Tuesday, February 21, 2012

Complete Information on Federal Grants for Women to Avoid Debt

In the U.S., women are incurring more debt than their male counterparts, with debts building up from impulse credit card purchases - and let's not forget the many women who have decided to return to college, but aren't aware of how to reduce their college debt before they even start. 
Paying off debt is a crucial part to achieving financial freedom and attaining a debt free life - but there are also ways to ensure that you don't spend an arm and a leg on future education goals, too! You can either hire the services of a debt settlement company (now or in the future) or you can apply for free federal grants to pay off your debts. 
If you do happen to receive a grant, it will create an immediate reduction of your current  debt - and paying off college may be much more feasible. You may even be able to avoid enrolling in a debt relief program, altogether, with the help of federal grants!
While there are many public grants that are funded by the tax payers of America, there are also private grants that are funded by the private organizations aiming to help women manage their finances. 

Interest & Eligibility

Applying for a grant will be different from applying for a loan, as you are not required to pay back grants - and the interest that can accumulate with a loan (which can end up, over time, being just as much, if not more, than the loan itself was!) is non-existent when you are approved for a grant. Keep in mind that grants are usually dependent on financial need, but this is not the case for every grant that is available - each one will have its own stipulations for eligibility.
Check With the College or University

More than 25% of the nation's colleges and universities have special grants and scholarships for women that are created to encourage them to attend the institution and pursue a higher education. If you receive a scholarship, you can avoid taking out a student loan in order to manage the higher education expenses - or at least reduce the amount of the student loan. Imagine how much less stressful it can be attending college without thousands of dollars of debt looming over your head! 
Foundation Center
Unfortunately, if you don't understand the grant application process, you might not receive a grant, despite the fact that you qualify for it. To avoid this mishap, be sure to check the reference guide available in the Foundation Center website.They have tons of resources for you and they offer free public access to information. And, for you entrepreneurial women, they have a Proposal Writing Short Course to get you started in finding funding for your non-profit organization.
More Info About Grants

There are plenty of other websites that show a number of government and private foundations where you can apply for grants. And, you don't have to stop once you've received a grant. You can apply for - and get approval for -  several grants at the same time. Did you know that you can use one of the grants to pay for your rent or mortgage and the other to pay off your student loan? You can get this money for the entire term, but you are required to apply each year for another term.
Remember that the non profit organizations receive grants from private foundations; there are many organizations that offer grants for individual projects. Therefore, you are required to evaluate the grant programs that will be beneficial for you. Yes, it may take some legwork to find the appropriate grants for you, apply and - hopefully - be approved, but think of the hundreds...and even thousands...of dollars in savings (and debt reduction) that you will receive. 
Grants offered by the government can be beneficial for women to manage their expenses and pay for their higher education without falling into the trap of endless and stressful debt.

Kenneth Parkar is a contributory writer associated with the Debt Consolidation Care Community and has written several articles on various topics like debt settlement companies, debt relief, debt free etc. He holds his expertise in the Debt industry and has made significant contribution through his various articles.
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