Firstmark Services Student Loan Review 2021 in United State (U.S) : Current School News

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Firstmark Services Student Loan Review 2021 in United State (U.S)

Filed in Loan, Student Loan by on May 10, 2021

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Firstmark Services Student Loan Review: You’re planning on getting  a firstmark student loan? don’t just go about it blindly. get a concise information to guide you through.

Firstmark, Who are They ?


Firstmark, Who are They ?

Firstmark is a part of Nelnet, a huge student loan servicer that serves 5 million borrowers who have private and federal student loans. Though, Firstmark does not borrow money to students. Instead, Firstmark aid borrowers organize their payments and provide customer service to answer any questions you might have.

The firm has been in business since 1997. It has developed technology specifically designed to help organize paying off student loans through tools such as an autopay system.

What Ddoes Firstmark Do?

Firstmark provides different type of repayment options to the borrower. The student can scheduled payments of interest only or partial payment during school only which will help them in repaying the loan amount with ease. But, after entering into repayment status, the minimum payment against the loan amount has to be paid each month in order to avoid any additional fees.

The interest rate and the eligibility terms are set up by the lenders, and the Firstmark handles their payments to make sure that the borrowers are repaying their loan on time.

Firstmark give the opportunity to the lenders to invest their time and resources in seeking down the new borrowers rather than worrying about the repayment from the existing borrowers.

Firstmark deals with repayments on private student loans, not on federal loans. Firstmark works with a number of lenders for both new and refinance private student loans.

Eligibility for the loan

Firstmark being a payment collector does not determine the eligibility criteria for the personal student loan. The loan has to be borrowed from a private student loan lender such as Citizen one and Citibank which works in collaboration with Firstmark.

There are a number of factors that determine the eligibility for undertaking the loan. Some factors include the choice of school and major, credit history, whether one has a co-borrower or not, etc.

After confirming the eligibility of the student to undertake the loan by the lender, the lender will further tell the student loan servicer name, after the loan is paid out to the borrower.

The borrower can also look at the credit report or the most recent student loan statement to know the name of the servicer or to check if Firstmark is listed.

The borrowers can also switch the servicers if they want. It is important to read all the documents carefully that come with the loan.

The Process of Signing Up on Firstmark

First, all you need to do is to make sure that your lender works with Firstmark, then you have to follow these steps to create your account.

The Process of Signing Up on Firstmark

  • Enter the web address and then click on Register now for a new registration.
  • After this, the borrower needs to enter some details such as Social security number, full name, email address and date of birth etc..
  • After filling the details the user has to create a username and password and then click on “Submit”
  • The user needs to verify the contact information and is allowed to make any changes if needed and then click on “Submit”.
  • After submitting all the details the user is needed to select an image from the display which will further help the user to recognize that he is logging into a secure Nelnet website.
  • Next, three security questions have to be selected from a bunch of questions to answer. These questions have to be selected carefully as they will be used in the future to confirm your identity upon login when the user will log in from a new device.
  • Last is to review the term and conditions and select the checkbox if you are agreed to them. Then you can open your account by clicking on “Go to my account”

How does Firstmark help student loan borrowers?

Firstmark student loan services help simplify the process of paying back your student loan. Services include KwikPay, a service that deducts your monthly payments from your bank account automatically, and reports your repayment status to credit bureaus.

Firstmark also provides access to an online account where you can see the status of your loan, payment schedule, and completed payments.

What are customers saying about Firstmark student loan services?

Reviews from student loan borrowers on these services are mixed. Firstmark has a B+ rating with the Better Business Bureau (BBB). Some customers, on the other hand, said it was hard to make payments, and Firstmark’s customer service was not reliable.

“Firstmark Service preys on students at college,” wrote one BBB reviewer. “They have deceptive and dishonest practices, their loans for students are at ridiculously high rates. Very poor customer service and neither of the service agents provide the same information. They care nothing about people and only money.”

There are also complaints about changing due dates, changing monthly payment amounts, and incorrect balance amounts when loans transfer from a private lender to Firstmark.

How do I contact Firstmark?

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

CSN Team

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