March 23, 2023

You could have heard that Granite State Administration goes to cease servicing federal scholar loans. In the event that they service your mortgage, you’re most likely questioning what which means for you.

We’ve received the knowledge you’re searching for. Learn on for the newest.

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What does my mortgage servicer do?

Let’s begin with the fundamentals: If you take out a federal scholar the U.S. Dept. of Schooling assigns it to an organization to deal with the executive elements of the mortgage — that’s your mortgage servicer. They’re not your lender. The mortgage servicer takes care of amassing and monitoring your funds, aiding with deferment or forbearance plans, and figuring out when you’re eligible for a scholar mortgage forgiveness program.

Whilst you ought to know in regards to the firm, chances are high you gained’t cope with them typically.

What’s new?

Granite State is dropping its contract with the Dept. of Schooling to give attention to different areas of its enterprise, so the federal loans it’s been servicing are being transferred to a different mortgage servicing firm — on this case, EdFinancial. All of the loans are scheduled to be transferred by Dec. 31, 2021.

Thankfully, there’s not a lot it’s good to do in response. Mail relating to your mortgage will now come from EdFinancial as an alternative of Granite State. However your month-to-month fee, mortgage phrases, and many others. gained’t change due to this. All of the adjustments are administrative and can be just about invisible to you.

In case you haven’t heard from EdFinancial but, it is best to contact the corporate to verify it has the right contact info for you.  Even in case you have been contacted, it’s price double-checking that they’ve probably the most up-to-date telephone quantity and e-mail for you. Your federal mortgage servicer is one firm you don’t need to miss a message from. It’s additionally a good suggestion to control your funds. Errors are uncommon, however you’ll need to be sure that every little thing is acquired and logged correctly throughout the transition interval.

What about different loans via Granite State?

Some college students might have taken out non-public scholar loans via Granite State’s EDvestinU service — they’re not impacted by this. For these loans, Granite State will stay your mortgage servicer. Solely federal scholar loans are affected by this modification.

Find out about your new mortgage servicer

Inquisitive about your new federal mortgage servicer, EdFinancial? We’ve received every little thing you’d have to know, together with contact info.