Another federal student loan servicer is calling it quits -->
Granite State Management & Resources, which has 1.3M borrower accounts, says it won't seek renewal of contract w/ @usedgov after Dec. 31.
subscriber.politicopro.com/article/2021/0…
Granite State Management & Resources, which has 1.3M borrower accounts, says it won't seek renewal of contract w/ @usedgov after Dec. 31.
subscriber.politicopro.com/article/2021/0…
@usedgov Granite State is dropping out after same decision by the much larger PHEAA/Fed Loan Servicing (~9M borrower accounts) earlier this year.
Biden admin is now going to have to reassign ~10M borrower accounts this fall.
Full statement from @FSACOO Rich Cordray:
Biden admin is now going to have to reassign ~10M borrower accounts this fall.
Full statement from @FSACOO Rich Cordray:
@usedgov @FSACOO The announcement was made by the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network, which is a trade name of the New Hampshire Higher Education Loan Corporation, which operates its loan servicing biz under the name Granite State Management & Resources. Got it?
(I was confused by this - but also learned today that so were Illinois regulators: nmlsconsumeraccess.org/EntityDetails.…)
.@SenWarren, longtime critic of the Ed Dept's approach to student loan servicing, says the changes "present a golden a golden opportunity to fix the system"
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