The purpose of free government grants is to help those individuals who were refused for a loan by other financial institutions. In the United States of America, there are approximately 3,500 federal grant programs and about 20,000 scholarship programs. The Government grant for students is the most in demand and most common form of government grant.
There are personal government grants for persons who had the misfortune of losing their employment though of no fault their own, this is in the form of unemployment assistance. You may be eligible for personal grants for food, medicine, transportation, rent and other basic necessities.
Federal grants for credit card debt is an example of government grants that makes it possible for you to pay off all your credit card debts, if you meet the all the criteria and requirements.
Purposes of this grant are:
- To stop you from drowning deeper into debt by taking new loans to pay off your previously taken loans.
- To help you sustain your credit ratings and reputation.
Pell grants is a type of financial aid that you need to repay, even if you don’t get your college degree. The amount of minimum grant is $500 and the maximum is $5,500 per student. The maximum amount that a student receives is directly affected by the student’s Expected Family Contribution (EFC), Cost of Attendance (COA), and status (full-time, half-time, etc.).
There is a wide array of free government grants available from the federal government from the highest level which is usually divided into at least twenty categories. And government grants are available from individual states and even the city government offer grants too.