Savanna Hoffman
Granite State Management & Resources (GSMR) Student Loan Servicing, also known as GSMR, was one of the companies that serviced federal student loans by collecting and tracking payments. GSMR operated as part of the New Hampshire Higher Education Assistance Foundation Network Organizations (NHHEAF). NHHEAF announced on July 19, 2021, that GSMR would not seek an extension of its servicing contract after December 31, 2021. After this date, GSMR loans were transferred to a new loan servicer, and all federal loans in the GSMR portfolio were transferred to Edfinancial. This article will discuss how to pay interest on student loans serviced by GSMR.
| Characteristics | Values |
|---|---|
| Company Name | Granite State Management & Resources (GSMR) |
| Type of Company | GSMR was a student loan servicer |
| GSMR's Role | Collected and tracked payments |
| Parent Organization | NHHEAF (New Hampshire Higher Education Assistance Foundation Network Organizations) |
| GSMR's Contract | GSMR's contract ended on December 31, 2021, and loans were transferred to Edfinancial |
| Payment History | Borrowers can request and save their payment history before the contract ends |
| Contact Information | GSMR borrowers should update their contact information with GSMR |
| Tax Information | If $600 or more in interest was paid, tax information will be mailed or emailed |
| Autopay | Signing up for autopay reduces interest by 0.25 percentage points |
| Income-Driven Repayment | GSMR offers income-driven repayment plans, limiting payments to a percentage of income |
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What You'll Learn
Request income-driven repayment plans
As of 2021, GSMR (Granite State Management & Resources) is no longer servicing federal student loans. All federal loans in the GSMR portfolio were transferred to Edfinancial. If you were previously serviced by GSMR, you can now manage your student loans through your new servicer, either Nelnet or Firstmark.
To request an income-driven repayment plan, you will need to contact your new servicer. Income-driven repayment plans limit your student loan payments to a percentage of your income. To request this repayment plan, you will need to complete a paper form with your servicer.
You can register for online access to your account to view your monthly billing statements and pay bills. You can also enrol in autopay, which will allow your servicer to deduct your payments automatically from your bank account and reduce your interest by 0.25 percentage points.
If your loans transferred from GSMR in 2023, you will receive your tax information by mail no later than January 31, 2024, if you paid $600 or more in interest. If you paid less than $600 in interest, no form is required, and you can contact your new servicer to obtain the amount of interest paid.
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Sign up for autopay
Signing up for autopay is a great way to save money on your student loan interest. Most federal and private student loan lenders offer an interest rate discount of 0.25% for enrolling in autopay. This means that instead of paying the full interest rate, you'll only pay 0.25% less, which can add up to significant savings over the life of your loan. For example, if you have a student loan with a $60,000 principal amount and a 5% interest rate, you would pay $95,034 over 20 years without the autopay discount. But with the 0.25% discount, you would pay only $93,056, saving you $1,978. That's money that could be used for rent, a vacation, or even a shopping spree!
Another benefit of autopay is that it guarantees your monthly loan payments will be made on time, every time, as long as you have enough funds in your bank account. This is important because even one missed payment can hurt your credit score, and frequent late payments can really drag it down. With autopay, you can rest assured that your payments will be made automatically, helping you establish a positive credit history.
To sign up for autopay, you'll need to track down your student loan servicer and set up online access to your account. You can do this by signing into Studentaid.gov or the National Student Loan Data System (NSLDS). Once you have online access, you can usually change your payment settings to enrol in autopay. If you can't make the change online or are having issues, you can call your lender or loan servicer and ask them to walk you through the enrolment process.
It's important to note that you must be current on your loan payments to start autopay, so be sure to review the state of your account before enrolling. Additionally, make sure you have enough money in your bank account each month to cover the automatic payments, as overdraft fees can be costly. If autopay ends up being too much of a financial burden, you can usually cancel it, but be sure to check with your lender about the process, as it may require advance notice.
Overall, enrolling in autopay for your student loans is a great way to save money on interest and ensure timely payments, which can help improve your credit score. By taking advantage of the autopay discount, you can put money back in your pocket and get one step closer to being debt-free!
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Understand what's happening with your loan
Understanding what's happening with your student loan is crucial, especially with the dynamic policy landscape and the potential financial implications. Here are some key aspects to help you stay informed and make decisions about your loan:
Know Your Loan Type
Firstly, identify the type of student loan you have. Federal student loans are typically owned and held by the federal government through the Department of Education. However, some older federal loans may be owned by a private company or state agency. Private student loans, on the other hand, are usually held by banks or lending companies. Understanding the loan holder is essential as your options for relief and repayment plans may vary depending on who owns your loan.
Stay Updated with Policy Changes
Keep yourself informed about changes in student loan policies. For instance, the Trump Administration's tax and spending law brought significant changes to the federal student loan system, affecting repayment plans and loan caps. Additionally, the Department of Education has the authority to decide who services federal student loans, so stay alert for any notifications about changes in your loan servicer.
Manage Your Loan Information
Ensure that your loan servicer has your correct and up-to-date information. This includes any changes in your personal details, such as a new address, phone number, or marital status. This is important because you may need to create a new online account with your loan servicer if they change, and you want to ensure your payment history and balance are accurate.
Understand the Costs and Risks
Be aware of the costs and risks associated with student loans. Understand that student loans can have long-term financial implications, and the debt can impact other aspects of your life, such as buying a home or saving for retirement. Student loan delinquencies and defaults can have broader economic consequences, so it's essential to manage your debt responsibly.
Explore Repayment Options
Explore the various repayment options available to you. Depending on your loan type, you may have different repayment plans to choose from, such as standard repayment plans with fixed monthly payments or income-based repayment plans. The Department of Education and online resources like StudentAid.gov can provide valuable information to help you compare and select the best repayment strategy for your situation.
Staying informed about your student loan and its broader context is essential for making financially prudent decisions. By understanding your loan type, keeping up with policy changes, managing your loan information, recognizing the costs and risks, and exploring repayment options, you can navigate your student loan journey more effectively.
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Save and download your payment history
It is a good idea to keep a personal copy of your student loan information. While federal systems are expected to function normally, there may be occasional technical issues or updates that can make it harder to access your records when you need them.
You can access and save your records through both Federal Student Aid (FSA) and your loan servicer's website. Here are the steps to save and download your payment history:
Federal Student Aid (FSA) website
- Log in to StudentAid.gov with your FSA ID (username and password).
- Click on "My Aid" to view your loan summary.
- Scroll down and click on "Download My Aid Data".
- This will download your NSLDS.txt file, which contains information about your loan servicer.
- You can then contact your loan servicer to request your complete payment history.
Loan servicer's website
- Log in to your loan servicer's website (e.g. FedLoan, Navient).
- Download any statements or messages from your servicer.
- Save these files to a secure location.
You can also take screenshots or photos of your main dashboard on the Federal Student Aid website, including your loan balances, payment progress, and general details.
Additionally, you can upload your Student Loan Data file to a Savi account for safe keeping. This allows you to monitor your loans and stay on top of any changes.
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Update your contact information
If you have student loans serviced by Granite State Management & Resources (GSMR), it's important to update your contact information before the servicing contract ends. This ensures that you stay informed about your loan status and any changes in servicers. Here are the steps you should take:
- Gather Your Updated Information: Ensure that you have your current and correct phone number, email address, and mailing address readily available. Having this information written down or typed out in a document will make it easier to update your contact details across different platforms.
- Update Contact Information with GSMR: Contact GSMR and provide them with your updated contact information. You can do this by calling their customer service line or by logging into your online account on their website, if you have one. Make sure to update all forms of contact, including your phone number, email, and mailing address.
- Verify Your Information: After updating your contact details with GSMR, double-check that the information they have on file is accurate. This can be done by requesting a confirmation email or text message to your new contact details. This step ensures that you will continue to receive important communications from GSMR or the new loan servicer after the contract ends.
- Inform Other Parties: If you have shared your contact information with other parties involved in your student loan process, such as co-signers or financial aid offices, make sure to update them as well. This ensures that everyone involved is on the same page and can reach you through the correct channels.
- Regularly Review and Update: It is good practice to periodically review and update your contact information, especially if you change your phone number, email, or address in the future. This ensures that you maintain accurate records with your loan servicer and can be easily reached regarding important matters.
By following these steps, you can effectively update your contact information with GSMR and maintain open lines of communication regarding your student loans. This will help you stay informed about any changes in loan servicers and allow you to manage your loan effectively.
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Frequently asked questions
GSMR, or Granite State Management & Resources Student Loan Servicing, is a company that helps service federal student loans. GSMR was one of the student loan servicers, but its loan portfolio was transferred to Edfinancial after the company stopped servicing federal loans after December 31, 2021.
GSMR helps service federal student loans by collecting and tracking payments. You can register for online access to your account and contact your servicer, see your monthly billing statements, and pay bills. You can also enroll in autopay, which will reduce your interest by 0.25 percentage points.
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.
