Government Financial Assistance Programs

Many people don’t realize that the government actually offers many assistance options to qualifying individuals. Depending on your financial situation you may be able to get free assistance that can get you hundreds or even thousands in savings!

- Down Payment Assistance

When you are looking to buy a home, you know that your down payment will likely cost thousands of dollars. Luckily, the government has made assistance programs that either cover the cost of a down payment completely or help you reduce the cost of the down payment. The most you could save is by buying a house for $0 down but when you utilize other programs you can still save because you won’t have to put as much money upfront on the home.

- College Grants

School is expensive, that is why a lot of people that have the time to go to school decide not to. Luckily, there are federal educational grants available that can cover up to $6195 of education expenses for qualifying students. You can see how much you are eligible for by filling out a Free Application for Federal Student Aid (FAFSA). Many people like this assistance option because of the fact that this money is a grant. This means that you are not required to pay any of this money back, it is all yours to use towards education.

- Utility Bill Assistance

Low income families that are struggling with bills can get some relief. There are two main programs that help with the cost of bills and those are the Lifeline Program as well as the Low-Income Home Energy Assistance Program. These programs assist qualifying households to cover the costs of phone and internet services to the costs of cooling and heating at a more affordable rate. These programs vary by state so be sure to see what the requirements are for the program in the state that you live in.

- Child Care Assistance

The cost of childcare is super expensive. That is why the government has programs available to assist with these costs. The Child Care and Development Fund was made to help qualifying low-income households afford the childcare that they need. Similar to the utility bill assistance options, these programs vary by state so be sure to see what the rules are for the state that you live in.

- Unclaimed Money

While this isn’t a type of assistance program, it is a tool that state’s have created to assist all citizens. You can use this site to see if you have any money that is rightfully yours whether it is from a lost savings bond, an unclaimed paycheck, and more. The National Association of State Treasurers can assist you in the process of claiming money that is rightfully yours.

Avoid Scams

While there are helpful programs and tools to ease your situation, there are just as many traps. People take advantage of those desperate and in need so that they can get personal information. Keep an eye out for emails, ads, and social media plots that are not accurate. If you do come across a program that you want to look into then be sure to confirm with your state that it is reputable.