targeting students at domestic cyber universities, and the results supported the proposed hypotheses. Finally, the theoretical and practical implications of these findings were discussed, and the limitations of the study and directions for future research were presented.