For Immediate Release
March 10, 2018
Contact: College Planning & Community Engagement
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Concord, N.H. — The U.S. Department of Education reaffirmed its longstanding position regarding the appropriate role of states in the federal student loan program Friday, according to the Student Loan Servicing Alliance (SLSA). This confirmation is a result of recent proposed regulation in many states to impose requirements on loan servicers that conflict with federal statutes, department regulations, and existing comprehensive contracts.
SLSA is a nonprofit, membership organization of student loan servicers and software providers in the Federal Family Education Loan Program (FFELP) and Federal Direct Loan Program (FDLP). Granite State Management & Resources (GSM&R) is one of SLSA’s 30 members nationwide who provide the full range of federal loan servicing operations, conversion from in-school status to repayment, customer service, payment processing, and claims processing.
"Today’s reaffirmation by the U.S. Department of Education allows Granite State Management & Resources to continue to provide borrower-focused, uniform service as outlined by the Department to all borrowers," states Vice President of Compliance and Risk Management Michael D. Levasseur.
Granite State Management & Resources was established in 1986 to assume administration and loan servicing of federal and private student loan programs. In 2012, GSM&R became a not-for-profit federal contractor for the U.S. Department of Education, servicing loans in the Federal Direct Student Loan Program.