Government grants and loans | USAGov (2024)

FAQs

Is the US government giving out grants? ›

The government does not offer "free money" for individuals. Federal grants are typically only for states and organizations.

Federal government grants are typically not given to people for personal expenses. They are for organizations that work with programs and projects funded by the government.

While there are no government debt relief grants, there is free money to pay other bills, which should lead to paying off debt because it frees up funds. The biggest grant the government offers may be housing vouchers for those who qualify.

Federal grants are typically very competitive. Most nonprofits have a less than 50% chance of being awarded a federal grant. If a grant opportunity is closely aligned with your project or program, it is still worth applying.

Unlike loans, grants don't have to be paid back. They are pretty competitive, however, and many come with rigid requirements. Pay particular attention to deadlines and calendar grant periods. The deadline for the latest round of Verizon Small Business Digital Ready grants is this week, for example.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.

Social Security will not give you a loan or let you borrow against your future benefits. You can't, for example, ask to borrow $5,000 and then simply have Social Security deduct that sum from your benefits once you start collecting them.

Is there really a government debt relief program? ›

Unfortunately, there is no such thing as a government-sponsored program for credit card debt relief. In fact, if you receive a solicitation that touts a government program to get you out of debt, you may want to think twice about working with that company.

National Debt Relief, a debt settlement firm, negotiates with creditors to reduce consumer debt. They offer free consultations and will customize plans to make debt payoff affordable. Depending on factors like your debt size, budget and negotiated amount, you could pay off your debts within 24 to 48 months.

Updated September 5, 2019 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

The Golden State Stimulus provides one-time payment of $600 or $1,200 to low-income families and people excluded from federal stimulus funds.