Granite State Management is a household name among student loan borrowers nationwide. As a key player in the student loan service sector, Granite State Management has offered such essential services as loan origination and funding, as well as billing, loan repayment assistance, and customer service. Whether you’re in repayment on your student loans or just starting your repayment journey, knowing what Granite State Management is and what it does can play a big role in your success. This guide will detail the history of the organization, the services it provides, what if offers borrowers, updates that have picked up traction, and what borrowers need to know going forward.
What is Granite State Management?
It also known as GSMR (Granite State Management & Resources), is a non-profit loan servicer. It was created to oversee and administer federal and private student loans for borrowers across the country. The group was part of the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network, a nonprofit organization that works to increase access to higher education through student loan programs.
Granite State Management primarily managed federal loans under contracts with the U.S. Department of Education, which meant borrowers had the servicing support they needed throughout the duration of their loans.
What Does Granite State Management Services Has to Offer
Granite State Management provided a broad array of services to help borrowers understand the often bewildering world of student loans. Their key services were:
- Disbursement: Helping schools pay loan money to students.
- Billing and Payment Collection: Processing monthly billing statements, receiving payments and issuing payment reminders.
- Repayment Plans- Advising borrowers on a variety of loan repayment plans and options which are based on borrower’s income and financial circumstances.student loan type.
- Deferment and Forbearance: Helping borrowers request temporary payment postponement when experiencing financial hardship.
- Direct Consolidation Loan: Assisting borrowers in gathering multiple federal student loans into a single Direct Consolidation Loan enabling them to make a single payment more manageable.
- Customer Support: Providing tailored help via call-centers, online portals and e-mail interfaces.
By providing these services, It sought to keep borrowers in front of their loans, out of delinquency and onto affordable repayment options.
Granite State Management and Federal student loans
For years, it was among several servicers that worked on federally owned student loans. The Department of Education hired a number of servicers — among them Navient, FedLoan Servicing, Great Lakes and Nelnet — to handle tens of millions of federal loans dispersed throughout the country.
Granite State Management managed loans from programs such as:
- Federal Direct Loans
- Loans from Federal Family Education Loan (FFEL) Program
- Federal Perkins Loans (in some instances)
Those whose loans were transferred to these dealt with the company for any of their loan needs, such as enrolling in autopay, applying for income-driven repayment (IDR) plans or submitting public service loan forgiveness (PSLF) certifications.
Modifications in the Role of Granite State Management
The federal student loan servicing space looked a lot different in 2021. The US Department of Education announced the first stage of the overhaul encompasses 3 new quality benchmarks for the repayment system serviced by the department are now in place. In conjunction with these moves, Granite State Management said it would terminate its federal student loan servicing contract.
As of the end of 2021, it has offically started to move all of their federal student loan accounts to other servicers, such as Aidvantage (operated by Maximus), EdFinancial, and Nelnet. The borrowers who were previously serviced by Granite State Management were sent letters explaining their new servicer information.
And while this is no longer supports federal student loans, it services some private loan programs, and is also involved in the education finance market.
What Borrowers Need to Know
For borrowers who used to be serviced by these, here are three important takeaways:
Monitor Your Loan Transfer
If your loans were moved to a new servicer, it’s essential to check on your account regularly. Be sure that all of your contact information is current, and validate your payment history and repayment plan details with your new servicer.
Stay Aware of Scams
Scams are especially rampant when there are changes in loan servicing. Remember to confirm all communications about your student loans by reaching out to your new servicer directly through official means.
Initiate New Autopay Agreements
If you had autopay with these, you may need to re-establish autopay with your new servicer to maintain eligibility for potential interest rate reductions.
Get to know your repayment choices
Lifting the moratorium may affect some borrowers, but federal repayment options like IDR and PSLF will still be available.
Contact your new servicer for help
It is now your new loan servicer who you need to talk to about your loan balance, your repayment plan, deferment and forgiveness programs.
Role of Granite State Management
While it is no longer services federal student loans, it still services some private education loans and other student financial aid programs in New Hampshire and nationwide. Their work is still grounded in expanding access to higher education by practicing responsible financial management and loan servicing.
It private loan borrowers can still access accounts, payments, and support via the Granite State Management website.
How to Get in Touch with Granite State Management
Borrowers who still manage their accounts can contact these for private loan servicing or general questions at the following:
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- Website: www.gsmr.org
- Phone: 1-888-556-0022
- Mailing Address:
Granite State Management & Resources 8.
4 Barrell Court
Concord, NH 03301
Contact them at their listed address to avoid scam and to be sure that you are actually contacting the right agencie.
Final Thoughts
It is no longer handles federal loans, but it has significantly impacted millions by helping with student loan repayment and financial counseling.
To stay informed about your student loans, you’ll want to know the history and role of these Management. Stay in control, keep records, and stay accessible—key steps when dealing with GSMR or a new loan servicer.
With student loan regulations changing year after year, loan borrowers should follow the latest news to maximize their chances of forgiveness and repayment.
