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COVID-19 Financial Resource Guide |



Note: The following is not legal advice. Please consult a lawyer or your financial advisor to discuss your specific situation.

Do you have questions about coronavirus and how its impacts your finances? The team is here for you. We’re working to help provide you valuable information to help you stay financially safe and secure. To give you all the up-to-date information, we’ll be updating this page regularly. So make sure to check back to find answers to any questions you might have.

  1. Useful COVID-19 resources
  2. Measures you can take to prepare your finances
  3. Other important resources
  4. The latest on the coronavirus financial relief measures

Useful COVID-19 Resources

Beyond official measures, there’s plenty you
need to be aware of to protect yourself and your finances during the COVID-19
pandemic. We’ve got you covered with specific resources.

An elderly couple sits at their couch contemplating the question, "Does opening a CD affect my credit rating?"

Coronavirus Resources when You’ve Lost Your Job: If you’ve been financially impacted by COVID-19, we’ve gathered together a ton of resources to help you through.

COVID-19 and Your Personal Finances: With so much uncertainty, getting a handle on your finances are as important now more than ever. There are a few steps you can take to become financially secure, and to prepare for any unexpected expenses or emergencies.

Preparing Your Finances

Navigating your finances is difficult at the
best of times. But we’ve been preparing our content archives for years to keep
you financially healthy and secure. Here are some articles we think might be
helpful during this time.

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What do I do if I’m unemployed?

How to Get Unemployment Benefits: Unfortunately, many people are losing their jobs due to the economic hits from the pandemic. If you find yourself without a job, there are unemployment benefits available.

Managing Your Finances During Unemployment: Unemployment is rough on your finances. Find out how to manage them successfully while dealing with the stress of finding a new job.

Quick Tip: The U.S. Department of Labor has announced new guidelines for states in administering unemployment programs during the COVID-19 pandemic. Learn more here.

How should I handle my finances?

How Can I Take Control of My Finances?: More than half of the US population doesn’t have the funds to cover a $1,000 emergency. If you’re in the same boat, it’s time to take control of your finances.

Budgeting for Beginners: Now’s a great time to start a budget. If you don’t know how, there are a few easy first steps—listing monthly expenses, listing fixed expenses, etc. Try to do as much as you can to get a reasonable budget set up.

How to Prepare for a Recession: Is a recession on its way? Here’s what you need to do to prepare financially.

Avoiding Payday Loans: Payday loans can help you get through a tight spot financially, but they also bring their own challenges. Avoid the payday loan trap with these other options.

401k Withdrawal FAQ: During a financial crisis, you may be tempted to withdraw funds from your 401(k) early. But doing so can come with tax consequences.

Do I need to add more to my

Why a Savings Account Is Important: Since we’re in the middle of a pandemic, most people are facing financial uncertainty. That’s why it’s important to make sure you have a savings account. Plus, savings accounts have other perks, such as accruing interest.

How Much Money to Save for an Emergency: It’s never too late to start saving for an emergency. If you’re wondering where to start, try budgeting as much as you can.

Quick Tip: Experts agree that you should have enough money saved up to cover at least six to eight months of living expenses.

7 Habits of Successful Savers & Investors: Should you invest while the market is down? Depends on your situation and your aversion to risk.

What should I do with my debt?

How to Reduce Debt: Now is as good a time as ever to start reducing your debt. There are a few easy steps you can take to get yourself ready to tackle your debt.

How to Deal with a Medical Debt Collector: Have you or a loved one been hospitalized due to COVID-19? You might have some medical bills on your hands. If you’re dealing with medical debt collectors, there are some strategies that can help.

How Medical Debt Impacts Your Credit Score: During this time of financial uncertainty, it can be hard to tell if you’ll have medical debt on your hands. If you do, make sure you know how it can impact your credit score—and how you can handle it.

I own a small business—what
should I know?

Get a Business Loan with Less Than Perfect Credit: Things aren’t easy for business owners right now. If your business has taken a hit due to the pandemic, and you have less than perfect credit, you can still get a business loan.

Quick Tip: The U.S. Small Business Administration offers funding options in the light of COVID-19, such as a Paycheck Protection Program. Learn more here.

What should homeowners know? What
about renters?

Understanding Your Foreclosure Rights: When your home is foreclosed on, you still have rights.

What Happens if You Get Evicted: Hopefully you won’t find yourself in this situation. But if you’re evicted, there are some things you’ll need to know.

Do I need to worry about my

A Quick Guide to Tax Deductions, Credits and Exemptions: Make sure you have everything sorted to get your taxes in line this year. Understanding all your potential deductions and credits is important to reducing your tax burden.

Quick Tip: Due to the COVID-19 coronavirus pandemic, the IRS has extended the federal tax filing and payment deadline to July 15, 2020. The recent relief package passed by Congress may have additional tax implications. Please contact a tax adviser for information you may need to complete your taxes this year. Learn more.

File Your Taxes for Free: The filing deadline has moved back to July 15 for 2020, so you still have time to file for free. Find out how.

Are there financial tools I
should use?

Low APR Credit Cards: Low APR credit cards can be a useful tool during turbulent financial times—as long as you use them responsibly.

Credit Report Card: Keep an eye on your credit report to maintain your credit history.

Everything You Need to Know About Credit Repair: Credit repair might not be a priority, but the COVID-19 pandemic has made a lot of us financially vulnerable. If your credit has taken a hit, you can get your credit back in shape.

Other Resources

Review these official COVID-19 resources for
up-to-date information about the global situation and how to keep yourself

The Latest Coronavirus News

Stay up-to-date on the latest news about

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Are Sallie Mae Student Loans Federal or Private?



When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances



Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit



Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.



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