Frequently Asked Questions
Manage My Account
M 1: Why has accessing my account online changed?
A 1: GSM&R customers will now access their account using our new enhanced account management system. Customers will notice greater security features and account management tools. Creating an account online will give borrowers the ability to:
- Apply online for deferments or forbearances.
- Rely on added security features include pre-defined answers to security questions associated with an image to ensure you are accessing your account with GSM&R.
- Reset your own password.
- Access My Secure Messages, a new convenient and secure online message system for monthly statements and correspondence.
M 2: What is My Secure Messages and what are the benefits of getting correspondence through this platform?
A 2:
- Never worry about a misplaced statement and have statements automatically filed electronically for you.
- Access information easily while logged into your account.
- GSM&R statements and account information is available in real-time.
- Information will be stored with the confidence of knowing is it password-protected and confidential.
- Online statements are quick and easy to access and good for the environment as the need for paper statements is eliminated.
M 3: I currently receive electronic statements, will I continue to?
A 3: If you currently receive electronic statements, you will need to log on to your account and create a profile if you have not already done so, you will be prompted to choose whether to receive electronic statements. If you accept this then you will continue to receive electronic statements, if you choose not to you will start receiving paper statements.
M 4: I am an international borrower, why can't I access my account?
A 4: International borrowers are currently not able to manage their accounts online. Please contact the Customer Service department at 603.225.6612 for up-to-date information about your account, free payment options and more.
Repayment and Payments
P 1: Will late payments show up on my credit report?
A 1: 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 2: Can I prepay my loan?
A 2: 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 3: What do I do if I am thinking of filing bankruptcy?
A 3: 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 4: I am a co maker on one of my students’ alternative loans, how do I make that loan payment only?
A 4: A parent or a third party can quickly and easily make a payment on a borrower's account online once they have been established as an authorized payer. The borrower must follow these quick steps to establish an authorized payer:
- After you have logged into the Manage My Account section, click "Make a Payment" under "Repayment Options."
- Select "Authorize payers" from the menu on the left to set up a user name and password for anyone you would like to be an authorized payer on your account.
Paper statements and any loan correspondence can only be accessed by the borrower.
P 5: When are monthly statements mailed?
A 5: If you would prefer to receive e-mail notification that your monthly statement is available online for you to view instead of receiving a mailed statement, please sign-up to receive monthly e-mail notification that your statement is ready to view online.
If you prefer to receive monthly statements by mail, your monthly statement will be mailed to you prior to your due date from Houston, TX. If your payment is due 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 access your current statement.
To view your account information online and print a payment coupon, click on the Manage My Loan Account tab above and click the Log In button to access your account, once you have entered your username and password, then click on "Statement Information" from the left-hand toolbar to view your statement and to print your coupon.
If you are a first time visitor to our site: Please click the Login button on the www.gsmr.org home page and complete the steps. You will need to have your nine-digit account number to create your account; your nine-digit account number can be found on your monthly statement.
P 6: If I prepay my loan do I still qualify for the borrower benefits that require consecutive on-time payments?
A 6: Yes, borrowers who pay ahead are still eligible for the benefit, however, a payment must still be made each month. Also 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: Why has my payment increased or decreased?
A 7: 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.
P 8: What documentation is needed to change my first or last name on my account?
A 8: You will need a court order, marriage certificate or Certificate of Naturalization.
P 9: What documentation is needed to correct my first or last name on my account?
A 9: You will need one of the following documents; a social security card, current driver's license, birth certificate, state ID, US Certificate of Naturalization (Form N-550 or N-570), court order, marriage certificate, W-2 form, passport, unexpired US Military ID, US Military discharge papers (Form DD214), US Certificate of Citizenship (Form N-560 or N-561), or an alien registration card (Form I-551 or I-151).
Deferment & Forbearance
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, contact us regarding 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: How will a deferment or forbearance affect the interest accruing on my loan?
A 5: Unsubsidized Stafford, parent PLUS, TREESM, LEAFSM and EDvestinU™ 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.
D 6: I am changing schools how do I keep my loan in a deferment?
A 6: 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.
Granite State Management and Resources reserve the right to modify or cancel its programs at any time.