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    Home » Can the Government Help With Debt Relief?
    Technology

    Can the Government Help With Debt Relief?

    Sayan DuttaBy Sayan DuttaApril 5, 2023Updated:May 13, 20233 Mins Read
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    If you are in debt, you might be wondering, are there government programs for debt relief? After all, debt is an increasing in the United States. Almost everything you purchase nowadays — a house, a car, education, healthcare, for example — requires a loan, and with minimum wage no longer being enough to live off, it’s easy for people to fall into debt.

    It’s a vicious cycle, as you need money to live, but sometimes making the money you need to live results in poor self-care, resulting in more medical bills and the inability to buy the things needed for everyday life. Given it’s so common, it’s only natural to wonder can the government help with debt relief?

    Yes, In Certain Cases

    There is hope for those of you who are seeking financial assistance from the government due to acquiring debt. This may involve assistance with various medical bills, certain types of student loans and housing.

    There are also government debt relief programs, and the government will try to assist anyone who is facing financial distress, but even these programs may not be for everyone and cannot assist with all kinds of debt. The main existing government debt relief programs involve helping with medical bills and student loans. There’s also assistance available with refinancing, mostly through HARP mortgages.

    Medical Bills

    If you need assistance with medical bills, there are a variety of options available to you, but they may not offer instant debt relief. Instead, you can apply for state insurance to pay for most of your medical expenses, that way any future trip to the doctor’s office will be covered. Or you can visit HealthCare.gov to view your options for insurance coverage and compare plans to see what will be most beneficial for you and your family.

    Student Loans

    If you are looking for student loan forgiveness, you may want to contact FAFSA and inquire about its Public Service Loan Forgiveness program, which will forgive the remaining balance of your student loans if you have made at least 120 monthly payments under a qualifying repayment plan while working a full-time job for a qualifying employer. You can also get tips and information for staying debt-free.

    Mortgage Assistance

    The HARP mortgage is also another optional government debt relief program for assistance regarding refinancing your home. HARP stands for Home Affordable Refinance Program. The HARP was originally introduced in March 2009 to address issues regarding a decline in home values after The Great Recession and has since relaxed its eligibility qualifications to assist more people who have homes that are worth less than the outstanding balance of the borrower’s home loan.

    The Bottom Line

    So, just to clarify, can the government help with debt relief?

    Ultimately, there are no Federal programs that will offer you instant debt relief or financial assistance. If you owe it, there’s really nothing the Fed can to help you get out of paying it — short of bankruptcy protection — that is.

    However, the government does offer assistance programs for people who need certain types of assistance. It may be best to narrow down which bills and debts you are struggling with the most, then go from there to locate assistance programs and free up some of your finances so you can continue to pay off and get rid of any outstanding debts.

    Most debt relief programs also offer information and programs to help you continue to maintain a healthy financial situation for you and your family.

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    Sayan Dutta
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    I am glad you came over here. So, you want to know a little bit about me. I am a passionate digital marketer, blogger, and engineer. I have knowledge & experience in search engine optimization, digital analytics, google algorithms, and many other things.

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    Table of Contents

      • Yes, In Certain Cases
      • Medical Bills
      • Student Loans
      • Mortgage Assistance
    • The Bottom Line

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