To collect and keep tabs on payments for federal student loans, Granite State Management & Resources Student Loan Servicing (GSMR) was a participant in the industry. New Hampshire Higher Education Assistance Foundation (NHHEAF) Network Organizations, of which GSMR was a member, ran the program. By the end of 2021, Granite State Management and Resources (GSMR), which services federal student loans for almost 1.3 million students, will no longer be in business, according to an announcement from the Department of Education. If Granite State handled your loan servicing, you might have received communications from the U.S. Department of Education (DOE) or your newly assigned loan servicer, Edfinancial Services. However, there is always the potential for complications with the transfer of student loans.
How Can GSMR Assist Me?
After your school makes the first federal student loan disbursement, the U.S. Department of Education will choose a loan servicer to manage your account. Your federal student loan bill comes from a business called a servicer. Logging onto My Federal Student Aid or phoning the loan servicer contact centers at 1-800-4-FED-AID will tell you which firm handles your loans. If GSMR is servicing your federal student loans, several things it can do for you before its contract ends will prove invaluable. To manage your student loan account online, you must first register. You may see your monthly statements, make payments, and get in touch with your loan servicer after you have your login details for Granite State Management.
Through GSMR, you may monitor your progress and submit payments. Moreover, if you want to pay more than the minimum each month toward your loan total, let the firm know and they will either adjust your minimum payment accordingly or put the excess money into the next month's payment. You may arrange for GSMR to deduct payments from your bank account of choice automatically. With automatic payments set up, your interest rate might be lowered by 0.25%. Managing requests for postponement and forbearance, if you are having financial difficulties and need to suspend or lower your loan payments temporarily, GSMR can assist you with the process. You won't have to worry about going into default on your debt any longer. If you are having trouble making payments, GSMR may help you set up a repayment plan based on your income. Like other federal student loan servicers, GSMR may assist you in many of the actions mentioned above. However, other choices may be more favorable to the lender than the student loan applicant. This implies that GSMR will only recommend a repayment plan that works best for your circumstances if you want to adjust how payments are handled.
What Kind Of New Hampshire Education Financing Was Affected?
The parent firm of Granite State, New Hampshire Higher Education Association Foundation (NHHEAF) Network, announced that it would not be renewing its contract with the Department of Education (DOE) to handle federal student loans. Financial Services is now servicing all federally held student loans formerly handled by GSMR. Despite this, NHHEAF said it will "continue to service Federal Family Education Loan Program loans as well as EDvestinU loans, including any such loans securing its outstanding student loan securitizations." Investing is a private lender that helps students with new and refinancing loans.
How Edfinancial Will Handle Granite State Student Loans
By now, you should have heard from the Department of Education and Edfinancial Services about transferring your current Granite State student loans. In such a case, you should contact any of them immediately to prevent falling behind on your loan payments. Financial Services (EFS) may now be servicing your federal student loans. You will get a notification of the loan transfer from financial Services by email or mail. Once financial Services has received your loan repayment, they will send you a welcome letter outlining the following stages. GSMR and Edfinancial will collaborate closely throughout the process to ensure a smooth transition. As a result, your loan repayments are more likely to be handled without a hitch. The next step in paying off your student loans is creating an online account with Edfinancial and entering your payment details.
Conclusion
It would be best if you hadn't experienced any changes to the terms or conditions of your loan due to Granite State's loan consolidation with your new servicer. Since data belonging to millions of borrowers was mixed, errors are possible. You may save yourself a lot of trouble in the long run by double-checking your loan details against the data Edfinancial Services already has in its system.
