Most people know that the government gives out grants and loans or ‘free money’, however, only some people know the difference between these two. The terms are often misused and misunderstood.
Grants – these are monetary assistance from the government to certain agencies, companies, universities or organizations and are usually used for research, law enforcement and other non-profit projects. Grants are not given to serve as personal benefits from the government.
Loans – loans differ from grants because loans are given or awarded to individuals usually for assistance or as personal benefit. Loans have interests and should be paid back once the individual is able to.
Here are sites where you can look for loan or grant offers:
- For government loans: gov
- For grants: gov
- You can also visit the Catalog of Federal Domestic Assistance (CFDA) for full listing of the loans and grants that the government offers.
Important reminder: There are also scams and frauds in relation to grant and loans, the websites and links written here are government sites and are legal. In case you received information that you qualify for a grant, you can check the consumer alert on free grants; this is operated by the Federal Trade Commission. If you have been a victim of scam or fraud, you can file your complaint with the FTC. For more information you can contact your state consumer protection office.
Things To Know About Federal Student Financial Aid
- The first thing to do is fill out and submit Free Application for Student Aid (FAFSA)
- Review the following: basic eligibility criteria, overview of filing options, frequently asked questions about the process and student aid deadlines.
- For questions you can call the Federal Student Aid Information Center
- There are different groups such as private organizations, federal or state government offering grants and scholarships.
- You can choose from a variety of federal student loans depending on your specifications
- If you need financing in your postsecondary education cost, the Federal Work-Study program can help you by giving you a part-time job
- If you’re already a graduate and in need of financial assistance o carry out your work which is vital to the government; the Graduate Assistance in Areas of National Need Program can help you.
- For higher education assistance; you can take advantage of tax credits, deductions and savings plans.
- You can ask your school or local financial aid office for grant, loans or scholarship available in your area.
Things To Know About Government Grants And Loans For States And Organizations
- Most grants are not awarded to individual persons; these are given to organizations, universities, research facilities, etc. to help them operate locally.
- if you are part of an organization looking for possible grants you can:
- Search for grant opportunities from federal agencies
- Use Grants.gov by registering as an organization
- Refer to Writing a Successful Grant Proposal
- Here are the different possible grants for states and organizations:
- For Federal grants involving emergency communications: Emergency Communications Grants
- For financial assistance in saving the environment: Fish and Wildlife Service Grants
- For a full list of Federal grant program available: Catalog of Federal Domestic Assistance
- For grants with regards to business financing: Loans and Grants Search Tool
Things To Know About Home Repair And Maintenance Aid
- You can ask the government for financial aid or loan for repair and maintenance of your home
- The home improvement loan is the most common form of financial aid the government gives out. This includes repairs in your house.
- The government does not give out the loan but from traditional lenders and banks. The government program will only help you out in getting that loan if the lender or the bank is unable to fulfill it.
- Not all programs are available throughout the country. You can check available options by contacting your local Department of Housing and Urban Development office or your local, state, or county government housing department.
- There are also specific assistance for certain demographic groups:
- Department of Veterans Affairs Home Loans Service for veterans
- Home Repair and Modification in the Eldercare Locator for senior citizens
- Local Vocational Rehabilitation Service Office for people with disabilities
- Public and Indian Housing Customer Service Center for Native Americans
- Local Rural Department office for rural residents looking for information about rural housing
- The Federal Trade Commission can help you find a good contractor and can give you tips about hiring one.
- For home improvements or repairs that involve digging, call 811 to make sure that you will not hit or damage underground utility lines.