The Truth About Government Debt Relief Grants And Where To Look For Financial Aid

August 6, 2009 by  
Filed under Debt

It can be difficult to find out exactly what you are actually entitled to in terms of government financial aid, with all the misinformation being thrown about. The fact is you can obtain help with your finances but the government cannot clear your debts for you.

Rather than give you money to settle your debts, the government can issue grants for various reasons that could help you financially, should you qualify for them.

In total, there are 26 types of grant that are available through varying agencies. Some agencies will develop grants for areas of public interest such as theatres and community centres, then there will be special grants for the healthcare services within research. These grants are for large groups of people but grants for individuals can be provided also.

In order to qualify for an individual grant, you must satisfy a certain requirement. Such requirements include, relief due to a natural disaster, this could include flooding or a fire. Other grants maybe issued to help pay for accommodation or to aid small businesses. A full list of grant types and information on them can be found at www.grants.gov.

Along with government grants there is also financial assistance available in the form of a loan. This may seem like acquiring another debt to pay for previous debts, however, this is not the case. These government loans have a very minimal interest rate which could save you huge sums on your current debt interest rates. These loans also have certain similar requirements to qualify.

Government loans can be provided to you through the banking system. Find out if your bank has this process in place and if so, if there are any that you could qualify for. A more in-depth insight into government loans can be found at, www.govloans,gov.

Another means of acquiring financial aid is through debt relief agencies. However, these agencies are not government run and while many of them are legitimate agencies others may not have your interests at heart. Be careful when approaching them for help with your debt problems.

These debt relief agencies may charge you for finding an applicable grant or loan. It may be the case that the charge is worth it taking into consideration the debt solutions provided, but it may end up that you are worse off than when you started. If you are searching the internet for reputable companies for help to get out of debt, when the website ends in .gov, it means it is government run, anything else is likely to be a debt relief agency.

Remember that if it sounds too good to be true it usually is. Many companies offering debt relief will simply only be able to help you declare bankruptcy rather than finding a source to help you pay your debts.

It is always better to find out exactly what you are entitled to before applying for debt help to avoid being sent on a costly wild goose chase with nothing at the end.

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