You’ve gone through the laborious process of finding student loans to cover your cost of education and finishing college. But, now you have to manage to pay back those student loans. This can be a challenging process for both you and The U.S. Department of Education (ED).
With 22 million American federal student loan borrowers, it can be very time-consuming and costly for the ED to track down borrowers for repayment. That’s why they use third-party servicers such as Granite State Management & Resources (GSM&R).
Read on to learn about GSM&R’s student loan services.
Who is Granite State Management & Resources?
GSM&R is part of the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network Organization, a group of three independent nonprofit loan servicing agencies.
Established in 1986, GSM&R services both federal and private student loan programs. GSM&R is one of several loan servicers that work with the ED to service the Federal Direct Student Loan Program, so you’ll need to check if GSM&R is your servicer once the repayment process starts.
What does Granite State Management & Resources do with student loans?
GSM&R is in charge of enforcing monthly loan repayments on behalf of the lender. The company acts as the customer service contact for the borrower to resolve any payment-related issues and have agents who specialize in various loan types.
They also report your repayment status to credit bureaus, help borrowers apply for deferments and forbearances if needed, and work with you to come up with an adjusted repayment plan if you are having trouble paying. You just need to contact them to chat through the options.
As a borrower, you don’t have a choice in who services your loan once repayments are due. If your lender has partnered with GSM&R, then you must use their services.
How does Granite State Management & Resources help student loan borrowers?
GSM&R simplifies the process of paying back your student loans. Their online system allows you to make a payment, and apply for deferments and forbearances 24/7.
They offer general and income-driven repayment plans. Each comes with a different set of terms and will affect your monthly payment. GSM&R has calculators you can use to help you figure out what plan will be best for you. They also have a special section on their website for military service members to help them figure out which plan works best for them.
Who is eligible?
GSM&R doesn’t determine who is eligible for the private and federal student loans — they simply collect the payments once the loan has been issued. To work with GSM&R, you would have to borrow from a lender that works with them.
From the lender’s perspective, your eligibility is based on a number of factors, including income, choice of school and major, and credit history. Once your student loan lender determines your eligibility and approves the loan, they will inform you about the student loan servicer.
If you haven’t heard from the lender or servicer, ask your lender, look at your credit reports, or review your most recent loan statement to determine who your loan servicer is. If you have a Federal Direct Loan, you can search on the National Student Loan Data System, which is the ED’s central database for Federal Student Aid.
How to sign up for a Granite State Management & Resources account online
Once you’ve determined that your servicer is GSM&R, you can follow a few simple steps to setup your account.
1. Go to www.gsmr.org and click “Sign up now.”
2. Next, you will be asked to enter your Social Security number, email address, and date of birth.
3. You will need to create a username and password and click “Continue.” If GSM&R is not your servicer, you will get a pop-up window that says, “The information you provided does not match our records.”
4. Then you will go through a security section to ensure your account is protected.
5. Finally, you will confirm your information is correct and continue to your newly created account.
What are customers saying about Granite State Management & Resources student loans?
Unfortunately, many of the customer reviews are negative. One reviewer on the Better Business Bureau website complained that their student loan account was reopened despite paying it off two years earlier.
Another reviewer referenced an incident where they did not hear back from GSM&R for over a week about why a current deferment had a changed end date. A similar incident happened to another borrower when the company failed to process a valid deferment form and provided inaccurate/conflicting information about the status of their deferments.
How do I contact Granite State Management & Resources?
You can call GSM&R at 888-5556-0022 from 8 a.m. to 6 p.m. EST, Monday through Friday.
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|Lender||APR Range||Loan Amount|
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2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
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 & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 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. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 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. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** 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
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.60% – 17.67%1||$5,000 - $100,000|
|7.46% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|5.99% – 17.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|