When it comes to paying for college or grad school, many students have to turn to private student loans to pay for school.
Unfortunately, figuring out how to pay off those student loans can be something of a hassle. There is no national database of private loans, and your lender may not actually service your student loans.
When it comes to time to repay those private student loans, it’s critical to pay attention when lenders or private servicers call you. Taking action on these calls can help you keep your private student loans out of default.
While every private lender and private student loan servicer has a different process, we’ll explain what you need to do if you receive a call or a letter from Firstmark, a private student loan servicing company.
What Is Firstmark?
If your lender has contracted with Firstmark, Firstmark will collect and process payments for your student loans. You’ll also work with Firstmark to release a cosigner, deal with late payments, or make extra payments on your loans.
Unfortunately, if you’re like many student borrowers, you’ll become all too familiar with Firstmark’s user interface as you check your slowly declining balance on your student loans.
What to Do If Firstmark Contacts You
If Firstmark calls, emails, or sends a letter to you, it is because they are servicing your student loans. Assuming that you owe private student loan debt, the first step you should take is to visit Firstmark’s website and set up a borrower profile. Use the green button in the upper right-hand corner of the website to register yourself.
Because Firstmark has personal and financial information about you, you should register for multi-factor authentication.
Once you’re registered, you can see the full details of your loan including the payment size, due date, loan balance, and more.
If you have a cosigner on your loan, the cosigner can create their own user profile. They will have full details on the loan as well.
Once Firstmark has your information, it will start to send you bill statements and e-statements. The e-statements can make it easy to track when your payments are due.
How Do I Pay My Student Loans?
If Firstmark is servicing your student loans, you’ll have several options for payment. You can enroll and click Set Up Auto Debit when you log into your account.
You can also pay using the Payment Options > Make a Payment tab. Payments made before 4:00 p.m. central time will be processed at 4:00 p.m. Otherwise, the payment will be processed the next day.
Finally, you can pay over the phone at (888) 538-7378.
How Can I Contact Firstmark?
Firstmark can help you with everything from delinquent loans to cosigner releases, and even extra payments. To contact them, reach out to the company between 7:00 a.m. and 8:00 p.m. (central time) on Monday through Friday. The number is: (888) 538-7378.
You can also email email@example.com if you have a question during off-hours.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.