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South County Fencepost August 19 | Fenceposts

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Thanks to my friend Melanie Merryman for word of a huge parking lot sale to benefit South Tillamook County Library. It’s planned for noon until 4 p.m. on Saturdays and Sundays through the end of the month at the Library Thrift Shop. The address is 6335 Ferry Street in Pacific City. Merchandise offered will include books, clothing, holiday items, household goods and there will be vintage and antiques among the offerings. Everything is half price on Sundays. Organizers request that we wear a mask in light of Covid 19 concerns and pay with cash.

 Thanks to Linda Hamilton, Office Manager at Tillamook County Habitat for Humanity, for this next news tip. Habitat is sponsoring a free series of financial education classes to help households ready themselves for home ownership. Deborah Dixon-Krause who is Community Engagement and Education Coordinator for TLC Bank will teach the series. Classes will run from 5:30- 6:30 p.m. on Tuesdays for three weeks starting September 15.

     The curriculum for the first class is “Debt and Credit Repair.” On September 22, the subject will be “Budgeting Basics,” and on September 29 participants will learn about “Mortgage Readiness.” All classes will be in Zoom format, which is accessible online. Participants who complete all three classes will receive a $50 gift certificate to Tillamook Habitat’s ReStore. Sign up today at tillamookhabitat.org.

     Remember to mark your calendar for Cloverdale Cruise-in. The free event is planned from noon until 5 p.m. on Saturday, September 5. Donations will be collected toward a complete set of “Jaws-of-Life” tools for Nestucca Rural Fire Protection District. The cruise-in will not include live music this year as “organizers seek eliminate congregation into groups” due to Covid 19 concerns according to publicity materials. We who wish to may experience the “cruise-in as a cruise through.” Let’s plan on joining the fun, and budget a generous donation to be part of the good cause.

Speaking of budgeting, if groceries are a challenge for you or for someone in your orbit, there are a pair of food pantries operating nearby. In Pacific City, the South County Food Pantry is open every other Tuesday from 12:30 – 6 p.m. Households will be served from their cars. For more information, call Diane Higdon, 503-392-3972. Beaver Community Church is open weekly from 10 – noon on Tuesdays and from 4:30 – 6 on Thursdays. For more information, call 503-398-5508.

 With warm weather in the forecast, we should be aware of related dangers. Exposure to extreme heat can result in occupational illnesses and injuries. Workers at risk of heat stress include outdoor workers and workers in hot environments. Workers at greater risk of heat stress include those who are 65 years of age or older, are overweight, have heart disease or high blood pressure, or take medications affected by extreme heat.

 Heat stress can result in heat stroke, heat exhaustion, heat cramps, or heat rashes. Heat can also increase the risk of injuries in workers as it may result in sweaty palms, fogged-up safety glasses, and dizziness. Burns may also occur as a result of accidental contact with hot surfaces or steam. Those at risk should limit periods of exertion, increase fluid intake and take frequent breaks out of the heat.

Happy Birthday this week to: Blake Aase, Tyler Bentley, Rachel Bruce, Brenda Charter,  Glenn Ehly, John Elliott, Zella Elliott,  LeAnna Fletcher, Alisa Green, Carol Griggs, Lindsay Harrison, Ralph Heathershaw, Kelsea Hurliman, Leslie Jones, Mary Maack, Kevin Measor, Kristi Measor, Faith Melendy, Ryleigh Royster, Ashlee Swirtz, Max Trent, Ann Warren, Pennie Watters and Thomas Wesie.

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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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