6 Ways to Get Free Money from the Government
It’s hard to believe that anything in life comes for free. But, there are actually lots of government programs out there to help Americans in lots of ways. The government can help you pay for college, daycare, and even with a down payment on a new home. Here are 6 ways to get free money from the government.
1. Recover Unclaimed Money
Unclaimed money isn’t exactly free money, but it is money that you are owed. This could be in the form of a long-forgotten deposit or unclaimed life insurance benefits. These unclaimed funds get turned over to the state if the owner of the money can’t be found.
During the past year, Florida has already made payments of $313 million to its residents, along with $18 million in Maine. To see if you have money waiting to be claimed, visit unclaimed.org.
2. Get Mortgage Down Payment Assistance
If you want to buy a home, but can’t afford a down payment, your state might be able to help in the form of grants and loans. For instance, in Nevada, those who want to purchase a home can get a grant of 5% of the price of their mortgage. If you live in the District of Columbia, you can get access to a 3.5% loan, which you won’t need to repay unless you sell or refinance your property in the first five years.
This kind of help isn’t just reserved for those on a low-income either. In Nevada, the grant program will help anyone with an annual income below $98,500, and in Washington, the wage limit is set at $132,000.
3. Find Help with Child Care
The cost of daycare is a large burden for many families. And depending on the state, annual costs can climb into the 5-figure range. In Mississippi, the average cost of annual infant care is $5,000, which jumps to $22,600 in D.C.
However, The Child Care and Development Fund can help low-income families. The fund shares money between states, territories, and tribes to help families afford the cost of childcare. Most grants are based on income and will cover care for children under 13 years old.
