Use Federal Grant Money to Pay off Personal Loans and Debt – Applications Available for 2009

Use Federal Grant Money to Pay off Personal Loans and Debt – Applications Available for 2009

As more and more people find themselves unemployed in our contracted economy, the government has been charged with the responsibility of finding a solution. One option is the numerous government grants aimed at stimulating the economy. The federal government sets aside billions of dollars every year to fund these grant programs.

Grants can be awarded to states, cities, government institutions, private organizations, and individuals. All it takes is a little homework, and you too can find debt relief from grant money. Search government web sites to locate available opportunities. It should be noted that not all available grants are listed as such. Investigate other keywords such as “benefits” and “domestic assistance.”

Most are familiar with government funding programs like Social Security where funds are automatically distributed to those who qualify. Government grants differ in that applicants must seek out the program and make a formal application. These grants fall into 15 categories; 7 financial, 8 non-financial. In order to determine what grant is right for you, you will need to understand these categories.

Grants paid directly to the private sector (individuals and private institutions) can be specified or unrestricted. Direct Payments with Unrestricted Use are cash awards given directly to beneficiaries who meet all the qualifications without any restriction on how the money is used. Direct Payments with Specified Use are grants given to beneficiaries for the express purpose of subsidizing an activity.

Project Grants are aimed at specific projects and are only funded for a fixed period of time. Usually these grants are awarded to scholarships, researchers, traineeships, construction, and fellowships. Formal Grants are money allocated to states in accordance with distribution formulas designated by the law (i.e. the Food Stamp programs).

Grants can be distributed as loans and insurances. The grant category called Direct Loans refers to the government loaning money to beneficiaries for a specific period of time. These loans may or may not require a repayment of interest. Guaranteed Loans are where the government agrees to pay part or all of any defaulted loans to a lender. Insurance is when the government assures reimbursement for losses.

Grant availability changes regularly. Check government web sites frequently to find the grants that will improve your life.

Federal Government Grants

***Update***
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