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.
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.
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.
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.
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.”
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:
P.O. Box 2977
Omaha, NE 68103-2977
For other types of correspondence, use this address:
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!
|Lender||APR Range||Loan Amount|
|5.99% – 18.85%1||$5,000 - $100,000|
|6.46% – 35.99%||$1,000 - $50,000|
|5.94% – 35.97%*||$1,000 - $50,000|
|99.00% – 199.00%2||$500 - $4,000|
|5.99% – 24.99%3||$5,000 - $40,000|
|7.99% – 29.99%4||$7,500 - $40,000|
|7.99% – 20.88%5||$5,000 - $50,000|
|9.99% – 35.99%6||$2,000 - $36,500|
|10.68% – 35.89%7||$1,000 - $40,000|
|9.95% – 35.99%8||$2,000 - $35,000|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Opploans.
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.
3 Includes AutoPay discount. Important Disclosures for Payoff.
4 Important Disclosures for FreedomPlus.
5 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
6 Important Disclosures for LendingPoint.
7 Important Disclosures for LendingClub.
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.
*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/.