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Financial Assistance - Government Grants, Health Insurance, and Credit Cards

Whether you're looking for a way to consolidate your debts or for a way to receive financial assistance, there are many different options available. These include government grants, health insurance, and credit cards.

Government Grants

Government Grants are monetary allotments from the US Government that are used to support various types of projects. They can range from starting a business to paying for college tuition. The process of applying for a grant involves several stages. Generally, a nonprofit will start with a grant application, followed by an evaluation period, and finally a report. All of these steps are time consuming. So, if you want to qualify for a grant, you need to do a lot of work. You can search for government grants online. Many agencies offer these opportunities, and you can also get help from local government officials. You may also consider consulting an external evaluator. Some government grants require that you comply with specific regulations. These guidelines are designed to ensure that the money awarded is used in a manner that benefits the community.

Debt Consolidation

If you're struggling with debt, debt consolidation may be an option. Generally, you can consolidate your loans to get a lower interest rate, and a single monthly payment. This could help you pay off your debt sooner and keep your debt at a manageable level.

You can get a debt consolidation loan from any financial institution, such as a credit union or bank. You'll be able to find lenders with competitive rates, and some will even let you prequalify online. You'll want to compare several lenders and their quotes before making your final decision.

You can use a debt consolidation loan to pay off high interest credit card balances. You can also take out a home equity line of credit, or HELOC, to pay off other debts. The advantage of a HELOC is that you'll have a lower interest rate than your credit cards.

Social Security Disability Insurance

Whether you are injured or have a serious health condition, Social Security Disability Insurance (SSDI) can help you to cover the cost of everyday needs. SSDI is a federal program administered by the Social Security Administration.

SSDI pays a monthly cash benefit to workers who have become disabled. There are certain requirements that must be met to qualify for benefits. A disability is defined by the Social Security Administration as the inability to engage in substantial gainful activity for at least a year due to a medically determinable impairment.

In order to receive benefits, a person must have worked in a job that paid a minimum of 125 percent of the federal poverty level. Most people with disabilities are not poor, but many are living on less than 125 percent of the federal poverty level.

Credit Cards

Credit cards provide a convenient way to purchase necessities and pay for emergencies. But it can also be a major problem when you are struggling to make ends meet. Fortunately, many companies are now offering temporary financial relief.

If you find yourself in a situation where you cannot make your payments, contact your credit card company. Some issuers will offer a payment deferral and waive interest. They may also suspend past-due fees for a short period.

If you need more assistance, talk to your counselor or other financial institution. Then, check out other programs that could be available.

Some issuers will give you a small amount of cash, or waive fees, if you can prove you are having a financial emergency. Others will provide a statement credit, or temporarily reduce the interest rate for your hardship.

Health Insurance

Financial assistance for health insurance costs can be provided by a variety of organizations. Depending on the type of assistance, eligibility requirements vary. Some programs offer discounts on prescription drugs or travel expenses. Others provide coupons for free medical care or services. A health insurance counselor can help you find the right plan.

A premium tax credit is a program designed to lower your monthly health insurance costs. Premiums may also be reduced with a cost-sharing reduction. The cost of health care can be very expensive, so a cost-sharing reduction can reduce your copay when you see your doctor or pay a portion of the deductible.

Medicaid is a federal health program that provides coverage to low-income individuals. It helps reduce the cost of healthcare for millions of Americans.