If you need money for college, the best place to begin is through federal student loans. However, there are limits on the total amount you can borrow each year.
In such situations, you’ll need to find another method of funding your education, such as private student loans, if you reach your borrowing capacity.
And Firstmark services student loan may be your loan servicer if you have private loans. This guide will give you an overview of who they are and what they do, including other essential perks.
Let’s begin.
Table Of Contents
What Are Firstmark Services?
Firstmark student loan servicers is a loan servicer that manages only private loans or refinanced student loans. It’s a division of Nelnet, a company that manages federal student loans.
Firstmark manages student loans that are either private or refinanced by:
- assisting borrowers in managing their payments with options like autopay
- processing payments each month for student loans on behalf of the loan’s original lender
- Providing customer service
While a loan servicer like Firstmark manages your loan payments, lenders set loan parameters like eligibility requirements and APRs. You must utilize it if your lender is a Firstmark partner. As a borrower, you’re not allowed to choose your loan servicer.
How Firstmark Services Work With Borrowers
Firstmark Services handles your loan repayments. They offer services such as KiwkPay, which automatically deducts monthly payments. It also gives you online access to your account, allowing you access to the following information:
- Your student loan’s current status.
- Completed payments
- Your payment plan
How To Know If Firstmark Services Is Your Loan Servicer
There are several ways to discover whether Firstmark or another loan servicer manages your private loans. First, if you have a private student loan with Firstmark, they should write or email you to let you know they’re handling it.
Even if you don’t get a response from your lender, you can still find out who is servicing your debt. By checking your statement, you can find out if your loan servicer is listed on your private loan statements.
Alternatively, you can inquire about your servicer directly with your lender. In addition, your loan information is available at AnnualCreditReport.com, which provides free credit reports.
Is Firstmark Services A Reputable Servicing Company?
Some customers of Firstmark Services have had negative encounters over the years. However, the Better Business Bureau has given Firstmark an “A” rating despite 132 complaints against them in its complaint database.
Nevertheless, the company has received fewer complaints compared to other loan servicers. You should contact Firstmark Services if they are in charge of your private student loans.
If your issue isn’t resolved, make a complaint to the U.S. Education Department, your state attorney general’s office, the CFPB, or your local consumer protection office.
There is a high chance businesses would take you seriously if you file a complaint with one of these governmental organizations.
If dealing with Firstmark annoys you, you can refinance your student loan with another lender. When you refinance, your initial private student loan will be repaid, and your new account will be given to a loan servicer.
What Cosigners Should Know About Firstmark Services
Lenders look at your credit history when they want to approve you for a private student loan. Unfortunately, many students who start college have short credit histories or little to no credit history.
So getting a cosigner with good credit history in these circumstances might help you get approved for lower rates.
You may be able to obtain a student loan with a cheaper interest rate if you have a cosigner. If you have a cosigner, Firstmark enables them to create an account so they can see all of the loan information.
Cosigning Comes With Some Disadvantages
But keep in mind that becoming a cosigner has several disadvantages. The cosigner will be responsible for repayment if the borrower defaults on the student loan. Their credit rating will also suffer.
Contact Firstmark Services about the next steps if your lender allows cosigner release. For example, you may have to complete documentation to show that you meet the required standards.
Final Thoughts
If Firstmark manages your student loans, you can access all you need from your online account. Some of the activities you can do on the page are paying bills, checking your balance, and changing your payment settings are some of the features available on this page.
Make a phone call to the lender who first loaned you money, verify your current payment, or check your credit reports to see if Firstmark is listed.