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What Granite State Management & Resources student loan borrowers need to know

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Granite State Management & Resources (GSM&R for short) is a student loan servicer that manages both federal and private student loans. If it is your student loan servicer, it will be your point of contact for your student loan repayment.

Here’s what to know if you’re already working with Granite State or you’re considering the servicer while consolidating your federal loans.

What is Granite State Management & Resources and what does it do?

GSM&R is one of the nine companies that service federal student loans, and it also services private student loans. It’s a nonprofit organization within the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network.

GSM&R does not offer student loans itself; as a student loan servicer, it receives payments, suggests different repayment plans and manages other administrative tasks related to your student loans.

Is Granite State Management & Resources a good student loan servicer?

While many borrowers may never run into issues with the GSM&R, the Consumer Financial Protection Bureau (CFPB) has received 52 complaints from consumers since 2019 about the servicer.

The area with the most complaints is credit reporting, with many borrowers claiming that the servicer reported their account information and status incorrectly. In many cases, the issue was resolved when the borrower disputed it. Depending on the situation, inaccurate information on your credit report can damage your credit score.

Other complaints include:

  • Trouble with how payments are being handled.
  • Bad information provided about the customers’ loans.
  • Problems with customer service.
  • Inflexibility with payment options.

If you have issues with GSM&R, you can file a complaint with the CFPB directly. You can also switch to a different federal loan servicer through the Direct Consolidation Loan program, though that process will result in a slightly higher interest rate.

Another alternative is to refinance your student loans, which may give you a different servicer. Just keep in mind that if you refinance federal loans with a private lender, you’ll lose access to certain benefits, including student loan forgiveness programs, income-driven repayment plans and coronavirus-related relief.

How do I manage Granite State Management & Resources student loans?

There are a few ways to find out if GSM&R is your student loan servicer. The easiest way is to check your credit reports, which list all of your current loan servicers. If you have a federal student loan, you can also search the National Student Loan Data System.

You can manage your student loans through your online account with GSM&R. Once logged in, you can do all of the following:

  • Make payments.
  • View statements.
  • Apply for deferment or forbearance.
  • Use a secure messaging system to contact customer service.

You’ll also be able to see how your payments have been applied. If you want to apply for an income-driven repayment plan, though, you’ll need to do so through the Federal Student Aid website.

How do I create a Granite State Management & Resources account?

If it’s your first time trying to get into your online account, you’ll need to create a Granite State Management login. Have your nine-digit loan account number on hand, which you can find on your monthly statement.

You’ll also need to provide your Social Security number, date of birth, email address and a username and password, along with other information. If you have questions or trouble creating an account, you can reach customer service by calling 888-556-0022.

The future of Granite State Management & Resources

In 2020, the Office of Federal Student Aid (FSA) announced that it would be overhauling the federal loan servicing system to make the repayment process easier for borrowers. The FSA signed contracts with five loan companies, not including GSM&R, to support customers through processing and communication.

Additionally, instead of each loan servicer having its own platform for its customers — which made things unnecessarily complicated for borrowers who had loans with multiple servicers — all loans will be administered through one centralized platform.

As of March 2021, the new system is not yet in place. And while it’s likely that the Department of Education will include the existing servicers in the platform, it’s unclear whether Granite State will remain on the platform after its current contract with the FSA expires or if its portfolio of student loans will be transferred to a different servicer.

As a result, it’s important to watch out for any communication you may receive from GSM&R or the FSA on the matter.

The bottom line

If GSM&R is your loan servicer and you’re having trouble with paying your student loans, don’t hesitate to call the servicer for help. And if you’ve had a bad experience with the servicer, there are options available to you, including consolidating with a different federal servicer and refinancing your student loans.

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Written by
Ben Luthi
Contributing writer
Ben Luthi is a personal finance and travel writer who loves helping people learn how to live life more fully. His work has appeared in several publications, including U.S. News & World Report, USA Today, Yahoo! Finance and more.
Edited by
Student loans editor