6 Government Debt Relief to Help You Pay Your Bills
Standard Student Loan Repayment
The first government debt relief program is the Standard Student Loan Repayment. This is one of the best government debt relief programs students that have gotten themselves stuck with debt since they entered college. It is one of the fastest ways to repay all your student loans, but, in turn, also holds one of the highest payment rates. That being the case, you should avoid this plan if you’re living on a limited income. Let’s look at the pros of this program though. If you execute it right, you could rid yourself of all the student loans in a decade or less. That’s pretty impressive compared to the length of time that other people have to worry about student loans. Another benefit to this plan is that it comes with no strings attached and you can switch to a different program at any time perhaps because your income has dropped and you can’t afford the rate at which these monthly payments are given.
Pay as You Earn
Pay as you earn is another government debt relief program. This is also a student relief loan. It is more difficult to qualify for this government debt relief program than others. In addition to proving financial hardship, you’ll also need to qualify for some chronological requirements. So, what do we mean when we say chronological requirements. Well, in a nutshell, your debt has to be new. If the debt was taken prior to October of 2007 then you won’t be able to qualify for this program. In the same way, if you have not received a disbursement since October of 2011 then you will also not be able to qualify for this program. As you can see, this program is quite time-sensitive. If you do qualify though, you’ll have an easier time meeting payments seeing as you’ll only be paying 10% of your income. That’s far lighter than the other programs that are offered to those trying to relieve themselves of student loans.
Home Affordable Refinance Program (HARP)
The Home Affordable Refinance Program (HARP) is another government debt relief program and it is meant for people who owe more than their homes are worth, refinancing a mortgage can be next to impossible. This government debt relief program allows borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. You can refinance your mortgage with lower interest rates and shorter loan term with HARP.
LIHEAP
The next on the types of government debt relief programs is LIHEAP. This is for people who have challenges in paying for heating and cooling bills. The government debt relief LIHEAP means Low Income Home Energy Assistance Program. This government debt relief program can make utility shutoffs a thing of the past. Beyond helping you pay your bills, this program could even provide funding for home improvements that make your house more energy efficient and lower your utility bills. As you can see, LIHEAP helps you pay off any existing energy debt while ensuring that it won’t happen in the future by making your home far more efficient. LIHEAP just goes to show that you can protect the environment without putting a financial strain on yourself. In fact, often times, you’ll find that lowering your carbon footprint can actually improve your financial situation and reduce debt.
Medicaid
Medicaid is another type of government debt relief program to reckon with. This government debt relief programs makes it easier for low income families to be able to pay for their medical bills with ease. There are varying eligibility requirements for Medicaid that will shift from one state to another. You’ll need to check on your state’s requirements to see if you qualify for Medicaid. It’s worth noting that Medicaid is actually a joint federal and state program showing how much good can be done when the macro and micro-governments work together to better the lives of the general population.
Drug Coverage
Drug coverage is another government debt relief program. It is also referred to as part D. this program is also under Medicare. This government debt relief program covers the cost of drugs prescribed for the people qualified for the grant. It was implemented by President George W. Bush in 2003 but didn’t go into effect until 2006. Before applying for Medicare Part D, you should see if you’re covered for free prescription drugs under another program such as TRICARE or even your worker’s union. Many people find themselves exhausting their savings on the prescription drugs that they need to stay healthy, but now, thanks to Part D, you can stay alive while staying financially stable. Those who are below the poverty line could get low-income subsidies that help them pay for some or even all of the costs that the program’s premium brings. Bear in mind that there are some drugs that have been excluded by the program. Most excluded drugs have become such due to the fact that those running the program believe them to be either non-essential, subject to abuse, or both.
Some of the things included in this government debt relief program are drugs for erectile dysfunction, anorexia nervosa, weight gain, fertility, hair growth and any medications used for the symptomatic relief of coughs or colds.
The best solution to relief debt is to prevent it. The Centers for Disease Control and Prevention will definitely agree to prevention being the best cure to debt relief. if you happen to fall into one of the black holes of finance that has become so common in recent years, you might be able to find some programs that help you escape its gravitational pull. Whether it’s a lost job, financial collapse, or sudden injury, there are many things that can throw you out of financial stability. We hope that this article and the programs it contains will help you get back into your groove so you don’t have to file for bankruptcy. Do you think we missed any programs on this list?
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