Firstmark Services overview: What student loan borrowers need to know
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.
Firstmark Services is a division of Nelnet that provides loan servicing solutions. Nelnet manages federal student loans, along with consumer finance and telecommunications, but Firstmark is focused on private student loans only.
What does Firstmark Services do?
As a student loan servicer, Firstmark Services handles the administrative tasks associated with your student loan. This includes enrolling borrowers in payment plans, processing monthly bills and payments, reporting account activity to the credit bureaus and providing customer service.
Is Firstmark Services a good loan servicer?
Some borrowers have reported negative experiences with Firstmark Services over the years. Firstmark Services has a “B+” rating through the Better Business Bureau. It averages just one star and has received 170 complaints in the last three years, though it consistently responds to these complaints.
Recent complaints include payments not being recorded properly, active duty military SCRA (Servicemembers Civil Relief Act) benefits not being applied and eligible loans not being placed in deferment.
There have been thousands of student loan complaints filed through the Consumer Financial Protection Bureau’s Complaint Database. These complaints include improper recording of payments, failure to get the original loan papers and receiving inconsistent answers to questions. However, these types of complaints are common among the major loan servicers.
What kinds of loans does Firstmark Services service?
Firstmark Services handles private student loans. If you have a federal student loan, it’s possible your loans are serviced by Firstmark’s parent company, Nelnet.
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.
How to contact Firstmark Services
Customers can call Firstmark Services at 844-649-2917 Monday through Friday from 7 a.m. to 8 p.m. CT or send an email to firstmarksupport@myloanmanager.com.
You can also write the servicer at Firstmark Services, P.O. Box 82546, Lincoln, Nebraska 68501-2522
Making payments to Firstmark Services
If Firstmark Services handles your student loan, you have a few options for making your monthly payments:
- 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.
How to file a dispute with Firstmark Services
Report any issues to the company first. If your issue isn’t resolved, submit a complaint with the Consumer Financial Protection Bureau, the Department of Education, your state attorney general’s office or your state consumer protection office. Companies are more likely to take you seriously after filing a complaint with one of these government organizations.
If you dislike dealing with Firstmark Services, you can refinance your student loan with a new lender. Your new lender will pay off your original private student loan and assign your new account to a loan servicer. Before going this route, try to find out which loan servicers contract with your new lender so you don’t end up reassigned to Firstmark Services.
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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