Granite State Management and Resources (Granite State) is a company that services both federal and private student loans. Part of the New Hampshire Higher Education Assistance Foundation Network Organization, Granite State was founded in 1986.

As a student loan servicer, Granite State is in charge of collecting student loan payments on behalf of the lender each month. It also serves as a customer service point of contact for borrowers, helping to resolve any payment-related questions and other issues that might arise.

For borrowers with federal student loans, Granite State will offer assistance with repayment plans and help them apply for deferment or forbearance. This Granite State student loans review will take a closer look at this servicer.

About Granite State Student Loans

When a borrower obtains a student loan from a lender—including the federal government—he or she does not have a choice about who will service that loan. If a particular lender has partnered with Granite State, then the company will service all associated student loans.

As a student loan servicer, Granite State operates a website that provides 24/7 customer access. It sends monthly bills, collects payments, and ensures that information recorded regarding payments is accurate. In addition, Granite State provides customer support to its borrowers, as well as financial tips via its website.

What Repayment Options Does Granite State Offer?

Granite State offers both general repayment plans and repayment plans that are specific to federal student loans. These options can be explored in-depth with a Granite State customer service representative if your loans are serviced by Granite State.

General repayment plans include standard repayment terms, which allow for repayment of up to 10 years. Graduated repayment plans have lower payments at first, which then increase, usually every two years. Extended repayment plans are either fixed or graduated for a term of up to 25 years. Finally, income-sensitive repayment plans base monthly payments on the borrower’s annual income.

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Income-driven repayment plans are available to borrowers with specific federal student loans. They include income-based repayment plans, revised pay as you earn, and pay as you earn plans, each of which is based on a calculation of the difference between your income and the federal poverty level. Income-contingent plans are calculated based on income, family size, and amount of student loans.

What Borrowers Think of Granite State

Granite State has garnered a number of complaints through the Better Business Bureau and the Consumer Finance Protection Bureau about its practices. The complaints filed are similar to those filed against other student loan servicers. However, given Granite State’s relatively small size, there were a large number of complaints against it.

For example, a number of borrowers complained that Granite State caused issues with their deferment. For some borrowers, Granite State took too long to process their application, leading to issues with their credit score. Other borrowers complained that Granite State did not properly process their deferments, causing the deferment to expire in the middle of a school term.

Can You Choose a Different Student Loan Servicer?

As a general rule, you cannot choose a different loan servicer for your federal student loans. However, if you are unhappy with Granite State, you can choose to consolidate your student loans. This will give you the ability to choose a new servicer. Alternatively, you can refinance your student loans, federal or private, with a private lender of your choice.

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