Tag: loans

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Career & Education Education Financial Loans

Will This Type of Student Loan Forgiveness Be Next?

Could This Type of Student Loan Forgiveness Be Next?

A group of over one hundred organizations representing student loan borrowers recently wrote an open letter calling on the Education Department to overhaul its income-driven repayment program. The goal of an income-driven repayment plan is to make payments more affordable and give borrowing who have already been paying for 20 to 25 years a way out. However, these plans are so poorly designed that only 32 people have qualified for forgiveness as of the beginning of 2021.

According to the National Consumer Law Center, a consumer advocacy group, the government made a promise to borrowers that federal student loan payments would be affordable and would not be a lifetime burden. Unfortunately, the Education Department’s income-driven repayment program has “failed to deliver on every aspect of that promise.”

What is an income-driven repayment plan?

An income-driven repayment plan sets your monthly student loan payment to an affordable amount based on your income and family size. There are several different income-driven repayment plans, but they all generally require borrowers to pay between 10 and 20% of their discretionary income for 20 or 25 years.

What are the downsides to this type of student loan?

Although income-driven repayment plans exist to help low-income borrowers, they come with several downsides as well.

You might not qualify

Most private student loans don’t offer income-driven repayment plans, so you will likely only qualify if you’re a federal student loan borrower. The qualifications can be confusing though: Federal Parent PLUS loans are not directly eligible for this type of repayment plan but may become eligible by including the loans in a Federal Direct Consolidation Loan.

Your loan balance might increase

It’s also possible for student loans to be negatively amortized under this type of repayment plan, which means the loan payments you are making are less than the interest that accrues each month. This results in a higher loan balance which can feel like you’re making zero progress when paying down your debt.

Married borrowers might have a higher payment

Some income-driven repayment plan payments may increase if the borrower gets married and their spouse has a job. This is typically seen as a marriage penalty and can result in a much higher payment than you’re used to due to your joint income.

Student Loan Forgiveness takes a long time

If you’re seeking forgiveness of your student loan debt, you won’t see it until after 20 or 25 years of payment on an income-driven repayment plan. This can feel like you’re in debt forever since you’ll owe money for longer than the standard repayment plan and will end up paying more interest in the long run.

What’s next for student loans?

Advocates are calling for massive reform to the income-driven repayment program since the current program is too complicated, requires too much paperwork, and is poorly managed by the loan servicing companies that run them. Only about 34% of borrowers manage to recertify every year, which is a dismal amount considering these repayment plans are supposed to be helpful.

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Financial Government Grants

6 Steps To Apply For Medical Assistance Grants

6 Steps to Apply for Medical Assistance Grants

Apply for medical assistance grants.  Step by step tips, tricks, and strategies for approved grant applications.

There are many grant opportunities available.  Although, grant applications are highly competitive, most of the opportunities to receive medical assistance grant funding are right at your fingertips on the worldwide web. Here are some grant funding tips that you should consider in your search:

Plan and be alert.

Keep in mind grant organizations go through levels of analysis. The first level is to throw out as many proposals as possible.  Why? Because there is usually only one winner per grant, making the pre-selection stage a process of elimination.  Every medical assistance grant proposal does not make it to the end, and these organizations can receive thousands of applications. So carefully plan for your proposal, or your grant can be thrown out even for simple mistakes.

Find the right opportunity and ensure your eligibility.

Don’t do all that work for nothing. If you have not done your eligibility research beforehand, your grant proposal will likely be sent back to you. This is why ensuring you meet the requirements is an extremely important step in your search for Medical Assistance Grants. View Sponsored Listings.

Read the directions carefully and apply for the grant.

Follow the very specific grant application directions closely, as medical grant directions must be followed precisely to be considered for acceptance. Every grant type has its own set of special directions, so be sure to abide by those listed as you apply. Either keep the directions open in another window, or print them off to ensure you don’t miss anything.

Study other grant proposals that have won and been approved.

Locate this public information by searching for sample grant applications online. There are many great resources for Medical Assistance grants, and all you have to do is track them down online and study the writing approach of other winners in the field. Start by searching for “grant application samples” and then refine your search based on the results.

Don’t sweat the minor details.

If you do not have a particular requirement that the grant is asking for (e.g. you have 5 sq. ft. and the grant wants 10 sq. ft.) apply for it anyway. The reason for this is because one quarter of the people applying for the same grant probably do not have all the requirements either.  Nevertheless, they quickly find the needed support once the grant is approved.  This is especially true for bigger money grants.  If you do not have exactly what the grant asks for, don’t worry. You won’t necessarily be disqualified.

Find local support.

Go to your local organizations, including city and state entities, and let them know what your situation is. Often times they have access to databases, foundations, etc. that you won’t find in a normal Google search. They are there to help people in your shoes, so don’t be afraid to ask for help. That is what they do!

Types of Medial Assistance Grants

  1. Research
  2. Small Grant
  3. Scientific
  4. Academic Enhancement
  5. Exploratory and Developmental
  6. Clinical
  7. Small Business
  8. Education
  9. Philanthropic

Of the many medical assistance grant opportunities available there are some factors to process.  Here we have provided the 6 Major Steps to Apply for Medical Assistance Grants.  Apply for your medical grant with these step by step tips, tricks, and strategies and get your first approved grant application.

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Financial Government Grants

How to Write Grant Proposals

How to Write Grant Proposals

You can waste a lot of time trying to figure how to write a grant proposal. Finding the right grant is difficult in itself and when you do get it, completing the rest of the documentation process can be a difficult challenge. Whether you want a grant for an organization or a business – writing the proposals can be an easy thing to learn if you have the proper guidelines. Read on to get a better idea of the process involved in writing a grant proposal.

Getting Started

Once you have written down the list of all the activities, needs, and outcome of your program, you can use it as a basis for several applications, as the majority are in a similar format. You can also make minor tweaks to meet the needs of each funder. Start by studying other proposals and looking at all the different formats of major companies and organizations. Funders usually have specific format styles which include the font, text size and even page limits. So initiate your writing process by thoroughly reading the specific instructions of writing a proposal given to you by your funder. For example, if the funder wants 10 pages, make sure you give him exactly 10 pages. If you think you need an exception – get permission beforehand, if possible.

Developing Your Proposal

Next, you should study all the criteria. Grant programs are highly competitive. They are awarded to the proposal that best fits the criteria. Usually, the grant officer allocates points to different sections of the proposal. Try to use a checklist and ensure that you have everything in order before finalizing your proposal. This will also help ensure that you have not missed out on any section and that your application is complete. Also, make sure you add a table of contents to help the reviewers find the specific information they need, easily.

Finally, you must absolutely perfect those areas with the highest weightage. These areas are going to be the deal makers and don’t compromise on quality. If you find all this to be difficult, you can even hire a professional grant writer who is experienced in writing all sorts of proposals. Such professionals usually know what pleases the funder and are familiar with tactics which increase the chances of getting the proposal accepted. However, make sure to fill him or her in on all the nitty gritty details of you plan and project needs. Otherwise, your proposal might not reflect what you actually plan on doing.

Finalizing Your Proposal

Finally, once you’re done – review the whole document thoroughly. Consider having someone who has never heard about your proposal review the document and get their critique. They may also be able to detect shortcomings and errors in your document that you’ve overlooked. Edit and proofread all the text and make sure it’s aligned with the instructions of your funder. Once you are done with writing the grant you need to submit it on time or by the due date. Show your efficiency as much as possible in order to gain an upper hand over your competitors. We hope these tips and effective strategies will assist in your goal of writing a winning grant proposal, and we wish you the best of luck in securing your grant!

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Financial Government Grants

How to Avoid A Grant Scam Online

How to Avoid A Grant Scam Online

What Is A Grant Scam?

A grant scam is an incidence of attempted online theft or identity theft.

Someone contacts you to say that you are eligible for a government grant. They ask you to give your personal details of checking account information over to that person so that you can receive the grant. However, this is not what will happen – instead, you will be scammed.

Grant scams can take a number of forms. By far the most common start when you receive an email stating that you’re eligible for a grant, usually due to an error on your tax return or something similar. You’ll then be prompted to send your details across to what you might believe is a legitimate institution. A number of these scammers use fake names such as “The Federal Grants Authority,” so be sure to research any institution that is asking for your information.

However, these aren’t the only form of grant scam. You might be searching for information related to your taxes and come across a website with fake information. You might even receive a phone call from someone claiming to be able to offer you a grant. Do not fall for this. We’ll supply the process below so you can understand what really happens with government grants.

Why Would Anyone Do This?

As a law-abiding citizen, it’s hard to understand why someone would do something like a grant scam. If you’re not overly technologically literate, like the victims of most online scams, then this goes doubly so.

A grant scam works on the basis of identity theft or compromising your bank account; the emails or phone calls follow a script. You’ll be congratulated on having received a sum of money, and then you’ll be instructed to hand over your bank details in order for the “grant” to be deposited. In fact, you will give over your personal information for use by the scammer so that they can withdraw funds from your account.

How To Avoid A Grant Scam And Other Online Tricks

The most important thing you can do is be vigilant with your personal details. Do not give out your details over the phone and do not email your personal details.

If you are in touch with someone who you believe to be a government agent, then do your due diligence and check that they are who they say they are. Most scammers will use official-sounding names for boards that do not exist, for example, the “Federal Grants Initiative.” Generally, all information regarding grants and governmental agencies can be found on the official government sites for the various agencies.

You can also put yourself on the Do Not Call registry. This will ensure that your number is kept private in many cases, and will thus not be available to scammers who access phone lists in bulk and ring constantly hoping to catch one naïve person.

There isn’t a Do Not Contact registry for emails, but the same applies – do not give it out unless necessary, and even then, makes sure it’s in the right hands. Most legitimate agencies and organizations will have secure online portals for collecting financial information, so never email this information to anyone.

If in doubt, you should always seek advice. Do not blindly accept anything an unknown entity might tell you. Any real government agency will understand your need for security, so make use of that.

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Financial Government Grants

4 Steps for Successful Online Grant Research

4 Steps for Successful Online Grant Research

1.    Create a project outline:

To begin you need a general idea of the project scope.  Build an overall one-page synopsis that is as specific as possible for the project: Who is going to be helped? Main goals and objectives? How? What’s the timeline for implementation? Where? How much will it cost? Are there special populations? Do you have access to matching funds? Who is the applicant? Do you have a history of this or other awards?

All of these questions will allow creativity and guidance, and help you while filtering through your grant research!

2.    Create Key Terms:

From your synopsis pull key search terms: Region, Topic, General Scope, etc.  Be creative and think of anything that may make your project special.  Come up with as many as possible to use, and look at the list a few times before you request outside input.  The terms ultimately dictate your searches; the more you have the more successful you will be.

A good search should turn up 10-15 results in a database with 3-4 viable opportunities at different amounts to ensure a multi-pronged approach for success.

For example: Pennsylvania, Children and Family interventions, at-risk youth, matching funds, education, homelessness, prevention, trauma informed care, public housing, transitional living, collaboration, and partner based.

All-Star Tip: Be sure to have a few keywords with synonyms to try in different mixes and see what comes back.  Going for all search fields at once may over-limit your search.

3.    Choose your likely Funding Source:

Choosing what type of funding entity you’ll need for your project will dictate where to go. Some general examples have been listed here:

  1. Scholarships: Foundations, View Sponsored Listings
  2. Research: Grants.gov
  3. Contracts: Grants.gov, and State websites
  4. General Program Support: Foundations, Grants.gov, Federal/State Department Websites, View Sponsored Listings
  5. Project Specific Development/Pilot programs: Federal/State Websites, Grants.gov, and Foundations
  6. One-time events: Corporate Sponsorships, Donations, and Foundations

All-Star Tip: Be sure you think of your capacity for reporting measures. Federal grants are typically more competitive, require a longer history of success, and may require an outside consultant to write.  Some foundations might give you $1500, but the reporting alone may cost you $1500 of employee time – ensure balance and return on investment exist when conducting grant research!

4.    Track your research:

Many grants are released regularly, and in turn, save your information in a separate document to use later. If you are not sure, reach out to the program staff and ask for insight.

Excel sheets have been a personal favorite, but feel free to use any word processing software as well. Headings should include Agency, Grant Name, Maximum Amounts, Due Dates, Key Words, Ineligibility, Match Requirements, Reporting Measures, Website Links, and Internal Proposed Project.

Microsoft word also does well for a memo on each item, but you likely won’t need those specifics until you to take it to a higher authority. Excel creates an easily searchable list, without feeling overly cluttered, which grant research can tend to be. Just remember to stay organized and it will make your research much easier.

All-Star Tip: Create a google doc or sheet and encourage others to add their research in the same format!

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Financial Loans

Interest Rate Hikes May Come Very Soon

Interest Rate Hikes May Come Sooner

Interest rates, oh interest rates, how we wish you were low forever. But this is not the reality of how interest rates work. And soon, interest rate hikes may grow higher and higher.

During the start of the pandemic, rates were lowered to help grow the economy. If interest rates are low, more people are likely the make purchases using their credit cards or buy homes.

Now that inflation has pushed our economy to the brink, it is expected that interest rates will grow as well. Inflation is at an all-time high, growing more in one year than the previous 30.

It is predicted that interest rates will be raised 3 times during the year 2022. Some people predict that as soon as March hits, rates will begin to climb. They feel the economy has recovered enough that it is time to begin the rate hike.

What Causes Interest Rate Increases?

Interest rate increases are caused by supply and demand. The more people need or want credit, the higher the rates are. The fewer people need or want credit, the lower the rates are.

With the distribution of stimulus checks and government aid during the beginning of the pandemic, people didn’t need as much credit. They were more mindful of their purchases and had the extra cash to buy their necessities.

Now that the government has stopped funding its people, they are back to a new sense of normalcy. Applying for credit and such as they would have before. This means it is time for rate hikes.

Is Inflation A Threat To Our Economy?

Inflation has risen 7% during 2021, and there are no signs that it is stopping anytime soon. Most experts claim that prices will not go back to pre-pandemic levels, and this is our new normal.

Some experts believe that prices will continue to climb well into the year 2024, and with current rates of inflation, that could be devastating for some communities.

Because of the high inflation rates, the cost of rent and other goods are through the roof. These prices are making the average person look for other means to have sustainable living.

What Happens If Interest Rates Increase Too Fast?

If they increase too fast, it could impact the global economy. Many believe it is risky and could be a better solution to keep them low for a while.

Central banks set a standard for rates that are used for loans and debts. When rates skyrocket, fewer people will meet the demand of purchases. Higher interest rates mean a higher cost of goods, and when an economy is already struggling it can be hard to keep up.

Keep In Mind

With high levels of inflation, comes various unforeseen financial drawbacks. We must increase interest rates in order to keep the supply chain satisfied. When we keep rates low for a prolonged amount of time it can hinder the growth of the economy.

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Financial Loans Real Estate

Low-Income Home Loans: What Are Your Options?

Low-Income Home Loans: What Are Your Options?

Working a job that provides a low-income can make homeownership seem like an impossible goal. Luckily, there are a variety of options available to assist those with a low income in buying a suitable home.

In this article, we’ll cover some of the most well-known home loans that cater to low-income individuals and families in some way.

Homeownership Vouchers

The Housing Choice Voucher (HCV) allows families assisted in the program to use a voucher to purchase a home. Families will also receive monthly assistance to help with household expenses. The voucher is only available to those families who are enlisted in the program. It’s also not available in every single housing authority.

Other qualifications for this home loan program are to meet specific income requirements as well as having gainful employment. Participants also need to be first-time homeowners, attend and complete a housing counseling program, and meet any other local eligibility requirements.

Indian Home Loan Guarantee Program

Indigenous people and native Alaskans make up some of the poorest populations in the United States. Because of this, the Indian Home Loan Guarantee Program was created. This program is exclusive to native people and guarantees them a reasonable home loan through private financial institutions.

In order to qualify for this program, you and your family must be enrolled members of your native tribe. You must also be in the process of searching for a home. The maximum loan length through this program is 30 years and there are no prepayment penalties either.

HomeReady and Home Possible Loans

Home Possible and HomeReady are two different loans but they have very similar benefits. HomeReady is a loan program backed by Fannie Mae. It is meant to help low-to-moderate income homeowners either buy or refinance their homes. They do this by reducing the standard down payment and mortgage insurance requirements.

Home Possible is backed by Freddie Mac. It is essentially the same as HomeReady, except that it requires a slightly higher minimum credit score to apply. This is perhaps the most helpful for the general population of low-income individuals as a lower required down payment means you don’t need to save nearly as much in order to purchase your home.

Good Neighbor Next Door

The Good Neighbor Next Door Program is an exclusive program to firefighters, K-12 teachers, law enforcement officers, and emergency medical technicians. The loan allows those in these professions to purchase a home at up to 50 percent less than the list price so long as they promise to live in the residence for at least three years.

Down Payment Assistance

Although it’s not technically a loan on its own, down payment assistance can be paired with your loan to decrease the amount you need to pay down on your house. There are approximately 2,000 down payment assistance programs across the country and they’re typically run through the city government.

There are four main types of down payment assistance: grants, loans that are paid alongside your mortgage, loans with deferred payments, and loans that are forgiven after a number of years. This assistance is typically used by first-time home buyers and past homeowners can use most programs after three years of not owning a home.

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Career & Education Education Financial Government Grants Loans

Furthering-Your-Education Grants

Furthering-Your-Education Grants

Introduction

Millions of hardworking Americans are having to adapt to fewer jobs or limited options by furthering their education in order to increase their value in a competitive job market, and the federal government offers a variety of options for prospective or current students who want to further their education.

Aimed towards a variety of fields of study and demographics, new college students and diligent adults wanting to continue their schooling are urged to check into the dozens, if not hundreds, of government grants that are available to help them thrive in their profession. These grants are the key to going through school, studying hard, and finding a career that is right for them. It’s a major difference maker for millions of people who want to study hard and worker harder but require some assistance to meet their goals.

Education Grants

Many of the most positive grants available to students through the federal government are basically scholarships, which are offered by government agencies such as the US Department of Education’s Office of Student Financial Assistance Programs, or specialized foundations named after the scholarship.

Some federal furthering-your-education grants adhere to a wide range of interests, and simply target a particular demographic, such as minorities, or American Veterans. Students who do not fit into a specific subject or demographic will also have choices. The US Department of Education manages the Federal Pell Award Program, which is more of a “blanket” grant that may cover a wide range of career ambitions, age groups, and general sorts of students over the age of 18. Essentially, a demonstrated and demonstrable need for financial help is the most important criteria for awards like the Federal Pell Grant.

Learn More About These Grants

Furthermore, candidates should be aware that Education Grants can come in a variety of formats. While scholarships and direct disbursements of cash for educational reasons are perhaps the most popular awards, long-term, low-interest loans are also available to assist pay the costs of school, housing, household expenditures, and other necessities for both full-time and part-time students.

Colleges, universities, and private schools all have their own set of awards to assist improve the quality of their educational equipment, personnel, and materials, which benefits present and future students indirectly.

Conclusion

With help from the federal government, potential students of all abilities and ages, and at all phases of life, will be able to further their careers and, ideally, their income. The educational scholarships offered by the Federal Government are designed for prospective students who need it the most and cannot afford a higher education without aid. They help guarantee that everyone has a chance at achieving their professional goals while also creating a wiser, more educated nation.

For generations now, countless Americans have turned to the federal government for help when it comes to going to school. And truly billions upon billions of dollars have been spent to create a base of Americans that is hard-working and devoted to learning more There is money available for most students looking for higher education, they just need to know where to find them.

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Financial Government Grants Loans

Federal Grants: Who Is Eligible For Them?

Who Is Eligible For Federal Grants?

Federal grants are a helpful financial sum that can be awarded to many different types of parties for many different types of needs. Many businesses, organizations, individuals, and non-profits are given federal grants annually and the difference they make is able to help them survive and even thrive.

But Who Is Eligible For A Federal Grant?

Are they given to just anyone or are there specific rules and regulations that decide which applicants are given and denied these grants?

It’s critical to figure out who is eligible to apply for and get a government grant. If a group or person is not legally qualified for a certain financing opportunity, they will spend a lot of time and money filling out the application just to find out that you are not eligible for the award. If you are a part of one of these organizations, it is smart to study the rules beforehand so you know your chances at landing a federal grant.

There are many types of organizations generally eligible to apply for funding opportunities on the official website located at Grants.gov. Each type of organization is listed on that site. Here are just some of the ones you will find there.

Government Organizations

  • State governments
  • County governments
  • City or township governments
  • Special district governments
  • Native American tribal governments (federally recognized)
  • Native American tribal governments (other than federally recognized)

Education Organizations

  • Independent school districts
  • Public and state controlled institutions of higher education
  • Private institutions of higher education

Public Housing Authorities

  • Public housing authorities
  • Indian housing authorities

Nonprofit

  • Nonprofits having a 501(c)(3) status with the Internal Revenue Service (IRS), other than institutions of higher education
  • Nonprofits that do not have a 501(c)(3) status with the IRS, other than institutions of higher education

Additionally, individuals may submit applications and may be awarded them too. There are multiple reasons why an individual would apply for a federal grant but most of the applicants that attempt to get a grant from the government are doing so on behalf of an organization, company, government, or institution. However, if you are registered with only an individual applicant profile, you are only allowed to apply to funding for individuals. Only official groups are able to apply for group grants.

Another major and important type is the Federal Pell Grant. You have likely heard of this type of grant before. A Federal Pell Grant is ideal for students and is used by millions of college applicants every year. Pell Grants are a type of federal financial aid that might help you pay for education. The money you obtain from Federal Pell Grants does not have to be repaid, unlike loans. Undergraduate students are often eligible for Pell Grants.

Although many groups and organizations apply, the largest source of federally funded grants is the Federal Pell Grant. For the 2020-2021 academic year, the maximum amount given in a Federal Pell Grant is $6,345.

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Career & Education Education Financial Government Grants Loans

Federal Grants For Back To School

Federal Grants For Back To School

Your education experience never has to end. In fact, you can be a student for all of your life if you want to. And just because you are older and going back to school doesn’t mean you can’t receive federal financial assistance. You may be eligible for grants and scholarships for returning students if you are returning to college as an adult. Nontraditional college students, in fact, are eligible for financial help as well as low-interest federal loans. These alternatives may lower the cost of college and minimize the amount of student loan debt you must take on to pay for it.

How To Get A Grant

If you’re considering returning to school, the first step is to fill out the Free Application for Federal Student Aid. This is often known as the FAFSA. To provide you access to federal grants, loans, and work-study programs, the federal government and schools in the United States must examine your FAFSA.

Far too many people think that FAFSA and other grants only apply to younger, college-aged students. But the truth is that federal assistance has no age limitations. An adult student fills out the FAFSA in the same way that a high school senior does. Even if you don’t qualify for grants, you should still apply for federal student loans through the FAFSA. Federal student loans offer lower interest rates and longer payback terms than private student loans, which might help you save money.

The Pell Federal Grant

When it comes to going back to school, you need look at more than simply FAFSA. The Pell Grant, for example, is available to college students of any age who can show financial need.

The amount of the grant is determined by your financial need, the cost of attendance at your selected institution, and whether you attend college part-time or full-time. The highest Pell Grant you could get for the 2020-2021 academic year was $6,345, but the ceiling varies each year.

Federal Supplemental Educational Opportunity Grant

You could be eligible for a federal Supplemental Educational Opportunity Grant, or FSEOG, as well.

FSEOGs, like Pell Grants, do not require repayment. They are, however, only available to students who attend a participating school.

An FSEOG might pay you anywhere from $100 to $4,000 per year, depending on where you attend to school, your financial condition, and other variables. The earlier you apply, the more likely you are to receive the award.

The TEACH Award

If you’re pursuing a degree in teaching or educational administration as an undergraduate, post-baccalaureate, or graduate student, you could be eligible for the federal Teacher Education Assistance for College and Higher Education (TEACH) award.

You can obtain a TEACH award for up to $3,772 if you agree to teach at a low-income school for at least four years.

If you don’t fulfill your service requirement, the government will turn your grant into a student debt that you must repay. As a result, it’s critical to think about whether a TEACH grant is suitable for you.

These are just some of the many federal grants available for students returning to school. Additionally, each state has its own many scholarships which gives new and returning students even more opportunities to continue their schooling career.