Granite State Student Loans, also known as Granite State Management and Resources, is a non-profit agency that services both federal student loans and private student loans. The organization is part of the New Hampshire Higher Education Assistance Foundation Network, but it services loans from a wide range of borrowers across the country.
Granite State Student Loans assists borrowers in managing their student loans in terms of making payments, structuring repayment plans, and applying for and implementing forbearance or deferment as needed. The company was established in 1986. Since then, it has become one of the major student loan servicers for federal student loans dispersed by the Department of Education.
Granite State Student Loans: Features and Benefits
Like most other student loan servicers, Granite State Student Loans has an online platform that allows borrowers to manage their loans from both private and federal sources. Granite State Student Loans’ online tools include payment scheduling or one-time payments, access to forms for deferment and forbearance requests.
It provides several educational resources relating to repayment plans and offers help with plans to pay back student loan debt. The student loan servicer also makes information available about income-driven repayment, provides calculators to determine the best fit for borrowers, as well as details about student loan forgiveness programs for which borrowers may be eligible.
Granite State Student Loans also gives borrowers several methods to make payments, streamlining the process of loan repayment. Borrowers may pay online, set up recurring payments with automatic debit agreements, or utilize the online bill pay tool. They can also make payments over the phone, or by mailing in a physical check.
Granite State Management and Resources Issues
Although Granite State Student Loans has not had as much negative press or legal issues as other student loan servicers, it has had complaints from borrowers. Some customers have complained that the company delayed deferment requests, which led to missed payments and damaged borrowers’ credit scores. Other complaints charge that the servicer misapplied payments when borrowers had more than one student loan with the company. This resulted in higher interest charges than necessary.
Contact Information for Borrowers
Borrowers who have issues with Granite State Student Loans can contact the company directly to report problems. The easiest way to get in touch with the student loan servicer is via phone, at 1-888-556-0022 for borrowers with an account number beginning with F8, or 1-800-719-0708 for borrowers with an account number beginning with C7. Problems with Granite State Student Loans that cannot be resolved directly with the servicer may be reported to the Consumer Financial Protection Bureau online.
Switching From Granite Management to Another Servicer
Whether there have been issues with servicing of a student loan in the past, or a borrower simply wants to move to a different servicer for other reasons, the option is not available in most cases. Borrowers with federal student loans do not pick their student loan servicer.
Instead, the Department of Education, which disperses federal student loans, chooses which student loan servicer will manage the loans once they enter repayment. The only way to change a student loan servicer is to refinance to a private lender. Borrowers, similarly, cannot change from a different student loan servicer to Granite State Student Loans, as the organization is not a direct lender.
However, if borrowers opt to pursue a refinance of their student loans with a private lender, the options for a new servicer abound. There are many companies that provide student loan refinancing to qualified borrowers, some of which might provide a lower monthly payment, a lower interest rate, or both. Customer service may also be better with a private student loan lender. But borrowers do give up certain benefits by transitioning federal student loans to private loans.
Author: Melissa Horton
Your Guide to Financial Freedom
Money tips, advice, and news once a week
Join the LendEDU newsletter!Thanks for submitting!Please Enter a valid email
Student Loan Guides
Student Loan Reviews