Problems With Granite State Management and Resources

Problems With Granite State Management and Resources (GSMR)

Granite State Management and Resources is a nonprofit group that companies federal and personal student loans. GSM&R is an company within the New Hampshire Higher Education Assistance Foundation Network Organization.

The group boasts neighborhood involvement, and even frequently awards scholarships to students. Any income they make from their non-public student loans get put proper again into the group and the higher New Hampshire neighborhood, the place they help increased schooling by providing borrower advantages and serving to neighborhood members keep away from default, plan for faculty, and obtain monetary health.

Problems With Granite State Management and Resources

Top Problems With Granite State Resources and Management (GSM&R)

GSM&R is likely one of the smaller federal student loan servicers, however it’s not spotless. Websites just like the Consumer Financial Protection Bureau (CFPB) and Better Business Bureau (BBB) have collected many complaints about GSM&R.

It’s not unusual for student loan debtors to complain about interactions they’ve with their servicers. Frequent matters of rivalry concern a lack of knowledge about choices, issues enrolling in income-driven reimbursement plans, and customer support points. But we discovered a couple of particular GSM&R borrower complaints price noting.

1. Deferment Delays

Borrowers typically apply for deferment after they want a break from paying their student loans. The typical criticism about deferment is that servicers counsel deferment as a substitute of longer-term options when debtors can’t make their funds. GSM&R debtors, alternatively, complained about how lengthy it took them to course of a deferment software. Delays can result in missed funds and successful to a borrower’s credit rating.

Some debtors who had been beginning college utilized for in-school deferment however came upon that their deferment wasn’t going to final so long as they wanted. GSM&R blamed altering details about how lengthy the student can be enrolled, although the borrower had submitted the proper data from the start.

One couple’s account was transferred to GSM&R whereas their son was nonetheless in class. GSM&R eliminated the loans from in-school deferment earlier than the student graduated and didn’t notify his mother and father till the loans had been delinquent. When they referred to as GSM&R, they had been advised that they will enroll in deferment at any time via their on-line account.

However, they discovered no choice for in-school deferment. Instead, the web site claimed they wanted to have an financial hardship to defer. They referred to as in to customer support for a proof. But the consultant was not useful, repeatedly stating “that’s the way it is” as a substitute of making an attempt to assist them. They had been compelled to arrange funds instantly to attempt to save their credit.

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2. Misapplying Payments

Most debtors go away school with multiple student loan. Those loans typically have completely different rates of interest and completely different balances. One solution to assault your student loans neatly is to focus on sure loans for faster payoff.

When GSM&R debtors strive to try this, the funds typically get cut up between the loans, even when they efficiently focused a single loan within the cost course of. While some debtors say a GSM&R consultant initiated the wrong cost, most complain about their deceptive net account. The net portal will permit debtors to make a cost on a single loan; nevertheless, if the loan has been consolidated, the system can’t apply a cost to a part of the consolidated loan.

A borrower complained on BBB that his $2,100 cost, which he requested to be utilized fully to repay his smaller loan, was cut up between each his loans. He demanded that the cost be refunded to him as a result of it didn’t have the impact he wished, and he wished to know why the web account was deceptive.

In GSM&R’s response, he discovered that they maintain sponsored and unsubsidized loans separate inside a consolidated loan to “track the amount that may be eligible for [his] interest subsidy under certain circumstances.” GSM&R refunded the $2,100 cost.

3. Credit Reporting Complaints

Like all different forms of credit, student loans can positively or negatively have an effect on your credit rating, relying on how the servicer stories your accounts to the three credit companies. Sometimes, a creditor will inaccurately report somebody’s account.

In a very dangerous case, GSM&R reported to TransUnion that about 90,000 debtors had filed for chapter and that they may not pay their student loans. Borrowers started discovering the problem when their credit monitoring companies notified them of a credit rating drop of as much as 100 factors. These debtors had been typically in good standing earlier than the error. GSM&R didn’t attain out to any affected debtors. It seems they hoped to repair the error with out anybody noticing.

In one case, this error prevented a borrower from buying property as a result of his credit rating dropped nearly 100 factors. GSM&R labored with TransUnion to repair the credit report, however the borrower requested to be compensated for his lack of buying energy and time ensuing from their mistake. It’s unclear if GSM&R granted his request.

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Falsely reporting chapter on somebody’s account is dangerous sufficient when it’s only one individual. But the way in which the corporate handles it says so much. GSM&R’s response didn’t encourage confidence. The delay in fixing the error and refusal to proactively talk with these affected reveals irresponsibility. Therefore, it’s not a lot of a shock to see them responding with the identical impersonal copy-and-pasted message to the multitude of BBB complaints.

4. Other Miscellaneous Complaints

Of course, there are at all times different complaints that don’t match right into a class. While these won’t seem as traits, they’re price mentioning, if solely as a result of the borrower skilled such a breakdown in communication that they resorted to a public web site like CFPB and BBB to get these points resolved.

Most servicers have at the least one expertise with clients who cry fraud. GSM&R is just not immune from that. In this borrower’s case, they despatched letters disputing the loans — these letters went unanswered. When the borrower did discuss to GSM&R, he mentioned they took no motion.

Finally, in response to a BBB criticism, GSM&R outlined what the Department of Education wanted to discharge the borrower’s loans and despatched the division the data that they had, though that they had not acquired all mandatory data. The division authorized the declare, notified the credit companies, and despatched the ultimate approval notification to the borrower, although he then complained by no means acquired it.

There are a handful of student loan help applications for many who served within the navy, and issues are likely to go flawed. For this borrower, the method went comparatively easily till GSM&R reported delinquency to the credit companies for a loan the borrower was advised had been absolutely paid off.

A mix of a misplaced cost and miscommunication about who was chargeable for paying the curiosity on the loans resulted in a steadiness after the Army had made all their required funds on behalf of the borrower. The borrower was keen to make extra funds, however GSM&R stood by their choice to report the account to the credit bureau. It’s unclear what the ultimate decision was.

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How To Contact GSM&R Customer Service

You can attain out to Cornerstone customer support via the next:

Phone quantity: (888) 556-0022

Hours of operation: 8-6. Mon-Fri (EST)

General mailing tackle:

Account numbers starting with F8:
Granite State Management & Resources
P.O. Box 3420
Concord, NH 03302-3420
*Do not mail funds to this tackle.

Account numbers starting with C7:
Granite State Management & Resources
P.O. Box 2097
Concord, NH 03302-2097

Address for sending funds:

Account numbers starting with F8:
Department of Education
P.O. Box 4414
Portland, OR 97208-4414

Account numbers starting with with C7:
Granite State Management & Resources
P.O. Box 9560
Manchester, NH 03108-9560

Email/on-line contact kind: Online contact obtainable via Facebook or Twitter solely.

Check out this text about Problems With Granite State (GSM&R) Student Loan Servicing

How To Refinance Your GSM&R Student Loans

If you do not wish to be at GSM&R any longer, you do not have numerous choices. However, you’ll be able to refinance your student loans if it is smart for you.

When you refinance your student loans, you’re taking out a brand new non-public student loan to interchange your Granite State student loans. These loans have no of the Federal reimbursement plan or forgiveness choices, however they could have a decrease rate of interest.

If you wish to refinance, try Credible. They are just like the Kayak of student loans. You can simply evaluate your refinance choices in minutes. It takes about 2 minutes to see if it is price it, and you’ll rise up to a $1,000 bonus once you do. Check out Credible right here.

Need More Help? Consider Professional Help

These tales could be a bit unnerving, however additionally they might ring true for individuals who have GSM&R as a loan servicer. If you discover Granite State unhelpful, it’s possible you’ll wish to do your analysis and discover different organizations who will help you determine your loan scenario.

If you are not fairly certain the place to start out or what to do, take into account hiring a CFA that can assist you along with your student loans. We suggest The Student Loan Planner that can assist you put collectively a stable monetary plan in your student loan debt. Check out The Student Loan Planner right here.

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