Granite State Management is a key player in the US student loan market. As one of the largest student loan servicers, known for servicing loans for millions of borrowers, it has established a reputation for trustworthiness, customer support, and educational assistance. What we’re going to cover in this article: What Granite State Management is What it does for borrowers How it affects you How to manage your loans with Granite State Management And what you can do if you are currently managing your loans through Granite State Management Keep reading to learn what is Granite State Management and get answers to these questions and more.
What is Granite State Management?
It is (commonly abbreviated as GSMR) is the name for a nonprofit student loan servicer in New Hampshire. The magazine is affiliated with the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network Organizations. Established to assist students through the complicated process of securing education financing, granite state management specializes in loan management for federal and private student loans.
Their goal is to help students and families get into and finance higher education and provide strong repayment support to help keep borrowers in good standing down the line. They work with borrowers across the country, but they have those New England roots.
Granite State Management Key Services The following are the key services provided by Granite State Management:.
Granite State Management provides a number of services that are essential to their loan borrowers. 2020-04-24 00:55:05 Some of these services are crucial:
Loan Servicing
It’s services federal student loans under a contract with the U.S. Department of Education. They oversee much of the billing, credit and collection, repayment plans, deferment and forbearance options, and help to guide borrowers through forgiveness programs.
Repayment Plan Assistance
Borrowers who refinance with granite state management have access to multiple, flexible repayment options, including:
- Standard Repayment
- Graduated Repayment
- Extended Repayment
- plans, such as PAYE, REPAYE, IBR, PFHL, and the new version of IBR geared to new borrowers.
These plans are tailored to the borrower’s ability to pay, making it easier to pay back student loans.
Loan Consolidation
Granite State Management offers loan consolidation services for several federal student loans combined into a single Direct Consolidation Loan. This can simplify repayment and potentially qualify borrowers for other benefits.
Help you with public service loan forgiveness (PSLF)
Borrowers employed in public service fields such as education, health care, or government employment can contact them with questions about PSLF eligibility. They assist with monitoring qualifying payments and employer certifications.
Mentored Financial Planning Services
In addition to loan servicing, Granite State Management supports financial literacy through counseling services, as well as information on budgeting, managing credit, and responsible borrowing.
Influence of Granite State Management Its operations and policies will influence borrowers.
If Granite State Management services your federal student loans, it’s important to know how there servicing affects your repayment:
- Correspondence: GSMR transmits periodic billing statements, notices of changes in repayment plans, and the status of the loan.
- Versatility: They provide several ways to manage accounts, through an online portal, mobile app access and dedicated customer service lines.
- Accountability: Keeping in touch with management of granite state means you aren’t at risk for missing out on repayment options, deferral possibilities, or forgiveness programs.
- Documentation: They save evidence of your payments, deferments and other essential information for tax filings or loan forgiveness applications.
Not effectively managing your relationship with GSMR may mean a lack of opportunity or worse, delinquency and default—with serious financial implications.
How to reach Granite State Management
For borrowers who need help, It provides several points of contact:
- Website: gsmr.org
- Phone: Call our customer service at during normal business hours for one on one customer assistance.
- Mail: Should you need to mail materials to or for the ATT, GSMR offers a separate mailing address.
Keeping in touch with these can keep you apprised of your student loan responsibilities.
How to Deal with Your Granite State Management Loans
Below are the critical things you need to do to ensure you successfully handle your loans serviced by Granite State Management:
Set Up Your Online Account
Log in to the GSMR website to check your loan balances, recent payments, and next payment due date. It also lets you make payments, change the type of repayment plan you’re using or apply for a deferment or forbearance.
Keep us informed of your contact details
Make sure your mailing address, phone number and email are current so you can receive important #StudentLoan notifications.
Explore Repayment Plans
It’s get with you, faithful workers in communication about more than one payment plan suitable for your income and marital life. Changing plans might reduce your monthly payments or qualify you for forgiveness programs.
Set Up Automatic Payments
Signing up for autopay can help keep payments on schedule and may even get you a small reduction in interest rate.
Track Your Progress Toward Forgiveness
Given that you are seeking PSLF or Income-Driven Repayment forgiveness, be sure to check your progress through GSMR on an ongoing basis. Maintain copies of employer-based certifications and communications.
Recent Changes and Updates
Federal Student loan programs are also subject to change, therefore, borrowers should be advised that this is impacted by changes that are enacted by the Department of Education. In 2021 the U.S. Department of Education has said in recentthat most contracts were not up for renewal with loan servicers, and some servicers would be phased out or transferred.
As part of the transition, It said it would be transferring its federal loan portfolio to other servicers. Borrowers who were transferred to GSMR may have their loans transferred to another servicer like Aidvantage or MOHELA. Yet the firm is still a well-respected player in the private loan servicing and financial education industry.
What to Expect When You’re Transitioning From Granite State Management
If your loans are or were being serviced by these but have been transferred, follow these key tips:
- Document: File away all statements, letters and histories-of-payment from GSMR.
- Verify Transferred Data: Make sure that your loan balance and payment history was transferred correctly to the new servicer.
- Be In The Know: Monitor your email and regular mail for communications around your loan servicer transition.
- No Disruption to Payments: Keep your payments running smoothly throughout, during and after transfer.
Final Thoughts
For decades, It has been a trusted resource in the world of student loan servicing, helping borrowers successfully manage the repayment of their higher education debt. Regardless of if you’re staying with GSMR or have moved on to a new servicer, knowing the fundamentals of managing your loan, making plans to repay it and how to communicate, is essential for financial wellbeing.
In the ever-changing world of student loans, borrowers need to be vigilant, stay informed, and utilize the tools and resources provided by servicers such as these. Being smart about your student loans now can lead to financial freedom later.
