Financial hardships can occur for several reasons, such as termination of employment, economic turmoil, and even poor planning. During such times, one can apply for financial hardship assistance and continue to lead a stable life. Several government agencies and private entities in the country offer grants and financial programs for people who need help. That said, one must follow the set procedures and meet the eligibility criteria put in place.
Government financial hardship assistance
The benefits provided by the federal government are comprehensive and cover every aspect of daily life, such as food, education, shelter, and family welfare. One may also qualify for disability benefits, funeral assistance, unemployment schemes, disaster benefits, and emergency rental assistance.
The government is known to disburse money in tranches when people qualify for any program. But they may not always send people money in order to help them. Sometimes, the government may make life easier for those in financial distress by waiving their taxes. They may also waive off encumbrances and liens for those who have lost their jobs in times of financial uncertainty.
Most federal government grants generally go to state and local government bodies, who then use the money to make direct or indirect public payments.
Eligibility requirements
Several types of federal grants and funding programs are available, each having a unique set of requirements. That said, most assistance schemes consider a few common factors to determine whether one qualifies for help.
Level of income
Most financial hardship assistance programs examine the applicant’s income stream and consistency. Accordingly, they decide whether to approve the person and, if so, how much financial aid to give them. The Supplemental Nutrition Assistance Program (SNAP) is one government program that considers income as an eligibility factor. SNAP provides monthly benefits to low-income and non-income households so they can afford nutritious food and daily essentials.
Family size
Some assistance programs may also consider the size of the family. When calculating the family size, one may have to include the individual, spouse (if married or remarried), dependent children, and other dependents. Different assistance programs have different rules for calculating the family size, so it’s important to inquire about the same.
Proof of enrollment (for student aid)
To access student aid during times of financial need, one should be enrolled and accepted for an eligible program, either a degree or a certificate course. If the student is not enrolled, they may have to show that they are at least qualified for a college degree by submitting proof of a high school diploma or required qualification. One may also need to hold a valid Social Security number and maintain requisite academic performance.
Students can talk to their financial aid guide at their schools or local government offices to gain more clarity about the process and timelines associated with the student aid application.
Private financial hardship assistance
Several privately run organizations also offer financial hardship assistance in the form of disaster relief funds, veteran funds, and immigration funds. Some even manage to pool resources and provide food support and electricity assistance. The difference between government and private financial aid programs is that private ones provide short-term relief and have rigid eligibility criteria. Still, in case of an emergency in the local district or town, private financial aid instruments are extremely handy.
Tips to apply for financial assistance
While several grants and programs are available for those in financial trouble, not everyone will qualify. A few tips can help one find the right program and increase their chances of being approved.
- Use the internet to research the available financial assistance programs, both public and private. Then, shortlist a few based on the benefits offered and apply.
- With digitization, the process of getting financial aid has become streamlined. Each specific program has a portal through which one can apply online, so use it to make things easier.
- A lot of financial assistance programs require heavy documentation. Make sure to furnish the paperwork and be honest.
- Some programs and grants have specific timelines within which one must process the application. So, keep a tab on the timelines and follow them strictly.
Figuring out the financial hardship assistance programs can sometimes be intimidating. But that does not mean one should not apply. The right tips can help streamline the process and increase the chances of qualification. Regardless of their situation, one can look for relief through a combination of assistance programs. Being proactive and having a positive mindset is crucial to fully optimize the various forms of financial support available.