What do you do when you personally need money but don’t want to take on debt? One answer is to seek a personal grant. The government offers grants to help Americans pay for certain classes of expenses and to make it through tough times. However, these grants come with a number of qualifications that you must meet. If not, you might find yourself ineligible for some of them. You can also speak with a financial advisor about your larger budget and financial plan.
You may have heard of forms of government assistance like small business grants and subsidized healthcare. But did you know that the government offers personal grants for individuals, too?
If you meet eligibility requirements and you need the money for one of a set of approved expenses, you could be in luck. Unlike loans, grants don’t need to be paid back. That makes them a powerful tool for those facing financial hardship.
Most government grants are given to institutions like universities, hospitals and non-profits. There are a few personal grants available at the federal level and a host of other government benefits that don’t need to be repaid. We’ll refer to all government money that doesn’t need to be repaid and is available to individuals as personal grants.
Keep in mind that the government doesn’t offer grants to help Americans pay off consumer debt from things like credit cards. It does, however, offer financial support for Americans struggling with a range of tough financial situations.
Think of a personal grant as an alternative to two things: doing without and taking on debt. Some grants are designed to help with consumer spending for things like children’s clothes and school supplies. Others are designed to help with long-term investments like a home purchase.
If you’re facing financial needs, consider applying for a grant. Unlike payday loans and installment loans, personal grants won’t leave you with expensive interest payments. You don’t have to pay to apply for government grants, either, so the only things you have to lose are the time and effort it takes to submit the grant applicants.
The government focuses its grant-giving energies on certain classes of individuals. For example, veterans and single mothers have better odds of getting a personal grant than young single men with no children and no record of military service. Still, you shouldn’t let fear of rejection keep you from applying for the funds you need.
Let’s talk about how to apply for personal grants. Go to benefits.gov and you’ll be able to start searching for grants and benefits for which you might be eligible. Search all categories or choose one of the following categories:
Personal grants give recipients an alternative to going without, skipping bills, or taking on debt. If you’re interested, check your eligibility, fill out your applications honestly and thoroughly and stay away from middlemen offering you guaranteed free money. If used correctly, the introduction of personal grants into your financial life can have a largely positive effect. They can get you on the right track to managing your money for both the present and future.
