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Home > Consumer Focus Archive > The Facts on Government Grants and Loans
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Consumer Focus: The Facts on Government Grants and Loans
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The Facts on Government Grants and Loans
We're all familiar
with ads offering free money from the government. The federal government does
offer grants and loans, but the information you pay for may be misleading. For
complete and up-to-date information on these programs, go right to the
source--the government.
Learn more
about:
Posted: August 1, 2002
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Getting Started
First, there are some
basic differences between grants and loans. You are required to pay back a
loan, often with interest. You are not required to pay back a grant, but there
are very few grants available to individuals. Most grants are awarded to
universities, researchers, cities, states, counties, and non-profit
organizations. Loans are generally the best bet for individuals. Some other
handy tips to keep in mind:
- Don't try to call
the United States Department of Grants. There isn't one. Federal agencies may
have different rules for who is eligible for grants and loans and how to
apply.
- To get an idea of
all the federal grants available, browse the online Catalog of Federal Domestic
Assistance. These listings are updated annually.
- Be aware that
grants require you to submit a proposal to the federal agency describing what
you plan to do with the money. Even after submitting a proposal, it may be
quite some time before the agency either approves or denies your request.
- Grants also
require you to fill out forms, generally on a quarterly basis, that tell how
much money you have spent and what you have spent it on, as well as how you are
progressing on the work you promised to do.
- A better approach
for most consumers is to visit GovBenefits.gov.
You check off which categories you fit into (for example, veteran) and then
answer a series of questions. GovBenefits will identify loans and sources of
financial assistance for which you may be eligible and tell you how and where
to apply. You may be surprised what you are eligible for- there are forms of
assistance available for a variety of personal situations including disaster
victims, farmers, or people with teaching experience.
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College Grants and Loans
- You can fill out
an application for Federal Student
Aid by visiting the Department of Education's website. You may be asked
to provide information about your income and your family's income to determine
your eligibility. Save report cards and transcripts in case you need to report
your grades. Have a good idea of what schools you plan to apply to and what you
want to study.
- Visit
GovLoans.gov to learn more about well-known programs such as Pell
Grants, Work-Study, and Perkins and Stafford Loans.
- The Department of
Veterans Affairs website can tell you more about the "GI Bill" and
other programs for veterans and their survivors and dependents.
- GovLoans.gov
also has information about Parent
Loans for Undergraduate Students (PLUS). Eligible parents can borrow to
pay the educational expenses of dependent undergraduate children who are
enrolled in school at least part-time.
- Beware of "scholarship
scams." For example, be wary when you hear that your bank account
number is needed to "hold" the scholarship. Be sure the scholarship is
legitimate before giving out any personal information.
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Home
Buying
The Department of Housing and Urban
Development (HUD) helps individuals by giving grants to non-profits and
local governments, however HUD does not offer assistance directly to consumers.
Visit or call the HUD office in your state to find out more.
Here are some HUD
loans and other options to explore:
- HUD's Federal Housing Administration (FHA) insures loans, allowing you to purchase a home for
as little as 3% down. Anyone can apply, but there is a limit on the loan amount
they will insure-this varies according to geographic area. You can also wrap
the closing costs into your mortgage.
- A foreclosed or
"HUD
Home" may have a lower asking price. Most HUD Homes are affordable for
low to moderate income families.
- Through the Department of Veterans
Affairs, veterans and their families may be eligible for loans to buy a
home.
- The United States
Department of Agriculture's Rural
Housing Service insures loans for the purchase of homes in rural
communities.
- Fannie Mae has a website that can help
you find a low cost mortgage and a lender that are right for you.
Rental Housing
- Visit HUD's
website to learn about programs to assist you in renting a house or apartment. You
can locate low-income housing, or apply for a Section 8 voucher that you can
use to pay some or all of your rent.
- The Rural Housing
Service makes financing available to elderly, disabled, or low-income
apartment residents in rural areas to ensure they are able to make rent
payments.
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Starting or Growing A Business
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Other Resources
This is just a brief
overview. For more information on paying for college, buying a home, or
starting a business, check out these resources:
Publications available for
ordering from FCIC:
Websites*:
* Names of
resources and organizations included in this online article are provided as
examples only, and their inclusion does not mean that they are endorsed by the
Federal Citizen Information Center or any other Government agency. Also, if a
particular resource or organization is not mentioned, this does not mean or
imply that it is unsatisfactory.
*If you click on these links, you are leaving FCIC's website. Please
bookmark us before you leave so you can return easily. FCIC is not responsible
for the content of these websites.
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We will not retain or use this
information for any other purpose.
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For more information on other popular consumer issues
check out FCIC's Consumer Focus
Archive.
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