Grant Options to Pay Off Debt
Did you know the government gives out $30 billion dollars in free money to its citizens each year? Government grants are given out to citizens who demonstrate dire need or the potential to contribute back to society in a meaningful way (if they had a little bit of money to get started). This grant money may be given out for small businesses development, education, minority / women advancement, housing assistance, home repair, bad debt repayment or health care help.
Numerous TV ads have created the hype that this free money is for personal debt assistance, which is rarely the case. Rather, look at your situation and the recent purchases you have made. There may be a grant to help you offset the cost of that new energy-efficient furnace, the new front porch on your house or your child’s college tuition. Also, there are no limits to how many grants you apply for: you just need to know where to find them!
Video: Heartbeat of America Looks at Grants
How to Find Debt Relief Grants
Federal: There are government websites compiling federal grants currently offered. Here you can browse by category, agency or search terms. On some sites, grants are not given out for debt explicitly, but you may be able to save yourself money in one area to use your finances for debt repayment. For example, if you’re sinking tons of money into home repairs, you can apply for a home repair grant to cover those expenses so you still have funds to pay down your credit cards and keep your accounts in good standing. There are also sites for government benefits like the child care tax credit, disability, disaster assistance or energy assistance. The Catalog of Federal Domestic Assistance sometimes has resources and programs available to you as well.
State: Each state has a section for grants offered. For instance, in Michigan, there is a special grant for veterans who cannot provide for the basic necessities of life and face economic hardship. In New York State, there are grants for fire protection, youth development, affordable housing, health care, workforce training, tuition assistance, technology transfer and more.
Both: If you’re having trouble finding free money on your own, there are debt firms which specialize in helping you find these programs, software resources or government funded grant sites promising all the secrets for a small fee. If you look carefully, you can find free government grant kits online too.
Who is Eligible for Grant Money?
To receive a grant for debt repayment, you must be in the direst circumstances. You must have no collateral to repay your debts and you must demonstrate your inability to meet even the most basic needs. Small business owners, farmers, students, veterans and people who have been laid-off from work are common recipients of individual grants. If you need to clear off debt due to medical bills, housing repairs, student loans, a new mortgage or small business failure, you will likely be eligible for a grant.
Video: Get Free Government Money
Step One: Apply
The first step in getting government money is to apply. Your best bet is to cast a fairly wide net. Even if you think you won’t get it, apply anyway. You literally have nothing to lose and everything to gain in this case. You can often fill out applications online or download the grant package and submit via email, so you won’t even have to spend money on the stamp.
Step Two: Support
You may be asked to demonstrate some proof of your situation. If you bought an energy-efficient furnace and wish to receive 30% off your purchase from the government, you must provide a copy of your receipt. If you are horribly in debt and require assistance, you must send in bank statements, credit statements and other proof of hardship.
Step Three: Repeat
If at first you don’t succeed, try, try again! There is a lot of free money out there if you’re persistent enough to find it. Grant money is the best because it never has to be repaid and you’ll receive a nice lump sum of cash in the mail. There is no limit to how many grants you apply (or are approved for), so go wild!
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