The biggest difference between a grant and a loan is that the cash that is awarded to you through a grant never has to be paid back. That's why they are often referred to as obtaining free grant money. These funds don't accumulate interest, you don't have to pay taxes on them, and as long as you spend the money appropriately they never have to be repaid.
But are government grant funds available for individuals?
There are over $ 80 billion in free grant money sent to tax paying citizens, organizations, and communities every year. While a lot of this money is allocated for community development, research and bigger picture items, there are millions of dollars given away to everyday people for personal use.
Free grant money can be obtained through various government and private foundations. This is money that, when obtained, can help you get out of debt, pay for your college tuition and related educational expenses, and even help you get a business idea off the ground and running. There are even grant funds for first time home buyers and for home improvement projects.
If you were to search an online grant directory, you'd also find that there are grants for specific groups as well, including single mothers, minorities, and other special interest groups. By finding the funds that are currently available and applying for those you are most likely to qualify for, it is possible to obtain as much as $ 50,000 in cash grants that never have to be paid back.