Biden Administration Extends Student Loan Relief Through December 31 2022
On August 24, 2022, the White House announced an extension of the student loan relief covered by the federal CARES Act. Borrowers will receive notification about this extension and information about how to plan as the end of the pause approaches and payments restart on December 31, 2022.
You should take steps NOW to get the greatest benefit from the current relief and to prepare for repayment.
Option : Do A Credit Card Balance Transfer So You Can Pay Off The Debt Interest
This option only works if you have good credit excellent credit is better. Balance transfer credit cards offer 0% APR on balance transfers when you open the account. An excellent credit score means you qualify for the longest 0% APR introductory period possible. Some cards have promotions that run up to 18 or 24 months. That gives you up to two years to pay off your debt interest-free.
Be Aware of Fees: Balance transfers always involve transfer fees, even when you have 0% APR. You pay a fee for every balance you transfer anywhere from $3 to 3 percent.
How It Works:
- You open a balance transfer credit, qualifying for rates and terms based on your credit score
- Then you transfer the balances from your existing accounts to the new account with fees added.
- You have a set number of months to pay off your debt with no interest charges.
Make sure to calculate carefully to ensure you eliminate the balance before the clock runs out. If you can, this will give you the biggest cost savings, because there are no interest charges. Otherwise, the interest rate on your debt could be even higher than it was originally.
Tips For Managing Your Finances
- To ensure you can retire and achieve your other financial goals, you need to be in control of your finances. A financial advisor can help with this. Finding a qualified financial advisor doesnt have to be hard. SmartAssets free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If youre ready to find an advisor who can help you achieve your financial goals, get started now.
- If youre not ready to work with an advisor, creating a stringent budget is a good first step toward mastering your finances. SmartAssets budget calculator can help you start.
You May Like: How Much Is The Government Rebate On Solar
Hardship Grants Provide You Fast Cash
At present there are a large number of individuals that are in a bad financial situation and who desperately need to acquire cash, either from a help, loan, credit or subsidy, to address unique issues or unforeseen events. Occasionally, that little contribution of cash thats required can provide a great boost to the individual and this feel calmer and able to deal with the urgency which may have arisen.
Because of the delicate state of the labour market, a lot of people have lost their jobs but cant stop paying their monthly bills for electricity, gas or water, amongst others. In some instances some savings might have been saved, although sadly it is cash that usually doesnt last long, especially when you have family charges and other costs that cant be put aside in any manner. Saving is always recommended but in some situations it becomes an unlikely option because of the number of expenses that daily entails.
Who Is Eligible For Government Financial Hardship Grants
Anyone who is suffering with emergencies can apply for these government hardship grants, here we are sharing the list of eligibility criteria as well as who can apply for these financial hardship assistance.
Also Check: Government Grants For Teaching Degrees
Government Debt Relief For Medical And Hardship Situations
While there is no universal program to help with personal debt, some local programs help people in financial hardships. One of the main sources of financial hardship is due to illness and medical bills. Not only do people lose income, but medical debt can be costly. Left with no recourse, many people use up their savings and even run up credit card debt to pay their medical bills and get medical care.
The government has a website to help with medical and other bills. You can learn about state and federal health insurance programs that may help pay for bills or payment options. Here are some other areas that the government can offer relief: Paying for Telephone Service, Home Energy Bill, Medical Bills, Prescription Drug Costs, and Welfare or Temporary Assistance for Needy Families .
The government also provides information and programs about medical debt on their Medlinplus site. As the saying goes: “an ounce of prevention is worth a pound of cure.” While much of the information does not help with past debt, it may be possible to avoid some of the medical debt by arming yourself with knowledge.
Talk to Your Creditor
Anyone with secured debt should speak to their creditor as soon as they have a problem. Try to work out a plan that allows you to make your payments on time.
Financial Hardship Grants For Single Mothers
The Department of Human / Social Services in your city or county can typically provide you with information on financial assistance programs such as the Women, Infants, and Children program, Supplemental Food Assistance Program , Temporary Assistance for Needy Families and Medicaid. The Single Mother Can Apply for a federal government subsidy. The United States government has about 900 programs aimed at helping single mothers. There may also be programs to help low-income families to pay for child care, housing, energy needs and other daily needs that you have. Contact the local Department of Human or Social Services for more information on existing programs, eligibility requirements, and how to apply.
Also Check: Fidelity Us Government Bond Fund
How To Get Free Government Money In Canada
To get free money in Canada,There are various ways. There are few ways to get free government money by checking for unclaimed cheques, maximizing your RRSPs and TFSAs, using Canadas benefit finder tool, grabbing grants through RESP, old age security income, digging up old bank accounts and many more.
Free Grants And Grant Scams
If you receive information stating you qualify for a “free grant,” it’s probably a scam. Get information from the Federal Trade Commission so you can better recognize and avoid grant scams. If you have been a victim of a grant scam, you can file a complaint with the FTC.
Contact your state consumer protection office if you have purchased a book or paid a fee to get grant information and are not satisfied.
Read Also: If You Owe The Government Money
Talk To A Financial Professional For Help
Much of the federal COVID-19 for consumers has expired, and state relief may not be enough for some people. If you are struggling to make credit card payments, need support or are looking for financial education that will help you with budgeting and financial resources, a nonprofit is a good option.
Nonprofit credit counselors will talk to you at no charge, review your financial situation and help strategize solutions. Counselors with agencies certified by the National Federation of Credit Counseling are required by law to act in your best interest they wont try to sell you a product.
If you are struggling with credit card or other debt, they may recommend debt relief solutions, including a debt management plan, debt consolidation or nonprofit debt settlement.
Whatever debt relief, or other financial relief, you need, you can start right now by making on-time payments, lowering balances and making good spending choices. A free discussion with a credit counselor may be the step you need to achieve those goals.
9 Minute Read
Tips And Advice To Find Government Debt Relief And Grants
Are you drowning in Debt? Not sure how to get out of debt?
Do you think that the government is the best place to turn to get out of debt? Did you know that the US government has racked up more than $28 Trillion in debt…that is serious debt. While it is true that there are some limited government debt relief programs, dont count on the government to bail you out.
Does government debt relief exist? If so, what exactly are your options? There are some misconceptions about what the government can do to provide debt relief. In short, the federal government does have assistance programs and grants, but there is no such thing as a straight-forward debt relief program issued by the government where your debts disappear magically.
It is vital to get a grip on your debt situation. In general, any government program will aid those in hardship, although not everyone in financial hardship will qualify for a government debt relief program. It is good to keep in mind that government debt relief is not a solution for many debt problems, especially with unsecured debt, such as credit card debt. However, it is also a good idea to know your rights and what type of help is available.
To understand how the government can help you find the best debt relief solution for your personal situation, learn about:
- Handling debt and tips from the government
- Government debt relief for different types of debt
- Government debt relief and protection against debt collectors and lawsuits
Also Check: Franklin Us Government Securities Fund
Revised Pay As You Earn
- Direct Subsidized and Unsubsidized Loans regardless of when borrower first obtained the loans
- Direct PLUS Loans made to students regardless of when the borrower first obtained the loans
- Direct Consolidation Loans regardless of when the borrower first consolidated the loans
- Payments change based on the borrowers income
- Maximum monthly payments are 10% of discretionary income and could be more than the 10 year Standard Repayment Plan.
- Any borrower with eligible federal student loans can make payments under this plan
- The loans must be in good standing to qualify
- No income requirement to enter plan
- The borrower must provide supporting documentation of income and family size to the loan servicer every year
Free Debt Relief Programs: Not Even A Penny
Owing money is not a crime, even if unscrupulous debt collectors say so. However, a creditor lawsuit can lead to wage garnishments, bank levies, or liens on your personal property. If you want to overcome your debt problems, then you will need to make a real effort. That means investing your time and resources.
Dont expect to find a free debt relief program, but take steps to make it less expensive. You can do just about any debt relief program by yourself: however, be careful because a mistake is costly. Make sure that you learn about the programs and are active in all the steps toward debt freedom. Also, utilize any critically needed professional help, even if it is not free.
To help you overcome your debt and find a debt relief program appropriate to your situation, follow these FREE steps:
- Find ways to save money
- Request Government Hardship aid
Recommended Reading: Best Government Contracting Companies To Work For
Organizations Can Help Unemployed In Hardship
Organizations can help you after you have exhausted the extensions, many local governments and private organizations may be able to offer you more help. Unlike unemployment benefits, these groups offer food, bill payment or help in finding employment based on need rather than your employment history. Often the need has to be applied and tested. You can find a list of these organizations on the website of your claims status or by contacting the local Social Security office.
Are There Government Grants To Pay Off Debt
We all that every citizen of the country have some hopes from their government when they are in needy time and they are suffering from the financial crisis as well. Because when they have no money they have to face many life difficulties and along with them, their family also has to suffer. Even here are many situations of a persons life when he has to suffer much financial crisis and hence on a different level of their life. At that time, many people think about taking loans and debts, so that they can make some arrangements for their family, but these debts and loans are not easy to repay. So, people think about the government grants, so that they did not need to take loans from the lender. Because if they get the government grant then they did not need to repay it and they will be tension-free for returning the debt or loan.
Even the government have lots of grant programs on the various level and they help the people with their grant program. Maybe you listen about the government grants which help small businesses and subsidized healthcare centers. But the government not only has grant programs for them but also has many grants programs that help individuals with financial assistance. One just has to need to search about those grant programs or they can contact a government office in their local area and get proper information about the government grants which can help them to pay off debt.
Recommended Reading: We The People Government Book
Are There Grants To Pay Off Debt
Government and other relief programs offer grants money that doesnt have to be paid back to help with living expenses and more, for those who qualify. While there are no government debt relief grants, there is free money to pay off debt in that it will help you pay bills, giving you more income to pay on credit card and other debt.
The biggest grant the government offers may be housing vouchers for those who qualify. The local housing authority pays your landlord directly. Other government programs that provide long-term and temporary financial help for bills include the Low Income Home Energy Assistance Program , Temporary Assistance for Needy Families , the Special Supplemental Nutrition Program for Women, Infants and Children , help to pay student loans, and more. Well look at these in more depth below, including how to find them.
Be wary of offers to buy lists of government grant programs. They are usually frauds. There is no government program for credit card debt relief and legitimate debt settlement and relief programs operate by strict rules.
Calculating Total Loan Cost
When you are deciding which loans to accept, be sure to make comparisons based on the loans total cost. The total cost of a loan includes three different amounts: the PRINCIPAL, the INTEREST, and the FEES.
- The principal is the original amount that you borrow.
- The interest is the cost of borrowing money from the lender.
- The interest amount accrues over time. Interest rates on student loans can be fixed or variable.
- A fixed interest rate does not change over the life of the loan.
- A variable interest rate can change over the life of the loan.
To help you understand the total cost of your student loan, private student loan lenders must clearly disclose the loans annual percentage rate, finance charge, amount financed, and total of payments before you sign the loan agreement. These disclosures may look something like this:
|Annual Percentage Rate|
The cost of your credit as a yearly rate.
The dollar amount the credit will cost you.
The amount of credit provided to you.
The amount you will have paid when you have made all scheduled payments.
Note: Your private student loan lender must provide you with loan-cost disclosures at three different points in the application process:
Recommended Reading: Identity Governance And Access Management
Default Private Student Loans
Many private student loans go into default after four months of non-payment , but the specific terms of default vary by loan contract.
There are no uniform refinancing options for distressed borrowers of private student loans. If you have trouble making payments on your private loan, you need to contact your loan servicer or check with your private loan contract to determine your options.
Free Money From The Government
The federal government does not offer grants or free money to individuals to start a business or cover personal expenses, contrary to what you might see online or in the media. Websites or other publications claiming to offer “free money from the government” are often scams. Report them to the Federal Trade Commission.
Read Also: How To Claim Lost Money From The Government
Compare Education Funding Sources
It can be difficult to determine how to best finance your education. While everyone’s specific circumstances are different, there are some general rules of thumb to consider in choosing a suitable aid package.
Compared to private loans, federal loans offer: