Government grants are one of the best debt relief options. Even though grants are not as popular as debt consolidation loans they are available to individuals. There are grant programs for debt relief help.
They are right for you if you’re deep in debt and are looking for a source of fund for paying off your debt — if you’re eligible to apply for this financial assistance.
If you think that getting a debt consolidation loan is the best option, think again. A loan is a loan; you need to repay it. With free grants from the government, you can have the funds for paying off your debt without incurring another debt.
The best thing about these funds is you don’t need to pay them back.
Do You Qualify for a Government Gift?
A grant from the government is not a present. A grant is a kind of gift that requires particular obligations in the grantee’s part at the same time an expectations in the grantor’s part.
After receiving a grant from a government agency, you’re expected to meet the required obligations, which are submitting progress reports on projects or activities to which the grant was first used.
There are grants for individuals. A popular type of these grants is the scholarship grant. Unlike a student loan that you need to pay back, you don’t need to do so for a scholarship grant.
As a student, your only obligation is to send progress reports of your academic excellence to the government body that awarded you the grant.
The money is non-taxable and interest fee. The grants even don’t need you to give a credit check, security deposits, collateral or co-signers.
If you are bankrupt or have a negative credit history you can also apply — as long as you are over 18, a taxpayer and an US citizen.
Government Grants for Personal Debt Relief
There are various grant programs offering many types of help to a variety of businesses and individuals. These grants are available for financing higher education, paying off health care bills, a new business start-up debt repayment, and consolidating personal debt.
For this reason, grants are a great debt relief tool.
To make sure the government grant money is going to the really needy people the Social Service office or other government agency studies each grant application. They will get access to your financial situation — current income, outstanding debt and monthly debt payment — to decide if you qualify for a grant.
If you can meet the agency’s requirements you will receive a government debt relief fund. Receiving a grant to pay off debt is better than filing for bankruptcy or living with bad credit. In fact these government grants are gifts for debt relief.
They are government tools to help improve your life’s quality.