The coronavirus is having an increasing negative impact on Americans’ daily lives and financial stability. To assist borrowers of student loans during this crisis, the Consumer Financial Protection Bureau (CFPB) has provided the following information.
The Coronavirus Aid, Relief and Economic Security (CARES) Act, a recent federal law, stipulates that principal and interest payments on federally-owned student loans will automatically be suspended until September 30, 2020.
What Is the Purpose of Student Loan Servicers?
There are two types of student loans in the U. S. — federal and private. Federal loans are issued by the U. S. government, and do not require credit checks while providing fixed, lower interest rates and flexible repayment options. Banks and other private financial institutions may issue private loans, which may have variable interest rates that are higher than those on federal loans.
Both the federal government and the private financial institution have the option of hiring an outside firm to oversee the loan. This is where student loan servicers come in. The government or a financial institution hires a student loan servicer to act as a liaison between lenders and borrowers, processing billing and payments as well as handling customer service. Save for Your Future.
If you want to modify or postpone your student loan payments, get records, or have questions about your student loans, you must know who your student loan servicer is.
Firstmark Services is an operational division of Nelnet, Inc. and has been in business since 1997, managing customer and student loan portfolios. Firstmark Services manages loans for private institutions as opposed to Nelnet, which oversees federal loans.
How To Check if Firstmark Services Is Your Provider
If you have a private student loan, doing some research to find your servicer might be necessary. First, check your most recent student loan statement to see if the servicer is listed. Alternately, if you can access your student loan account, see if the details are available in your online portal.
A credit report from one of the three major credit bureaus is another way to locate your student loan servicer. All of your private loan lenders, including your servicer, should be listed on your credit report.
What Payment Options Does Firstmark Services Offer?
Once you are aware that Firstmark Services is your loan servicer, you can register for an account on their website to check your balance, make payments, choose to receive paper statements, and access additional loan-related information. Save for Your Future.
On the Firstmark Services website, you can set up auto debit, which lets you make automatic payments each month, and make one-time payments. In addition, Firstmark Services accepts payments made in other ways:
In all cases, payments received by 5 p. m. CDT will be credited the same day, whereas payments received after 5 p.m. m. will be credited the next business day.
On a case-by-case basis, Firstmark Services may provide the choice to postpone payments and submit an application for loan forbearance. You can get in touch with its customer service for more details about your circumstance.
How Do Firstmark Services Compare to Other Loan Servicers?
The Better Business Bureau rates Firstmark Services as an A. The BBB has given the business an A rating if its score falls between 94 and 96. Based on elements like a pattern of customer complaints, whether the complaints are properly addressed, and business practice ethics, 99 out of 100 Save for Your Future.
However, BBB ratings do not factor in user reviews, and Firstmark Services has a score of 1 in user reviews. 17 out of 5. Customers should be aware that while the BBB allows the company to confirm whether an interaction occurred, it does not guarantee the accuracy or sincerity of a review.
Great Lakes Educational Loan Services and Navient, two rivals of Firstmark Services, have BBB ratings and customer review scores of 1, respectively. 00 and 1. 01 out of 5, respectively.
You can email Firstmark Services at customer service if you’re a client. service@firstmarkservices. com. You can reach its customer service department at 888-538-7378 from 7 a.m. to 7 p.m. m. and 8 p. m. CDT, Monday through Friday.
The company’s correspondence mailing address is:
Can You Switch Loan Servicers?
It may be possible to switch loan servicers if you are unhappy with your current one. Refinancing your current loan with a different provider may be an option even though moving your current loan to a new servicer might not be possible. By refinancing, you can take out a new loan from a different lender to pay off your current one, and then carry on making payments to the servicer of your new lender.
If you can find a provider with lower interest rates, refinancing can occasionally result in significant savings. After they complete their education, most people may be able to refinance because it frequently calls for excellent credit and a reliable, steady income.
Ask your preferred provider what servicers they work with if you are a client of Firstmark Services and you want to switch to another servicer by refinancing. Otherwise, if you are careless, you might find yourself using the same servicer once more.
Making decisions about your future loan payments will be easier if you are aware of whether Firstmark Services is your student loan servicer or not. Make sure you do your research if you’re a current Firstmark Services customer looking to refinance or thinking about other loan options so you don’t end up in the same situation — or worse off.
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FAQ
Can firstmark loans be forgiven?
All loans that Firstmark Services services are private loans and are not eligible for the federal government’s loan forgiveness program. You can refer to the studentaid. gov website for additional information.
Do I qualify for the student loan forgiveness?
Who is eligible for student loan forgiveness? You must have federal student loans and make less than $125,000 per year (or $250,000 per household) to be eligible. Borrowers who fit that description may be eligible for a $10,000 debt cancellation.
Can I ask for my student loans to be forgiven?
The answer is yes, but there are very specific criteria that you must meet in order to be eligible for loan forgiveness or repayment assistance. Loan forgiveness entails that you are exempt from making any or all loan repayments.
What type of student loan is firstmark services?
Firstmark Services is a division of Nelnet, a company that oversees federal student loans, and is a student loan servicer. Unlike Nelnet, Firstmark services only private student loans. A student loan servicer does not lend money to borrowers.