Is Your Granite State Mortgage Servicing Altering? What You Have to Know

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 in all probability questioning what meaning for you.

We’ve received the knowledge you’re in search of. Learn on for the most recent.

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What does my mortgage servicer do?

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

Whilst you ought to know in regards to the firm, chances are high you received’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 is advisable do in response. Mail relating to your mortgage will now come from EdFinancial as an alternative of Granite State. However your month-to-month cost, mortgage phrases, and so on. received’t change due to this. All of the modifications are administrative and might be just about invisible to you.

In the event you haven’t heard from EdFinancial but, you must contact the corporate to verify it has the right contact info for you.  Even in case you have been contacted, it’s value double-checking that they’ve essentially the most up-to-date cellphone quantity and e mail for you. Your federal mortgage servicer is one firm you don’t wish to miss a message from. It’s additionally a good suggestion to control your funds. Errors are uncommon, however you’ll wish to guarantee that all the pieces is obtained and logged correctly through the transition interval.

What about different loans by Granite State?

Some college students might have taken out non-public scholar loans by 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 variation.

Find out about your new mortgage servicer

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