If you have a private student loan, there’s a chance your loan is managed by Firstmark Services — a third-party company that handles billing and repayment. Here’s what you need to know about how Firstmark Services works, how to make payments and how it compares to other loan services.
Quick Facts About Firstmark Services
- What it is: A private student loan servicer that handles billing, payments and support for multiple lenders
- Who it’s for: Borrowers with private student loans, not federal loans
- Payment options: Online, by mail, phone or autopay
- Customer reviews: B+ rating on the Better Business Bureau (BBB), but low user ratings
What Is Firstmark Services?
Firstmark Services specializes in managing private student loans for financial institutions. Since 1997, the company has been responsible for overseeing loan servicing tasks like billing, payment processing and customer support. Firstmark Services focuses exclusively on private loans.
What Firstmark Services Does
Firstmark Services provides loan servicing solutions for private student loan accounts. Although you might have taken out a private student loan through another lender, your loan might be serviced through Firstmark Services.
The company manages billing, payments and customer support. So, if you have a question about your loan, you might need to work with Firstmark Services to resolve it.
Is Firstmark Services Legitimate?
Yes, Firstmark Services has been managing private student loans for over 25 years. It’s a division of Nelnet, a trusted name in student loan servicing. However, some customers report mixed experiences, so it’s wise to monitor your account and read all communications closely.
Firstmark Services vs. Federal Loan Servicers
There are two types of student loans in the U.S. — federal and private. Here’s a quick breakdown:
Federal Loans
- Issued by the U.S. government
- These loans offer fixed, lower interest rates and flexible repayment options
- No credit checks are required
Private Loans
- Provided by banks and other private financial institutions
- Can cover additional expenses not covered by federal loans
- Loans may have higher interest rates and stricter credit requirements
In both cases, the federal government or the private financial institution may choose to hire another company to manage the loan. This is where student loan servicers come in.
A student loan servicer is contracted by either the government or a financial institution to be the middleman between the lender and borrower, including processing, billing, payment and customer support.
Pro Tip
It’s important to know who your student loan servicer is if you’d like to change or defer your student loan payments, access records or ask questions about your student loans.
Firstmark Services vs. Federal Loan Servicers: Differences at a Glance
| Feature | Firstmark Services | Federal Loan Servicers |
|---|---|---|
| Loan type | Private student loans | Federal student loans |
| Income-driven repayment | Not available | Available |
| Loan forgiveness programs | Not available | Public Service Loan Forgiveness (PSLF) , Teacher Loan Forgiveness (TLF) |
| Borrower protections | Depends on lender | More borrower protections under federal law |
How To Manage Your Loan With Firstmark Services
Here’s how you can check if Firstmark Services is managing your loan and how to access your account:
- Check your most recent student loan statement: Your servicer’s name should be listed.
- Log in to your student loan account: If you already have an online account with your lender, your servicer information may be available in the portal.
- Review your credit report: You can request a free credit report from one of the three main credit bureaus, which should list all your private loan lenders, including the servicer.
- Set up an account with Firstmark Services: If Firstmark Services is your servicer, you can create an online account to check your balances, make payments, opt-in for paper statements and access other loan details.
How To Set Up a Firstmark Services Account
If you need to set up your Firstmark Services online account, you can follow these steps:
- Head to the website and select the “Register” option.
- From there, be prepared to provide your name, contact information, Social Security number and a password.
- Once you create your account, you can use the online tools to manage your loan.
How To Make a Firstmark Loan Payment
Firstmark Services allows you to make payments in a few ways:
- Online payments: Log in to your Firstmark Services account to schedule a one-time payment, enroll in auto debit or view payment history.
- Over the phone: You can make payments by calling 888-538-7378. A one-time payment using a debit card may be possible by talking to a representative.
- By mailing a check or money order: Payments can be sent to the following address:
Firstmark Services
P.O. Box 2977
Omaha, NE 68103-2977
In all cases, payments received by 5 p.m. CT will be credited the same day, while payments received after 5 p.m. will be credited the next business day.
If you choose, you can opt to pay your loan through Firstmark Services with autopay. This allows you to offload this task. If you struggle to remember to make your payment on time, this option can come in handy.
What To Do if You Can’t Pay Your Firstmark Loan
Reach out to the company as soon as you think you’ll struggle to make a payment. Firstmark Services may offer the option to defer payments and apply for loan forbearance on a case-by-case basis.
Customer Support and Complaints
If you need help or want to file a complaint, you can contact Firstmark Services directly:
- Email: customer.service@firstmarkservices.com
- Phone: Call 888-538-7378, Monday through Friday, from 7 a.m. to 8 p.m. CT
- Mailing address:
Firstmark Services
P.O. Box 82522
Lincoln, NE 68501-2522
Pros and Cons of Firstmark Services
Every financial company has advantages and disadvantages. Here’s a rundown of both sides:
Pros
- Works with multiple private lenders: If you borrowed private student loans across multiple private lenders, you might have multiple loans managed by Firstmark Services. This could make your life easier.
- Online tools: Firstmark Services offers a suite of online tools to seamlessly manage your student loan payments.
- Repayment support: If you run into issues repaying your loan, Firstmark Services may work with you to provide a solution that works for your budget. Of course, this is on a case-by-case basis.
Cons
- No federal loan protections: Firstmark Services works with private student lenders, which means the protections offered to federal borrowers don’t apply. For example, there are no income-driven repayment plans.
- Customer service complaints: Firstmark Services has a user review score of 1.18 out of 5 on the BBB website, indicating some customer dissatisfaction in some areas.
Takeaway
If Firstmark Services is handling your private student loan, stay proactive. Set up your account, explore your payment options and reach out early if you run into issues. Not satisfied with your current terms? Consider comparing lenders or refinancing to find a repayment strategy that works better for your financial goals.
Firstmark Services FAQ
Have more questions about Firstmark Services? Here are some common ones to help you better understand how this student loan servicer operates.- Can I refinance my Firstmark Services loan?
- Depending on your situation, it might be possible to refinance your private student loans. But you'll need to work with a lender, not a loan servicer, to find a new loan option.
- How do I contact Firstmark Services customer support?
- To get in touch, you can contact the company by email at customer.service@firstmarkservices.com.
- You can also call its customer service line at 888-538-7378 between 7 a.m. and 8 p.m. CT, Monday through Friday.
- What should I do if I can't afford my Firstmark Services loan payments?
- If you cannot afford your loan payment, reach out to the loan servicer.
- In some cases, they might be willing to offer a temporary payment reprieve to help you get back on your feet. But for a long-term solution, consider refinancing your loan through a lender to lock in a lower monthly payment.
- Are there complaints or lawsuits against Firstmark Services?
- While Firstmark Services has a lower BBB rating compared to its competitors, the user review scores suggest widespread dissatisfaction across the loan servicing industry. Many online reviews cite complaints about working with the lender.
- What kind of loan is Firstmark Services?
- Firstmark Services manages private student loans on behalf of financial institutions. It does not service federal loans.
- What is the purpose of a loan servicer?
- A loan servicer handles all communication, billing and repayment management between a borrower and lender.
Chris Ozarowski contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.