Today's economy is fraught with pitfalls.� The unemployment rate is reaching double digits.� Many are losing their homes.� Many do not have health insurance.� And, despite the changes to the law, bankruptcies are on the rise.� In fact, more than 60% of the bankruptcies today are caused by mounting medical bills.
The federal government sets aside billions of dollars to be distributed as grants in an effort to answer these issues that plague Americans.� But, the grant money rarely passes through the hands of citizens (the only time Americans get to cash out on a grant is when the government issues rebate checks).� Instead, most of the grant money is given to non-profit organizations and government institutions.
Knowing which entities are receiving the grant money will lead debt- ridden Americans to the public programs that can help.� The best way to follow the money trail is to visit the web site for government grants or the website for the Catalogue for Federal Domestic Assistance.� Both of these sites list all available grants and the eligibility requirements.
Reading grant descriptions can be daunting.� Researchers have found that focusing on the grant type is the best way to determine where the money is going.� There are 15 types of government grants; 7 financial and 8 non-financial.� Formal grants are money allocated to states as prescribed by a law.� Project grants refer to fixed period funding for specific projects like fellowships, scholarships, research grants, training grants, and construction grants.
Direct Payment grants can either have a specified use or an unrestricted use.� Specified use grants are awarded to individuals and private institutions to subsidize a specific activity.� Unrestricted use grants are given directly to beneficiaries who meet all the eligibility requirements without any restrictions on how the money is used.
Direct Loans are a form of financial assistance where money is lent for a specific period of time.� These loans may or may not require a payment of interest.� Guaranteed/Insured Loans are programs where the government agrees to pay part of all of any defaulted loans to the lender.� And, Insurance is a program where the government agrees to reimburse for losses.
While there aren't any grant programs that will pay off your credit cards, following the money and utilizing the resulting programs will go a long way in helping you get out of debt.
***Update***
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