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How Najee Harris Went From Credit Crisis to Credit Advisor

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PHILADELPHIA, PA / ACCESSWIRE / August 19, 2020 / For Najee Hannigan, the path to financial success was never a clear one. And even when he began to experience growth and stability as a young entrepreneur, he never foresaw he would be in the … Dendy Media

PHILADELPHIA, PA / ACCESSWIRE / August 19, 2020 / For Najee Hannigan, the path to financial success was never a clear one. And even when he began to experience growth and stability as a young entrepreneur, he never foresaw he would be in the position he is today. Yet despite not originally having perfect foresight, Najee always understood the importance of personal development in all his pursuits. This push for perseverance and self betterment inspired by his mother’s entrepreneurial efforts allowed him to excel as the successful, multifaceted business owner he is today.

Beginning his journey into the working world after high school, Najee never felt a clear direction for his future. He had a number of ideas and plans set half into motion, but nothing solid enough to fully dedicate himself toward. This changed when he moved back in with his mother and began witnessing her entrepreneurial spirit as she founded the day care center, Extraordinary Scholars Academy.

Being so close to her, the idea to work alongside her in this environment seemed like a no brainer. His mother quickly hired him on to help grow the business. After a time, realizing his mother’s development as a business owner, Najee began taking his own initiatives in order to help grow the business. His hardwork and dedication had become apparent, and soon enough Najee was made a partner. He had given so much value to the business that the two of them were able to take it to another level.

By this point, fueled by an emerging entrepreneurial spirit, Najee sought to understand as much of the business as possible in order to capitalize on whatever growth opportunities might be available. Being in the daycare business, he quickly saw the importance of real estate, and began making inquiries and investments in that regard. However, he soon found out that flexibility for these feats were difficult without solid credit.

Initially, Najee solicited credit repair services without knowing much about the field personally. In short, he was taken advantage of and left without a solution to his credit issues. He knew that if he wanted to get anywhere, he needed to dedicate the time to understanding as much as he could about credit and the like, even if it meant doing it himself. He began a journey of self education, consuming as many webinars, books, and other resources before finally feeling well versed in this specific area of finance. He realized that with his newfound knowledge, he was perfectly capable of fixing his credit on his own. And he did just that.

Seeing an opportunity to enact the same change in the lives of others, Najee began offering credit repair services free of charge to relatives and families of his daycare. He learned a lot through working with a variety of cases and found success on nearly all fronts. As word of mouth grew, the amount of people interested in his services did as well. Soon enough, there was a decent demand for this service, which at the time was only growing organically alongside his other business.

Throughout this process, Najee had been sharing his story of credit repair via Instagram and other social media platforms. This caused numerous people to reach out to him with their own questions and experience in the same realm. Najee realized there was an increasingly high demand for credit education and credit repair advising. Seeing this demand, as well as his success working with friends and families, he decided it was time to make it official. This spurred the creation of a website, proper overhead, and other elements that would act as the foundation of this new business dubbed ESA Credit Hero.

To Najee, this move was never really about money, but rather addressing certain roadblocks he came across while conducting business as he did previously, pro-bono. As friends, families, and day care associates dried up, the people he was working with didn’t really know Najee on a personal level as the others had before. So when he required certain personal information from them in order to evaluate their credit, there was obvious trepidation from the other party. Najee knew that making his business official in all regards would alleviate that worry.

Now, as more and more people find themselves at home with time to sort out their finances and pursue new business, the demand for financial education is at an all time high. The stay at home practices caused by the pandemic have more than doubled these effects, causing a boom in clientele for Najee and ESA Credit Hero.

Seeing his personal and financial growth via social media, as well as his established business, a multitude of people saw ESA as a necessary resource. Currently, Najee advises over 300 clients looking to put themselves in a position of financial prosperity.

His goal is to help as many people as possible see credit as an easily approachable challenge that shouldn’t be feared as it is traditionally. He hopes that with ESA Credit Hero people are able to better understand credit fully and can develop the tools that provide them the financial flexibility to achieve whatever they desire. You can find Najee Hannigan on Instagram to learn more.

Written By: Troy Thomason

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Features@DendyMedia.com

SOURCE: Dendy Media

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Are Sallie Mae Student Loans Federal or Private?

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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

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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

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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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