FAME and Firstmark Services work together to make paying back your loans easy!
FAME contracts with Firstmark Services to service The Maine Loan and The Maine Medical Loan. You will be mailing your loan payments to Firstmark Services. They are fully prepared to answer any questions regarding your loans.
For Firstmark Services correspondence:
PO Box 82522
Lincoln, NE 68501
Different options are available to assist students and parents when it comes time to pay back student loans. Please contact a FAME Student Loan Specialist to assist you in determining what’s best for you.
Full Repayment: You may begin paying principal and interest payments immediately after the loan is disbursed, with no deferment period.
Interest Only Repayment: You may have the principal payments deferred while the student borrower is enrolled in school at least half-time. Interest payments are required each month.
Optional Interest Only: For Maine Loans received before 07/28/08, borrowers who elected deferment will still receive an optional interest only statement from their servicer. The interest accrual is reported so borrowers have the option to pay any amount, or the entire amount accrued anytime during their deferment period. If you choose not to pay, the interest will just continue to accrue and be included in the next monthly statement. There will be no derogatory action taken. Unpaid interest will be capitalized one time when the loan enters full repayment. FAME recommends you pay as much of this interest before the loan enters repayment for an overall lower repayment cost.
Deferred Repayment: Defer principal and interest payments while enrolled at least half-time. Unpaid interest will be capitalized when the loan enters repayment.
The repayment period is based on the principal loan amount or the repayment option selected and is indicated on the back of your Promissory Note. Terms vary from 4-25 years, depending on when your loan was disbursed or the repayment option selected.
Please note with any of these plans: The new monthly payment cannot be less than the minimum of $50.00; also you may have to meet certain criteria to qualify for some of these options.
Deferments and Forbearances
Deferments are periods when payment on the principal of a loan is temporarily postponed; they are available when the student is enrolled at least half-time. If you are returning to school or have questions about your deferment options, give us a call at 1-800-228-3734.
Forbearances may be available to borrowers who are unable to make payments and do not qualify for a deferment. Forbearance allows for payments to stop temporarily or decrease in amount for a specific length of time. Please give us a call to find out what your options might be if you are experiencing economic hardship.
At your request, FAME loan payments can be automatically deducted from your checking or savings account. It’s easy to sign up! Just download a request form and return it with a voided check or savings account slip for processing. Your request will take at least 10 days to be processed.
You can make your FAME payments online at www.firstmarkservices.com . Payments received online before 5:00 p.m. EST will be credited to your account on the same business day. Payments received after 5:00 p.m. EST, on weekends, or holidays will be credited to your account effective on the next business day. There is no fee for this payment method.
Payments by Phone
You can make your payments over the phone, by calling Firstmark Services at 1-888-538-7378 and selecting the “Make a Payment” option. You will need a valid checking account to make a payment with this method. There is no fee for this payment method.