Firstmark Student Loan Services Review: What You Should Know

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Paying back private student loans can be a complicated process for both you and your lender.

Many lenders use Firstmark student loan services to help. Instead of handling payments and customer service requests, lenders can hire Firstmark Services to take care of those things.

Here’s what you should know if you need to deal with Firstmark to pay back your student loans.

Firstmark student loan services: A closer look
How Firstmark works with student loan borrowers
Who is eligible to use Firstmark?
How do you sign up for Firstmark?
How do I contact Firstmark?

Firstmark student loan services: A closer look

Firstmark — founded in 1997 — is a division of Nelnet, a student loan servicer that provides private and federal student loans to more than 5 million borrowers.

However, Firstmark doesn’t lend money to students. Instead, Firstmark:

  • Helps borrowers organize their payments through tools such as autopay
  • Processes monthly student loan payments on behalf of the lender that originated the loan
  • Provides customer service

The lenders set the APRs and eligibility terms, and Firstmark handles the day-to-day operations to make sure borrowers are repaying their student loans.

Lenders might opt to use Firstmark’s services so they can focus on seeking new borrowers. That way, they don’t have to allocate time and resources to track down existing borrowers. If your lender has partnered with Firstmark, you must use it. You have no choice as a borrower.

It’s also important to note that Firstmark deals with repayments on private student loans, not federal loans. It works with a number of lenders, including:

Firstmark also services refinanced student loans.

Firstmark is the primary contact for customer service-related issues and is in charge of reporting payment information to the credit bureaus. Additionally, Firstmark will help with other tasks, such as pulling a document if you need to show the status of your payments.

How Firstmark works with student loan borrowers

Firstmark student loan services can help simplify the process of paying back your student loan. The services Firstmark provides include KwikPay, which deducts your monthly payments automatically.

Firstmark also provides access to an online account where you can see:

  • The status of your loan
  • Your payment schedule
  • Your completed payments

Here are answers to some common questions about Firstmark.

Are there any loan fees?

There are no prepayment penalties, though Firstmark will still deduct your regular payment from your bank account each month if you enrolled in autopay.

Late fees will differ by lender. Call Firstmark customer service at 888-538-7378 or check your promissory note for more information.

You could be subject to a $5 returned payment fee if your payment method is denied.

What if I miss — or think I will miss — a payment?

If you think you’re going to miss a payment with Firstmark, consider making a partial payment. You can log in to your account (more on that below) and submit a special payment request.

However, doing so could still mean that your loan ends up being delinquent, and you could end up paying late fees and losing your borrower benefits depending on your lender. Firstmark may help — either by postponing or lowering your payments — if you call its customer service hotline, though assistance can differ by lender.

What access do cosigners have?

Cosigners can register for their own Firstmark account to access all information. They can also make payments toward student loans.

For borrowers who want to release a cosigner, contact Firstmark to see if your loan program offers this feature.

Can I refinance a Firstmark student loan?

You can refinance or consolidate a loan that’s being serviced by Firstmark, as long as you meet certain credit requirements.

Your new lender will issue a disbursement, so you’ll need to contact it rather than Firstmark if you have any questions.

Who is eligible to use Firstmark?

Firstmark doesn’t determine who is eligible for personal student loans, as it is simply a payment collector. You would need to borrow loans from a private student loan lender that works with Firstmark, such as Citizens Bank.

Multiple factors determine your eligibility, including:

  • Whether you have a co-borrower
  • Your choice of school
  • Your credit history

If a private student loan lender confirms your eligibility and approves the student loan, your lender will indicate who your student loan servicer is in your promissory agreement.

However, if you haven’t heard from the lender or servicer, ask your lender or look at your most recent student loan statement to see if Firstmark is listed.

You’ll want to figure out this information as soon as possible to make sure you’re on top of any payments. It’s important to read all correspondence that comes through about your student loan in case there are any changes or updates to your account.

How do you sign up for Firstmark?

Once you’ve determined your lender works with Firstmark, you can follow a few simple steps to set up your account:

  • Go to www.firstmarkservices.com and click “Log in/Register” in the top right corner. Make sure to click on the “Borrowers” option. You’ll be led to the login page, so click the “Register” button to continue.
  • You’ll need to enter your Social Security number, full name, email address and date of birth.
  • Create a username and password and click “Continue.”
  • After answering and setting up security questions, verify that your contact information is correct, make any necessary changes and submit.
  • Review the terms and conditions.
  • If you agree to the terms and conditions, select the checkbox and click “Go to My Account.”

How do I contact Firstmark?

You can call Firstmark at 888-538-7378 from 7 a.m. to 8 p.m. Central Monday through Friday. You can also email [email protected].

If you want to make a payment, mail it to the following address:

Firstmark Services
P.O. Box 2977
Omaha, NE 68103-2977

For other types of correspondence, use this address:

Firstmark Services
P.O. Box 82522
Lincoln, NE 68501-2522

Sarah Li Cain contributed to this report

Interested in a personal loan?

Here are the top personal loan lenders of 2021!
LenderAPR RangeLoan Amount 
5.99% – 18.85%1$5,000 - $100,000

Visit SoFi

7.86% – 35.99%$1,000 - $50,000

Visit Upstart

5.94% – 35.97%*$1,000 - $50,000

Visit Upgrade

99.00% – 199.00%2$500 - $4,000

Visit OppLoans

5.99% – 24.99%3$5,000 - $40,000

Visit Payoff

7.99% – 29.99%4$7,500 - $40,000

Visit FreedomPlus

7.99% – 20.88%5$5,000 - $50,000

Visit Citizens

9.99% – 35.99%6$2,000 - $36,500

Visit LendingPoint

10.68% – 35.89%7$1,000 - $40,000

Visit LendingClub

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.


3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.

5 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Rates and offer subject to change. All accounts, loans and services subject to individual approval.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

6 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $36,500, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

7 Important Disclosures for LendingClub.

LendingClub Disclosures

All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37. The total amount repayable will be $6,925.32. Your APR will be determined based on your credit at time of application. The origination fee ranges from 2% to 6% (average is 4.86% as of 7/1/2019 – 9/30/2019). In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,001 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.


8 Important Disclosures for Avant.

Avant Disclosures

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

Based on the responses from 7,302 customers in a survey of 140,258 newly funded customers, conducted from August 1, 2018 – August 1, 2019, 95.11% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.


* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.