It would be nice if you could pay off your debts with a grant from the government. You may have seen advertisements stating that this was a possibility. If you're thinking about purchasing a program that shows you how you can get free money from the government, it's smart to do your research ahead of time.
The Scam
Certain companies may advertise that you can get government grants to pay off your debt. For a fee, the company will give you the information that you supposedly need to get started. In the worst-case scenario, the company bills your credit card a monthly charge -- a small detail that's listed only in the fine print. It's often difficult to cancel your membership in this program. Though the FTC has shut down a major player in this scam, it does persist.
The Truth
The FTC states that the government does not give grants to people to use for personal reasons, such as paying off debt. You can easily find lists of grant opportunities for free at Grants.gov.
Typical Grant Recipients
The government does offer grants. However, this grant money typically goes to nonprofit organizations, not individuals. Additionally, the government earmarks this money to pay for certain types of programs, none of which involve paying off personal debt.
Student Loan Forgiveness
Though you can't get a grant to pay off most of your debtors, the government does offer student loan forgiveness programs. When you choose to work in certain professions -- such as teaching or practicing medicine in underserved communities -- or join organizations like the Peace Corps or the military, the government offers stipends that pay for all or a portion of your student loans.
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