Debt Relief Grants from the Government

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When people have debt, especially credit card debt, the first place they run to is getting a debt consolidation loan.

If you flashback to the days in College, remember how you applied for a student loan, and then some of those students qualified for a student bursary?

The catch is the bursary does not have to be repaid. It was “free money”, so to speak.

Same goes for a grant. It does not have to be repaid. Loans have to be repaid, and I’ll bet some of you are still repaying those pesky student loans!

Government grants can be one of the best debt relief options, because they not as popular as debt consolidation loans.

Types of Debt Relief Grants

With free grants from government, especially for debt relief, you can have the funds you need to pay off your debt without getting into more debt. After all, isn’t that the ultimate goal?

People have a misconception that government grants are only available to businesses and not individuals. This is not true. Another form of grants and bursaries designed for debt relief help are government benefits and government assistance. If you are looking for a source of funds for paying off your personal debt, this might be the right path.

Next to credit card debt, the number one reason for a huge debt comes from unexpected medical bills. Unforeseen weather adversaries such as floods, tornadoes, hurricanes and earthquakes are another cause of debt. Thus disaster relief is common to get rid of debt.

Using a Government Grant for Debt Relief

Creativity is the key to obtaining grants. The government is willing to jump-start the economy by providing small business grants. The money you received from a grant can be used to pay off another form of debt, but no one needs to know!

For example, standard government grants are associated with Community Development, Housing, Agriculture, Environment, Natural Resources, Disaster Prevention & Relief, and Science & Technology.

Of course, if you receive a grant for the above purpose, there’s no reason NOT to use it for your debt relief! So, using government grants can be used for debt relief indirectly.

The secret is you must be eligible to apply for this financial assistance.

One of the the biggest entrepreneurial endeavors on the Internet are software packages for Government Grants for Debt Relief. If you have access to the full version of Adobe Acrobat, then you don’t need this software. I can see how a $39 software download is cheaper than a $199 piece of software, and hey, it’s all about saving money.

Government Grants is not Free Money

Another misconception is a grant, benefit, or assistance from government is not “free money”.

There is an obligation to fulfill in the grantee’s part (i.e. the applicant) as well as some level of expectations in the grantor’s part (i.e. the one giving you the money, or the government). One example is the government agency expects progress reports, just like a contractor submitting a timesheet.

Just like an academic scholarship for students, you have to submit progress reports, such as your grades, marks, or GPA. In other words, you must be eligible and not on probation! A scholarship, whether is academic or athletic, is like a bursary where you don’t have to pay it back.

The primary function of the government agency is the eligibility pre-screening questionnaire. Your answers to the questionnaire are used to evaluate your current situation and compare it with program criteria to determine potential eligibility for benefit and assistance programs.

Government Grants Advantages over Loans

Money from grants is non-taxable and interest fee. Unlike a loan, you don’t have to succumb to a credit check, give collateral or ask for a co-signer. Even if you are bankrupt or have a negative credit history you can also apply as long as you are over 18 and a taxpayer.

Of course, the government agency will need access to your financial situation to determine if you qualify for a grant. That includes your current income, assets, and liabilities. Remember, your net worth or Equity = Assets – Liabilities. Liabilities include all debt, and that includes everything from your mortgage (good debt) to credit card balances (bad debt)

Remember, receiving a grant, benefit, or assistance for paying off your debt is better considering the alternatives. That includes filing for bankruptcy or living with bad credit. Or, even worse, having annoying obnoxious creditors hounding you for payment or collections.

Source: Debt Relief Grants from the Government on No Debt Anymore

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February 26 2009 10:00 pm | Debt Solutions and Government Grants and No More Debt

2 Responses to “Debt Relief Grants from the Government”

brian on 27 Feb 2009 at 11:46 am #

just dont get caught using the grant other then what it was intended forj
blackbv on 09 Mar 2009 at 5:43 am #

Thank you for your submission to the Small and Home Business blog carnival.

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