Our Granite State Management & Resources (GSM&R) team members remain deeply committed to working with our borrowers during the COVID-19 emergency. Please read below for information regarding the servicing of your GSM&R loan(s).
For Direct Loans (your account number begins with F8)
0% Interest Rate
- The interest rate on your Direct Loans has been updated to reflect a 0% interest rate for the period of March 13, 2020 through September 30, 2020. No further action is needed on your part.
- In the event that you choose to make payments during this period (March 13, 2020, through September 30, 2020), the full amount of your payments will be applied to principal once all the interest that accrued (accumulated) prior to March 13 is paid.
Administrative Forbearance (Temporary Suspension of Payments)
- Your account has also been updated to reflect an administrative forbearance which temporarily suspends (stops) payments for the period of March 13, 2020 through September 30, 2020. No further action is needed on your part.
- Auto-debit payments are suspended (stopped) during the administrative forbearance. In the event you had an auto-debit payment processed between March 13, 2020 and September 30, 2020, the payment can be refunded to you. Please contact us to request that your payment be refunded.
- If you are currently on an income-driven repayment plan, your suspended payments will count toward IDR forgiveness.
- If you do not want an administrative forbearance on your account and want to continue making payments, please contact us to opt out of the administrative forbearance. If you are on auto-debit, your automatic payments will resume.
- If you opt out of the administrative forbearance period and continue making regular payments but then experience a change in income, please review various repayment plan options here including income-driven repayment plans to lower your payments. Or you may contact us to further discuss your options including opting back in to the administrative forbearance that ends September 30, 2020.
- You also have the option to remain in the administrative forbearance and make manual (not auto-debit) payments during the administrative forbearance period. Considering the interest rate on your Direct Loans has been changed to 0% for this period of time, the full amount of your payments will be applied to principal once all the interest that accrued prior to March 13 is paid. Additionally, you may consider making partial payment while your loan is in the forbearance. As long as your loans are in forbearance, you will not be penalized for making a payment that is less than your usual monthly payment. Meanwhile, you still have the option to make a payment on your loan to make progress toward reducing your balance.
- Please note that if your Direct Loans are on a qualifying repayment plan prior to the administrative forbearance (temporary suspension), and you work full-time for a qualifying employer during the suspension, then you will receive credit toward PSLF for the period of suspension as though you made on-time monthly payments.
For additional information regarding these relief options, please visit Federal Student Aid’s coronavirus (COVID-19) information page.
(Updated April 24, 2020)