Only allowed to change the auto withdrawal date once during the life of a loan
So, l have an auto withdrawal setup for my school loan with Granite State Management & Resources which I have had setup for many years now. I ask to have my auto with drawl date changed to the 3rd from the 16th as my employer has changed our pay cycle to once a month instead of Bi Monthly. I had to go through this about a year ago as the pay cycle changed again last year or even the year before I can’t remember. The Customer Service agent says that Granite State Management & Resources policy states that the Borrow is only allowed to change the dueauto withdrawal date once during the life of the loan. So, I ask him if he thinks this is reasonable as a student loan could last anywhere from 10 to 30 years, which he replies yes it is reasonable that only one change should be allowed over the terms of the loan… I have never had a company that I have a loan with not allow me to change the due date.
Concord, New Hampshire
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