Image by Getty Images; Illustration by Bankrate
Key takeaways
- Firstmark Services is a private student loan servicer.
- The company has less-than-ideal customer ratings and has received many complaints about its customer service and payment processing.
- If Firstmark services your student loan, you can make payments by phone, online or by mail.
When you take out a student loan, the loan servicer manages all the administrative tasks of your loan. Nelnet is a federal student loan servicer, but Firstmark Services is a division of Nelnet that focuses on private student loans. The administrative tasks handled by your loan servicer may include processing payments, administering payment plans and helping customers with questions.
Is Firstmark Services a good loan servicer?
Firstmark Services receives mostly negative reviews from customers. Customers cite significant increases in monthly payments after their loans are acquired by Firstmark as the main complaint. They also say that the company offers poor customer service and Firstmark representatives continue to call them when they have asked them to stop.
The loan servicer holds a “B+” rating from the Better Business Bureau, with 156 complaints filed against the company in the last three years. Customer representatives from Firstmark Services regularly respond to customer complaints here.
Firstmark has a total of 198 reviews on Google and an average rating of 1.4 stars out of five. They have received more than thousands of complaints through the Consumer Financial Protection Bureau’s (CFPB) Complaint Database.
This review from a Google user sums up many common complaints:
If I could leave 0 stars I would. They have denied my co-signer release request twice, after changing the rules on me 3 times before that. I’ve made every single payment, on time in full. They have raised my already astronomical monthly payments without warning or reason. When I called and asked to speak to a manager, she told me my only option was to refinance with a different company – seems super great for business, and definitely makes me confident that I refinanced with the right lender (please read with sarcasm). For anyone reading reviews before deciding to finance or refinance with this company, don’t. Stay as far away from this lender as possible.
— Google reviewer
Some reviewers have left positive remarks about the company. Another Google user said, “I don’t like Firstmark at all because I owe them money for student loans. I do like they’re customer service reps though.” Remember to consider all perspectives when evaluating whether Firstmark Services is a good servicer or not.
How to file a dispute with Firstmark Services
If you have any problems with Firstmark Services, reach out to their customer service team first. You can reach them by phone Monday through Friday from 7 a.m. to 8 p.m. CT. You may also send a complaint via mail.
When you have a complaint with the company that isn’t being addressed, consider filing a complaint with a third-party agency. Filing a complaint through the CFPB or state attorney general’s office may mean the company will look more thoroughly at your issue.
Sometimes working out a solution with a difficult loan servicer can be more work than it’s worth. If you consistently have unhappy experience with Firstmark Services, you might want to refinance your student loan with a new lender. Thoroughly research other lenders before switching so you won’t be stuck with another unsatisfactory loan servicer.
Pay extra toward the principal
You can try paying off your loan faster to end your relationship with Firstmark. Paying even just a little extra each month toward your loan can result in cutting years off your repayment period.
How do I know if Firstmark Services is my servicer?
Borrowers who have only federal student loans won’t work with Firstmark Services since the company services only private student loans. Federal student loan borrowers can log in to the Federal Student Aid website using their FSA ID to find out who services their student loans.
If you have a private loan, you can check a recent student loan statement to find out who owns your loan and how to make a payment. The financial institution that originally lent you the money might also know who services your loan. Additionally, you can check your credit reports to see who is listed as the loan holder.
Making payments to Firstmark Services
If Firstmark Services handles your student loan, you have a few options for making your monthly payments or contacting the company:
- Online: You can log in to your Firstmark Services account to make secure payments. You can either make a one-time payment or set up automatic payments. Note: the website where you applied for a loan is different from the one you use to make loan payments.
- By mail: You can mail a check to Firstmark Services, P.O. Box 2977, Omaha, NE 68103-2977. When mailing a payment, include your statement stub or write your account number on the check.
- By phone: You can pay over the phone by calling 844-649-2917.
- By email: Send an email to [email protected].
Bottom line
If Firstmark Services handles your student loans, the best place to go for anything you need is your online account. This is where you can make payments, check your balance and manage your bill preferences.
You’ll want to find out who services your loan as soon as possible to avoid late payments and keep your account in good standing. Doing so can help you maintain healthy credit. Keep an eye on correspondence from Firstmark Services to check for changes or updates to your account.
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