Granite State Management & Resources (GSMR) Student Loan Servicer Review: What You Should Know

GSMR, or Granite State Management & Resources Student Loan Servicing, is a company that helps service federal student loans. It is part of NHHEAF, or New Hampshire Higher Education Assistance Foundation Network Organizations, and collects and tracks payments.

NHHEAF announced on July 19, 2021, that GSMR won’t service federal student loans after Dec. 31, 2021, since it isn’t going to extend its contract. What this means is that GSMR loans will be transferred to a new loan servicer after this date.

What Does GSMR Help Me With?

The U.S. Department of Education will assign you a loan servicer when your loan is disbursed for the first time by your college. Your servicer is the name of the company that sends you your monthly federal student loan bill. You can find out which company is your loan servicer by logging in to My Federal Student Aid or by calling the loan servicer contact centers at 1-800-4-FED-AID.

If GSMR happens to be your federal student loan servicer, there are several important tasks it can help with before its contract expires. You can register for online access to your student loan account. Once you have your Granite State Management login information, you can access your monthly statements, pay bills and contact your loan servicer. 

Other ways GSMR can help you: 

• Processing monthly and extra payments: You’ll be able to track and make payments through GSMR. Plus, you can notify the company if you want to make extra payments on your current loan balance or apply the additional amount to the following month’s payment. 
• Enrolling in automatic payments: You can have GSMR deduct payments from your chosen bank account automatically. If you sign up for autopay, you also can receive a 0.25% reduction in your interest rate.
• Processing requests for deferment and forbearance: If you need to reduce or temporarily stop making your loan payments, GSMR will determine if you qualify and will help you do so. You’ll be able to remain in good standing with your loan and avoid default. Remember, though, that interest may continue to accrue.
• Signing up for an income-driven repayment plan: If you need payment assistance, you can request an income-driven repayment plan through GSMR so that your payments are limited to a percentage of your income. It’s also possible to apply on StudentAid.gov and recertify your income yearly online. 

GSMR, like other federal student loan servicers, helps you do much of the same tasks as mentioned above. However, some options may be different and tend to benefit the company and not you as the student loan borrower. That means GSMR won’t suggest the best repayment option for your needs to change the way payments are processed. 

Do I Need to Stick With GSMR Until I’ve Paid Off My Loans?

Considering GSMR is set to stop servicing federal student loans after Dec. 31, 2021, the answer is you’ll probably switch servicers anyway. The Department of Education is signing new contracts with several companies to take over loan servicing. 

Before GSMR’s servicing contracts end, it’s a good idea to understand what’s happening with your loan so you’re not caught off guard. You’ll want to save and download your payment history, which you can do by requesting a copy from GSMR or through your online account. That way, you’ll have it on file in case you have questions or concerns after GSMR’s contract ends. Don’t forget to update your contact information by giving GSMR your current phone number, email and mailing address.

You’ll most likely stay with GSMR until the end of its contract or until you pay off your student loans if you do so before that time. Otherwise, you can switch loan servicers, though that would have to be with a private student loan lender. 

If you stick with GSMR, you’ll be notified when there is a loan servicing transfer, at which point you’ll transition into managing your payment with your new servicer. Even though customer service may differ, all federal loan servicers will offer you the same programs and options. 

How Do I Contact GSMR?

If you have questions or concerns about your loans and GSMR hasn’t ended it contract yet, you can contact the company via several options. However, its contact information will differ depending on what your account number is, so find out what that is first.

If your account number starts with C7, here’s how to contact GSMR:

• Email: collegeplanning@nhheaf.org
• Phone number: 1-800-719-0708 (Monday through Friday from 8 a.m. to 6 p.m. ET)
• Address (general queries): Granite State Management & Resources, P.O. Box 2097, Concord, NH 03302-2097
• Address (loan payments): Granite State Management & Resources, P.O. Box 9560, Manchester, NH 03108-9560

If your account number starts with F8, here’s how to contact GSMR:

• Email: collegeplanning@nhheaf.org
• Phone number: 1-888-556-0022 (Monday through Friday from 8 a.m. to 6 p.m. ET)
• Address (general queries): Granite State Management & Resources, P.O. Box 3420, Concord, NH 03302-3420
• Address (loan payments): Department of Education, P.O. Box 4414, Portland, OR 97208-4414

What if I Have a Complaint?

Hopefully, you can resolve issues with GSMR. If not, you can file a complaint with its ombudsman's office directly. It’s the servicer’s highest customer service office. Call 1-603-227-5380 or email ombudsman@nhheaf.org if your account number starts with C7. 

If your account starts with F8, you can contact the Federal Student Aid Ombudsman Group. These options, no matter your account number, should be seen as a last resort. 
Whomever you contact, make sure you keep detailed records of everyone you interact with, including the name of the customer service representative and the date and time of your call. You’ll also want to keep any written documentation such as emails, letters or bills about your student loan account. 

What if I Want to Switch Lenders?

You can switch lenders, but that means you’ll end up with a private lender. Although you will lose the benefits that come with federal student loans, you may be able to save a lot of money in interest charges. At Juno, we’ve done much of the negotiating for you so that you can access the most competitive interest rates out there, potentially saving you thousands of dollars throughout the life of your loan.

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