Sunday, February 12, 2012

One-Stop Shop for Federal Loan Programs

Yes, we know that government loans don't give our regular readers the tingle up their leg that GRANTS do, but don't sell them short.  The governent may give you loans at a favorable rate, or guarantee a loan and make private lenders more willing to lend money.  And for students and former students, there's always the possibility of loan foregivenss.  So where do you find out about these things?

The feds have created a one-stop stop page that can lead you to federal loan programs for homeowners and buyers, farmers, business people, students, veterans, and disaster victims.  This is strictly federal,, and gives no information about, for instance, loan programs by states or localities.  But it has some interesting stuff.  For one thing, it has not only student loan programs, but loan forgiveness programs, like a student loan repayment programs for people doing research in AIDS for at least two years, or loan consolidation programs, and more.

They also have info on local funders who receive federal funds to provide business microloans (intermediaries).  And sometimes...they even have a grant in there, if the program is basically a loan. For instance, there's a loan from the Ag Department for low-income rural dwellers to fix up their house.  But for homeowners who are low-income and 62 or over, it becames a grant. 

And don't miss the "other resources" page. It's got tips on improving your credit, so that you  can get loans,  what information businesses should put in a loan application, how to find out if your business fits the definition of "small".  And tons more.    

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