CONCORD — The U.S. Department of Education has reaffirmed its position regarding the role of states in the federal student loan program, according to a loan alliance.
The Student Loan Servicing Alliance said Friday’s confirmation was 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.
The alliance is a non-rofit, membership organization of student loan servicers and software providers in the federal Family Education Loan and Direct Loan programs. Granite State Management & Resources is one of the alliance’s 30 members nationwide who provide a 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,” Michael D. Levasseur, the company’s vice president of compliance and risk management, said Friday.
Granite State Management & Resources was established in 1986 to assume administration and loan servicing of federal and private student loan programs. In 2012, the company became a not-for-profit federal contractor for the U.S. Department of Education, servicing loans in the federal Direct Student Loan program.
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