At BankCreditRates, our mission is to assist you in making informed financial choices. We are committed to upholding rigorous editorial standards. Please note that this article may make mention of financial products offered by our trusted partners.
Are you a student struggling to manage your Student loan or debt? Well, you are on the right page. With our years of experience in research in the areas of economy and financial sector, we can find suitable finance management options for everyone.
Today we are going to inform you about the Firstmark Student Loan services, that help students or borrowers to manage their debt efficiently.
- 1 What is Firstmark Service?
- 2 How does Firstmark student loan work?
- 3 Eligibility Criteria for Firstmark Student Loans
- 4 Things you should know about Firstmark student loans
- 5 How to Apply for Firstmark Student Loan?
- 6 Pros and Cons
- 7 Firstmark Student Loan Reviews from Customers
- 8 What is Firstmark Student Loan Refinancing?
- 9 Conclusion
What is Firstmark Service?
Firstmark is a student loan service provider that manages private student loans. This company was established in 1997 and is a subsidiary unit of Nelnet, which is also a leading student loan provider. They will handle all the administrative work such as billing, collections, and customer services, associated with student loans.
Firstmark provides various loan repayment plans for students, such as income-driven payments, which will help students who are struggling to repay their payments. They also offer various deferment and forbearance alternatives, which will allow borrowers to temporarily postpone their payments when they face financial uncertainties.
Firstmark is committed to providing excellent service to borrowers. You will also get an experienced and knowledgeable team of Firstmark to help you out in the student loan process.
How does Firstmark student loan work?
Firstmark Services is not a lender but a student loan servicer. Unlike it’s a company like netcredit, which set the terms and provide the loan funds, a servicer like Firstmark acts as a go-between for private student loan lenders. Here’s what they do:
- Payment Handling: Firstmark manages and tracks your loan payments.
- Customer Service: They assist with any questions or concerns you may have.
- Repayment Plan Changes: Firstmark processes requests for changes in repayment plans, like forbearance or deferment.
- Record Keeping: They maintain records of your loan.
- Legal Compliance: Firstmark ensures that the loan administration follows federal laws and other legal requirements.
It’s important to note that Firstmark Services, a part of the larger servicer Nelnet, specifically deals with private student loans, while Nelnet handles federal student loans. Customers’ experiences are often the best measure of a servicer’s performance, and unfortunately, Firstmark Services has received numerous complaints from borrowers regarding various aspects of their services.
Eligibility Criteria for Firstmark Student Loans
You need to follow the below-mentioned criteria. These criteria may vary depending on the loan program you are applying for.
Borrower’s eligibility criteria:
- You must be a U.S. citizen or a permanent resident. If you are applying with an eligible cosigner, and you are not a citizen you should have a work or student visa or a DACA recipient.
- You must be 18 years above at the time of applying for a loan.
- You must have a Social Security number
- You must meet the credit criteria fixed for the specific loan program.
Cosigner’s eligibility criteria:
- You must be a U.S. citizen or a permanent resident having a social security number.
- You must be living in the U.S.
- You must be 18 years or above at the time of applying for a loan.
- You must meet the credit criteria fixed for the specific loan program.
Benefiting Student’s eligibility criteria:
- You must enter an eligible school
- You must be signed in for a degree granting program
- You must maintain satisfactory academic progress.
- The loan amount must be used for Qualified Higher Education expenses as per the Internal Revenue Code and the Higher Education Act.
- The borrower must not be in for any other student loans
- The borrower must not be convicted of a crime related to financial aid.
Things you should know about Firstmark student loans
Now let us look at some main points you need to consider before taking the Firstmark student loan service.
They are a service provider, not a lender. They don’t provide you the student loans, instead, they handle all the administrative work that is associated with your student loans.
Firstmark student loans provide services os private student loans not for federal student loans. You will have to go for a different service provider for the federal loan such as Nelnet or Fedloan.
They will offer various repayment plans that will help you manage your student loan debt. This plan is usually an income-driven payment plan, that will lower your monthly payments based on your income.
They have various tools to help you manage your student loan. These tools will include a loan calculator, payment history tracker, and setting up an auto-pay.
How to Apply for Firstmark Student Loan?
You should follow these simple steps to sign up and make a payment for your Firstmark Student loan.
- Go to the Firstmak website.
- Now click on “Register now“. You have to fill out the form by providing your social security number, your name, email ID, and DOB.
- Once you created an account, you can log in. Select a one-time payment or set up automated monthly payment options. You can make payments by electronic check, credit card, or debit card.
- Log on to your account to make a one time payment. Now click on “Pay Now“. Enter the amount that you want to pay. Select the loan that you want to make payments for. Your payment will jow be processed immediately.
Pros and Cons
|Multiple repayment options
|Limited cosigner options
|Competitive interest rates
|Not eligible for student loan forgiveness programs
|No application fees
|Poor customer service ratings
|Cosigner release available after 24 months of timely payments
|History of complaints from borrowers
Firstmark Student Loan Reviews from Customers
A bunch of people who deal with Firstmark for their loans haven’t had the best time, and they’ve been talking about it online. On places like the Better Business Bureau and Facebook, they’ve given Firstmark really low ratings, like around 1.1 stars out of 5.
Here’s the scoop: Some folks are saying that Firstmark messed up their payments, causing late fees and problems with their credit reports. Others are complaining that the customer service is not so great, hard to get hold of, and not very helpful.
One person mentioned that Firstmark lost their papers for a cosigner release, making the whole process super delayed. And there are others who just straight-up called the company ‘incompetent’ and said dealing with them was like a ‘stressful nightmare.’
Now, this kind of thing sadly happens a lot with student loan companies. Some of them have even been taken to court for not being straight with borrowers.
Here’s the deal: You usually can’t choose your loan company unless you decide to switch to a different one. So, it’s a good idea to keep an eye on your loan stuff and make sure everything looks right.
What is Firstmark Student Loan Refinancing?
You are able to refinance a Firstmark student loan. With refinancing you can lower your interest rates, simplify your monthly payments, and will shorten your loan term.
But before you need to consider the advantages and disadvantages of refinancing a Firstmark student loan.
Advantages of refinancing Firstmark student loans:
- If you have a good credit score, you may qualify for a lower interest rate than you are currently paying in the Firstmark loan.
- With refinancing you can consolidate multiple student loans into a single monthly payment.
- You can repay your loan sooner with refinancing which means your interest rate will reduce.
Consideration before refinancing Firstmark student loan:
- When you refinance your student federal loan into a private loan, there is a chance that you will lose the federal loan.
- Refinancing charges you with application fees that may range from $100 to $500.
- Your credit score with temporarily reduce in the process of refinancing.
If you are a student and you are unable to manage your debt, then the Firstmark student loan service will be a good option for you. With them, you can use various tools, and manage your repayment plans. Also, you need to note that its service has a D rating from the Better Business Bureau, which is the lowest rating. Firstmark has received lots of complaints from its borrowers about poor customer service, regarding the information about their loans, errors in billing, and also for account management. You should be aware of the positive and negative aspects of Firstmark’s service, to make better financial decisions.
Nicole Hughes is a credit card and loan expert content writer based in New York. With a knack for simplifying financial jargon, she creates informative and reader-friendly content. Her work empowers individuals to make informed decisions regarding credit and loans, ensuring financial well-being.
FAQs for Firstmark Services Student Loan
Firstmark primarily functions as a student loan servicer, managing private student loans on behalf of lenders. They handle administrative tasks such as billing, collections, and customer services for borrowers.
No, Firstmark deals specifically with private student loans and does not service federal student loans.
No, forgiveness isn’t available for Firstmark student loans. Usually, private lenders like Firstmark don’t have forgiveness programs for student loans.
Your lender might offer options to combine or refinance your loan. Keep in mind that Firstmark Services, the loan servicer, can’t directly change or merge your loan terms. I’m personally getting my loans combined, and Firstmark will handle the servicing part.