Free Money from Government: If you also believed that “nothing in life comes free”, then you were wrong! Yes, we are talking about government programs. These programs typically help people to meet various requirements such as college, daycare, and a new home.
Most of these programs are funded by taxes, thus generally people pay something, however, they acquire free money from the government as well. Remember that the coronavirus pandemic can impact the availability of some of all these programs.
Here are some options to get free money from government!
Use Utility Bills
Do you require aid to meet your heating or phone bill? If yes, then here are two programs you can consider:
- The Low Income Home Energy Assistance Program benefits low-income households to cover their heating as well as cooling costs. In this program, grants are issued through states that get funding from the Department of Health & Human Services. Every state fixes its own eligibility conditions, such as income levels.
- The Lifeline program allows a discounted phone as well as internet service. Lifeline is basically an income-based program, hence you should meet certain eligibility requirements to qualify.
Also Read: 5 Tax Deductions Every Self-Employee Must Know
Find Money For Child Care
Day care is one of the major expenses for most families out there. In a year, total costs for infant care usually range from just shy of $5,000 in Mississippi to more than $22,600 in Washington, D.C.
The Child Care & Development Fund may help ease the burden for low-income families. Administered by the United States Department of Health & Human Services, the fund gives states, territories, and tribes money to distribute to families to help pay for child care. Grants are income-based and normally cover care for children aged below 13.
Get Back Unclaimed Money
This is not so much free money rather it is money owed to you. It can be a long-forgotten deposit paid to a utility organization, a lost savings bond, unclaimed life insurance benefits, or an uncashed paycheck.
All these unclaimed funds are returned to the state when the owner cannot be located, normally because of a clerical mistake or organization having an old address on file.
Also Read: How To Save Money While Online Grocery Shopping
Get Down Payment Assistance
People who are so much willing to purchase a home but cannot afford a down payment can consider this option. Enter state-based down payment assistance. These grants, as well as loans, typically aid people to cover the upfront expenses of buying a home.
In Nevada, for instance, a prospective homeowner who qualifies can pay a fee as well as get a grant of up to 5 percent of their home loan value to put toward a down payment & closing costs. Also, help is not reserved for low-income borrowers. For government loans, Nevada’s grant program is also available to people with an annual income below $98,500.
Discover Tax Credits For Health Insurance
The future of the Affordable Care Act is gloomy at best. However, for now, the premium tax credits that are issued through the program are alive & well. Take a look at how they actually work:
Individuals & families who purchase coverage through the government’s health insurance marketplace may qualify for a credit toward their insurance premiums. Plus, one can pay the credit directly to his or her insurance provider, that too lowering his or her monthly payments, or paid out as a tax credit when he/she files your return.
Also Read: 7 Smart & Effective Ways To Spend Tax Refund
Apply For College Grants
College grants such as the federal Pell Grant usually make it easier to meet the college expenses. Eligible students for the Pell Grant can get up to $6,345 for the 2020-21 award year. The exact amount awarded depends on numerous factors such as financial requirements, the expense of attendance, and enrollment status. A student can apply for the Pell Grant by finishing the Free Application for Federal Student Aid, or FAFSA. In addition to this, the application helps in qualifying for numerous states as well as institutional grants & scholarships.
Here are additional federal grants for college:
- The Federal Supplemental Educational Opportunity Grant
- The Teacher Education Assistance for College and Higher Education Grant
- The Iraq & Afghanistan Service Grant
You can even find scholarships using the United States Department of Labor’s scholarship search tool.
Find Out Scams
While there are numerous methods to acquire free money from the government, there are also grant scams claiming to offer free money from government aiming to steal money from people. Keeping that in mind, do not be fooled! In rare cases, the government reaches out to individuals with proposals of free money, and when it does, it is never through social media.
Also Read: The Best High-Yield Savings Accounts For 2020
Now that you know how to get free money, go get your hands on them!