The Minnesota Office of Higher Education will transfer the servicing of your SELF Loans to Aspire Servicing Center (NMLS ID: 1006118) in June 2024. Beginning with your transfer date, all billing statements and correspondence for your SELF Loans will come from Aspire Servicing Center.
You should continue to send inquiries, correspondence and payments to Firstmark Services until your transfer date. Please refer to the letter you received from Firstmark Services or Aspire Servicing Center for your specific transfer date.
Your loan balance, payment amount and frequency, interest rate, repayment requirements or status will not change as a result of the servicing transfer, although some changes that would occur anyway may happen around the same time as the transfer.
Payments: Beginning with your transfer date, you will not be able to make online payments or phone payments to Firstmark Services, but payments may be mailed to Firstmark until your transfer date. Payments sent to Firstmark within 120 days after the transfer will be forwarded to Aspire Servicing Center. After your transfer date, all payments should be made to Aspire Servicing Center.
Automatic Debit: If you are enrolled in automatic debit, your banking information will be provided to Aspire Servicing Center and your loan payment will continue to be automatically deducted.
If you currently pay more than your minimum payment by automatic withdrawal, see additional information below.
Account Access: You will not be able to access your loan information on the Firstmark Services website beginning with your transfer date. Aspire Servicing Center will complete the transfer within seven days after the transfer begins and at that time you may create an account, make online payments, manage your loan and contact us about your loan through the Aspire Servicing Center website or the Aspire Servicing Center mobile app.
Due Dates: Your due date may change if you are currently required to pay accrued interest or make fixed $15 payments while in an In-School, Transition or Extension status. Please watch for billing statements from Aspire Servicing Center for information about your new due date.
Other due dates will remain the same. If you have questions, Aspire Servicing Center will have access to your information seven days after the transition begins. If you have questions, contact us after that time and we will be able to assist.
Paying More Than the Minimum Amount Due
Paying more than your minimum payment is an effective way to pay less interest over the life of your loan. If you currently pay more than the minimum payment through automatic withdrawal, please be aware that this will be treated differently while Aspire Servicing Center services your account. The amount above the minimum payment will be considered the standard amount to be pulled in addition to your minimum payment due for future payments, even if your minimum payment changes.
If your minimum payment amount changes, the total amount withdrawn from your account will also change. Here is an example that assumes you currently have a minimum payment of $235.00 but pay $250.00 per withdrawal.
| At Transfer | Minimum Payment Increases | Minimum Payment Decreases | |
|---|---|---|---|
| Minimum Payment | $235.00 | $240.00 | $220.00 |
| Extra Amount Paid | $15.00 | $15.00 | $15.00 |
| Total Payment Amount | $250.00 | $255.00 | $235.00 |
In-School, Transition and Extension Status
If you are currently in, or entering or exiting, an In-School, Transition or Extension status, please note that your account may reflect a forbearance status after the transfer is complete. The payments you agreed to are still required during these periods even if your account reflects that you are on forbearance. You will receive a monthly billing statement with a new due date.
Additional Information
- The change in servicing does not affect any terms or conditions of your loans as outlined in your promissory note,
- If you are currently on a forbearance, these arrangements will carry over. Information about pending requests will be available to customer service representatives within a week after your transfer date, and you will receive a notification when your request has been processed.
- Your bill will include your account number, balance, interest rate, due date and amount due. We will not be able to answer questions about this information until the transfer is complete.
- Primary borrowers may sign up for electronic delivery of notifications and billing statements at www.AspireServicingCenter.com once account information becomes available after the transfer. Electronic delivery is not currently available for cosigners.
- If you do not currently make payments by automatic withdrawal, but you would like to set that up, please submit the authorization form (PDF).
- If you use a third-party bill pay servicer, such as one provided by your bank, update your bill payer to send payments to us beginning with your first payment after your transfer date. The payment address is:
Aspire Servicing Center
P.O. Box 659701
West Des Moines, IA 50265-0970
(877) 295-6475 - If your account becomes delinquent, Aspire Servicing Center will try to contact the responsible parties on the loans by phone and mail. We encourage you to reach out to us regarding assistance options if you will not be able to make your minimum payment.
- We may report each loan as a trade line to the major national consumer reporting agencies for each responsible party each month. The information reported includes the opening balance, the current balance, the monthly payment amount, and the status of the loan, including any delinquency.
- The Aspire Servicing Center mobile app is available for iOS and Android devices. You may download the app at any time but will be unable to see account information until the loan transfer is complete.
We look forward to providing excellent customer service to you. Learn more about Aspire Servicing Center.
