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Debt Reduction Guide: Using Government Grants to Find Relief

There are all kinds of people around the country who struggle to pay off credit card and mortgage debt as well as student loans. But did you know there are government programs that exist to help you get out from underneath your pile of bills?

You read right. Numerous federal government grants give assistance to those in need of debt relief.

Who is Eligible to Receive Government Grants for Debt?

Government grants come with minimum requirements. There are no credit checks or employment verifications when you apply for a government grant to fund debt repayment.

While each grant will have eligibility requirements, every grant stipulates that you must be over the age of eighteen, you must be a resident of the United States and you must be able to present information that can verify your financial situation. This would include financial statements and overdue notices from companies to whom you owe money.

To ensure the grant money is going to the truly needy people, the Social Service office studies each grant application. They will assess your financial situation—your current income, outstanding debt and monthly debt payment—to determine if you qualify for a grant.

After receiving a grant from a government agency, you\'re expected to meet the required obligations and will probably have to submit progress reports.

What Debt Reduction Benefits Can You Get?

There grants are available for financing higher education, paying off health care bills, new business startup debt reduction and grants for consolidating personal debt.

Government grants for debt repayment have many benefits. Since the government grant is forgivable, it does not have to be repaid directly to the government. This can reduce stress on your finances.

How Do You Find These Federal Grants?

Applying for a government grant is free and should not come with any hidden costs. Avoid companies that choose to give consumers access to government grant databases. These grant advisors often charge a hefty fee.

Check out government grant listing websites such as that are full of information for government grants and point you in the right direction.

Also, look at the Government\'s Catalog of Federal Domestic Assistance (CFDA). It lists the various grants and assistance available to the people.

Another tip: no matter what kind of assistance you need, it’s best to look locally first. The fastest and easiest-to-obtain sources of help are often found at your city hall, county offices, colleges, hospitals, churches, large corporations and private foundations. Many of these local organizations receive federal and state grants to assist citizens in need.

Be wary of the commercials that tell you the government is throwing away millions of dollars and you can easily nab some. It’s not very easy to qualify for these grants, and you should not ever give money to someone to provide you with a list you can get online yourself. If you do decide to go through a company to help you find government assistance, check with the Better Business Bureau to make sure they are credible.

Benefits of Debt Consolidation

  • Lower Interest Rates
  • Lower Monthly Payments
  • Eliminate Debt in Less Time
Learn About Debt Consolidation