As a student, your only obligation is to send progress reports of your academic excellence to the government body that awarded you the grant. The grants even don’t need you to give a credit check, security deposits, collateral or co-signers.
If you are bankrupt or have a negative credit history you can also apply — as long as you are over 18, a taxpayer and an US citizen.
Lumping all your debt into one place (perhaps secured against your home) and having lower monthly repayments could tempt you to take on additional short-term borrowing, building your overall deficits into a fiscal time-bomb.
If you feel you'd be tempted to fall into this type of destructive borrowing then a debt consolidation loan really isn't for you...
Before consolidating, you should note that some lenders may charge exit fees or early redemption charges if you repay ahead of schedule.
That's because they'll lose a chunk of the interest you would have paid if you'd stuck to the original terms.
The best thing about these funds is you don’t need to pay them back. A grant is a kind of gift that requires particular obligations in the grantee’s part at the same time an expectations in the grantor’s part.For most people it's about saving money and getting back in control, and the black-and-white financial sums are easy enough to work out.More difficult to deal with are the intangible factors which are related to knowing what sort of borrower you are.Government grants are one of the best debt relief options.Even though grants are not as popular as debt consolidation loans they are available to individuals. They are right for you if you’re deep in debt and are looking for a source of fund for paying off your debt — if you’re eligible to apply for this financial assistance.