Americans are trying to find new ways to cut costs and increase their disposable income due to the recent surge in inflation.
The Supplemental Nutrition Assistance Program (SNAP) and Social Security are two of the most well-known examples of government assistance programs accessible to individuals with difficulty meeting their financial obligations.
However, the federal and state governments also offer various additional assistance programs, says American Hope Resources, a platform dedicated to helping people overcome their financial difficulties.
Some of these underappreciated government services are listed below.
Cheaper Internet and Phone Rates
Consistent and dependable phone and internet service is crucial to ensuring safety and carrying out one’s regular responsibilities in today’s world.
Customers who demonstrate financial hardship are eligible for Lifeline Program discounts on wired or wireless phone and broadband internet services.
Customers must submit an initial application and then re-certify annually once they have been accepted into the scheme. Read up on the Lifeline Program and apply if you think you qualify.
Retrieve Unclaimed Money
Maybe you have unclaimed money from a utility deposit you made years ago or a state tax refund from when you lived three states away. If a company or government agency cannot track down a debtor, the money owed to them is usually forfeited to the state.
More than $3 billion in abandoned assets were returned to their rightful owners in 2019. Visit Unclaimed.org to begin your hunt for lost money. The results may exceed your expectations.
Assistance with the Mortgage Down Payment for First-Time Buyers
Many people want to buy a home but don’t know where to start looking for assistance. Lack of a sufficient initial investment causes many people’s hopes of becoming homeowners to be put on hold.
Programs exist to aid specialized professions like teachers and emergency personnel. Several forms of house loans may be available where you reside with zero interest.
Contact the home finance agency in your state to get a sense of what’s available in your area.
College Tuition Assistance
According to American Hope Resources, which helps families experiencing hardships, you shouldn’t let the prospect of taking up a large amount of debt to finance your education keep you from going to college.
The Pell Grant and other forms of financial aid from the federal government make higher education more affordable and reduce the need for extensive borrowing. Aside from the Pell Grant, other federal grants exist. It would help if you also considered applying for scholarships.
Complete the FAFSA form to determine if you qualify for grant funding. Every year, billions of dollars in scholarships and scholarship money are unclaimed.
Health insurance premium tax credits
A tax credit could be available to consumers who purchase health insurance through the Affordable Care Act (ACA) for themselves or their families.
Credits are often applied to future premium payments straight from the insurance company. Each state sets income limits for eligibility for these tax benefits. Visit HealthCare.gov for more information and if you qualify for these federal programs.
Bonus Tip: Best Apps To Help You Get Your Finances In Order
Check out these top financial apps if you are looking for free budgeting tools that offer a complete feature list to make your finances easier to manage and more streamlined.