Grants
There has been an overhaul to the Stimulus Plan for 2010 and stimulus grants are no exception. In 2009 the Obama government was very generous giving out grants to almost anyone who asked. This year grants are still available, but are being more purposefully placed to capitalize on their benefits. If you are a student, business owner, potential homebuyer, or are even purchasing more energy efficient household appliances, you can likely qualify for this free money.
More than $40 billion of the stimulus package is going toward higher education. Some of these perks include:
- $2,500 annual tax credit for higher education expenses.
- $13 billion for Title I grants for schools in low-income areas.
- $2 billion for the Child Care Development Block Grant program to help low-income parents.
- $200 increase in the maximum Pell Grant for low-income college students.
How to Apply for Grants
Figuring out what grants you are eligible for will take some time and research. These grants do not have to be repaid, but there are certain qualifications that have to be met in order to qualify. Take your time with the research process. There are stimulus grants for a variety of needs and you will probably find that you qualify for more than just one. Below is a list of some of the grants available to you. However, you may also want to consider getting a comprehensive list of available grants with a free grant kit. These grant kits also help you through the application process and are especially useful when applying for several grants at the same time.
Remember, these grants do not require credit checks, collateral, security deposits or co-signers. Even if you have declared bankruptcy or have bad credit, as a tax payer and U.S. citizen or resident, you are entitled to apply for this money.
Types of Grants Available
Federal Education Grants
Federal education grants continue to receive annual boosts thanks the Stimulus Plan. The Pell Grant, which is the most well known of this group, now stands at $5550 for the maximum award. This is up from $5350 in 2009 and from $4,040 just 4 years ago. This money will help students in paying a large portion of the average costs associated with a four year college degree. Based on last year’s statistics, more than 800,000 students will qualify for and receive this Pell Grant funding.
Green Grants
This fiscal year there are $6 billion in grants available for renewable energy or electricity transmission projects. This is on top of the additional energy saving grants for consumers. Right now, the government is offering an unlimited amount of money for housing grants dedicated to heating and cooling repairs in your home. So, if your furnace isn’t heating your house throughout the winter like it should, you could qualify for a tax-free housing grant that will provide you with the money to replace that furnace for a more energy-efficient and dependable one.
Community Development Grants
Community development grants are also included in the stimulus package to help to improve your local facilities. The money can be used to build, improve, and enlarge community amenities including hospitals, recreation centers and other important services. Money received will help stimulate economic growth as contractors and full time employees are hired to perform these changes.
Low Income Grants
Low-income grants are also provided through the stimulus budget to help families struggling to make ends meet. The money granted can be used to pay bills and cover daily living expenses such as food and transportation.
Individuals and families receiving food stamp benefits will see an automatic raise going into effect soon, if not already, to increase your monthly food benefits.