With 43 million federal student loan-holders to track, the Department of Education (ED) employs third-party servicers such as Granite State Management & Resources (GSM&R) to collect payments.
GSM&R is a longstanding federal — and private — loan servicer that helps borrowers manage repayment. But with its government contract expiring in 2020, it’s more important than ever to keep tabs on your Granite State student loans.
Here are some questions to answer:
What is Granite State Management & Resources?
How do you manage Granite State student loans?
How do you create a Granite State Management & Resources account?
Is Granite State Management & Resources legit?
Why might GSM&R not be your servicer much longer?
GSM&R is part of the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network Organization, a group consisting of three independent nonprofit loan servicing agencies.
Established in 1986, GSM&R services both federal and private student loan programs. It is one of several federal loan servicers that work with ED to service the federal direct loan program, so you’ll need to check if GSM&R is your servicer once the repayment process starts.
GSM&R is in charge of enforcing monthly loan repayments on behalf of the lender, which includes both ED and private student loan lender EdvestinU. The company also acts as the borrowers’ customer service contact to resolve any payment-related issues, and it provides assistance through agents who specialize in various loan types.
GSM&R reports your repayment status to the credit bureaus, while also helping borrowers:
- Apply for deferments and forbearances if needed
- Work with you to evaluate income-driven repayment plans
- Review loan relief options for military members or veterans
You would just need to contact them to discuss the options for your Granite State loans.
As a borrower, you don’t have a choice in who services your loan once repayments are due, so if your lender has partnered with GSM&R, then you must use their services. (With that said, you could ditch your federal loan servicer by opting for Direct Loan Consolidation or private student loan refinancing.)
|Not sure if you have Granite State student loans?|
|If you haven’t heard from your lender or servicer, look at your credit reports or review your most recent loan statement. If you have a federal direct loan, you can confirm your servicer by logging into the Federal Student Aid website with your FSA ID.|
Once you’ve determined that your servicer is GSM&R, you can follow a few simple steps to set up your Grant State loans account.
- Go to www.gsmr.org and click “Register.”
- Next, you’ll be asked to enter your Social Security number, email address and birthdate.
- You will need to create a username and password and click “Continue.”
You’ll then be guided through additional steps to your newly-created account page.
|Ways to submit Granite State student loan payments|
|● Enroll in automatic payments using a checking account
● Submit dues online, over the phone or via snail-mail
While GSM&R is a legitimate federal and private loan servicer, it does have a checkered reputation. Borrowers posting on the Better Business Bureau website have reported problems with processing deferments, for example.
In addition, the Consumer Financial Protection Bureau’s (CFPB) database listed 86 complaints filed about GSM&R between July 2017 and July 2020. These are the top concerns among those filed:
|Dealing with your lender or servicer||28||33%|
|Incorrect information on your report||19||22%|
|Problem with credit reporting||14||16%|
|Struggling to repay your loan||10||12%|
|Attempts to collect debt not owed||5||6%|
For its part, GSM&R was absent from the leading complaint-holder companies highlighted in the CFPB student loan ombudsman’s 2019 report.
|To settle a dispute with GSM&R…|
|● Contact the lender directly
● For federal loans, consult the Federal Student Aid Ombudsman
● For EdVestinU loans, file a CFPB consumer complaint
● Also, consider writing a letter to Congress
Even if GSM&R is your servicer today, it might not be tomorrow. The servicer’s contract is due to expire by the end of 2020, though it remains possible for ED to temporarily or permanently extend the partnership.
Stay on top of your Granite State student loans, in case they’re assigned to a new servicer come 2021. You should receive GSM&R correspondence detailing your loan status, but it doesn’t hurt to be proactive and pick up the phone — that’ll make tracking down your loan servicer much easier at a moment’s notice.
Even if GSM&R joins the group of new servicers announced in June, it’s likely you won’t have to visit the servicer’s website to manage your Granite State student loans. That’s because ED has been rolling out Next Gen, its one-stop-shop of a loan management platform.
If your Granite State loans were originally borrowed from EdVestinU as private debt, on the other hand, they won’t be affected by the servicer’s evolving relationship with the federal government.
Andrew Pentis contributed to this report.
Interested in a personal loan?Here are the top personal loan lenders of 2022!
|Lender||APR Range||Loan Amount|
|7.99% – 23.43%1||$5,000 - $100,000|
|4.37% – 35.99%||$1,000 - $50,000|
|7.46% – 35.97%*||$1,000 - $50,000|
|99.00% – 199.00%2||$500 - $4,000|
|5.99% – 24.99%3||$5,000 - $40,000|
|7.99% – 20.88%4||$5,000 - $50,000|
|7.99% – 35.99%5||$2,000 - $36,500|
|10.68% – 35.89%6||$1,000 - $40,000|
|9.95% – 35.99%7||$2,000 - $35,000|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
Fixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
2 Includes AutoPay discount. Important Disclosures for Opploans.
Direct Deposit required for payroll.
Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
3 Includes AutoPay discount. Important Disclosures for Happy Money.
Happy Money Disclosures
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
Applications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 7% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) The $15,575.04 total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to the loan amount. Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6% (average is 4.86% as of 7/1/2019 – 9/30/2019). In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,001 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Avant.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.
Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 – August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade’s bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/ .