Frequently Asked Questions

P 1: If I am using Easy-Pay (ACH) to make my monthly payments, why do I receive a statement each month?

A 1: Statements are sent each month to borrowers to advise the current status of your loan, and for your records.  The coupon at the bottom of the statement may be used at any time to make a payment on your account.

P 2: Will late payments show up on my credit report?

A 2: Yes. Use your education loan to build a good credit history. Your servicer reports the status of your loan regularly to national credit bureaus. Credit information stays on your credit report for at least 7 years. It is your responsibility to make your payments on time, or to contact your servicer and complete any necessary paperwork ahead of time if you will be unable to make a payment.

P 3: Can I prepay my loan?

A 3: Yes. There is no prepayment penalty. You can make large lump sum payments, pay extra on your loan payments or pay the entire loan in full.

P 4: How are payments applied to my loan?

A 4:  If you are a NHHELCO borrower, your payments are posted first to fees, then any accrued interest since your last payment and the remaining balance goes to the principal.
If you are a RISLA borrower, your payments are posted first to any accrued interest since your last payment, then any fees and the remaining balance goes to the principal.

Certain situations may arise that could change the amounts of a payment that is applied to either the interest or principal.

P 5: What do I do if I am thinking of filing bankruptcy?

A 5: Student loans, in most cases, are not dischargeable under bankruptcy laws. Contact us before filing bankruptcy so we may work with you to identify possible temporary solutions. These possible solutions may prevent your loan from defaulting or being reported delinquent while in bankruptcy.

P 6: Can I set up automatic payments on my loan(s)?

A 6: Yes, borrowers who pay ahead are still eligible for the benefit, though the benefit will not take effect until the month following the specified number of consecutive on-time payments. As a benefit to our borrowers, "on-time" for this incentive is within 10 days of the payment due date.

P 7: When are monthly statements mailed?

A 7: Your monthly statement is mailed to you from our Concord, NH facilities approximately 19 days prior to your due date.  If your payment due date is in the past, then you are considered delinquent on your loan. If your statement is late in arriving, you may use our online services to generate a payment coupon to use to mail your payment:

In the Online Services box on the left, enter your username and password. If you do not remember your username and password, please click the "Forgot Password?" link. Once logged in, select Borrower Access from the menu on the left.

If you are a first time visitor to our site: Please click the "First Time User?" link, complete the steps.  You will need to have your nine-digit account number.

• Click on "Statement Summary" from the left-hand toolbar.
• Click on "Click here to print your coupon and mail your payment".

P 8: Should I pay the interest on my Unsubsidized Stafford Loan while I'm in school?

A 8: Yes. It's always to your benefit to pay as much interest as you can before your loan enters repayment. When your loan enters repayment, interest you have not paid is added to your loan balance, which increases the total amount of money you pay over the life of the loan. While you are in school, you will receive a monthly statement indicating how much interest has accrued on the unsubsidized portion of your loan. If you would like to pay just the interest on your unsubsidized loan, you may do so by indicating the group letter associated with the unsubsidized portion on the payment coupon when sending in your payment.

P 9: Why has my payment increased or decreased?

A 9: Loans are reviewed annually to ensure that the impact of changing interest rates will not impact the amortization schedule of the loan. By doing this, loans are paid off within the term established and without the surprise of a large final payment. Customers are notified of payment changes.

T 1: If I have existing loans with Granite State Management & Resources and have forgotten my password or user name, what should I do?

A 1: If you have forgotten your username and password, please click on the “Forgot Password” located under Online Services.  Then enter your last name, social security number and date of birth. You will be prompted your challenge question and then instructions on how to log in. If unable to complete these steps, please call 1-800-719-0708 to obtain your username or have your password reset.  Our loan servicing area will request certain information in order to identify you.

T 2: I am clicking a link and it is not making a new window (pop-ups) appear.

A 2: If you have a pop-up blocker on your browser, it may be keeping some items from opening up. Hold down the CTRL key and click the link again. 

D 1: I am in the same situation as my friend; she received a deferment on her loan, but I'm told I'm not able to get that deferment. Why not?

A 1: The deferments available to you depend on when you took out your first loan and what type of loan(s) you have. Congress has changed deferment types over the years, so some loans have different deferments available than other loans. Even if there isn't a deferment available, ask your servicer what other options may be available to help you with repayment.

D 2: I am thinking about going back to school to further my education. What will happen to my loans that have already entered repayment?

A 2: You may be able to defer your loans. Contact your servicer for a deferment or other options available to you. Once you cease attendance, repayment will resume immediately. You will not receive another grace period.

D 3: I have been mobilized in the military.

D 4:  I have withdrawn from school. What do I do?

A 4: Please contact GSM&R to make sure your loan status is correct or send us a letter stating your last date of enrollment. Click here for more information on school withdrawal.

D 5:  I am changing schools how do I keep my loan in a deferment?

A 5: GSM&R needs to know whenever you change schools; do not rely on your school to automatically notify GSM&R of any enrollment changes.
Please call our Customer Service department to speak with a representative about your options. We can be reached at 1-800-719-0708 M-F, 8am to 6pm EST. You can also e-mail us at customerservice@gsmr.org.

D 6:  How will a deferment or forbearance affect the interest accruing on my loan?

A 6: Unsubsidized Stafford and parent PLUS loans will always accrue interest, whether the loan is on deferment, forbearance or in repayment. Subsidized Stafford loans will accrue interest during repayment and times of forbearance; they will not accrue interest during any type of deferment. Any unpaid interest at the end of a deferment or forbearance will be capitalized onto the loan.

G 1: I am moving. Do I need to do anything with my loan?

A 1: Yes. You must notify your servicer, or servicers, of your new address and phone number so they can contact you if necessary. Even if you do not receive your billing statements during the move, you remain responsible for making timely payments.

G 2: My name has changed. How do I change my account information?

A 2: Simply send in a copy of your marriage certificate, divorce decree or court order, showing the name change. You can fax it to us at (603) 227-5401 or mail it in to GSM&R PO Box 2097 Concord, NH 03302.