American Dream Downpayment Assistance Act

American Dream Downpayment Assistance Act

Most Americans have heard about the American Dream Downpayment act, but do not know much about it in detail. So lets us further investigate about it. Introduced on December 16th, 2003, by former American President George W.

American Dream Downpayment Assistance act

Bush, this was an initiative to help families with their closing costs and down payments. It was designed to help out around 40,000 families a year and this particular legislation was made to complement the former Presidents “aggressive housing agenda” which he had announced in 2002.

Why is down payment assistance important?

This was an assistance program for homeowners who had a tough time in paying back their loans. Even though this particular plan was called off and discontinued in 2008, there are many similar programs still running which help with down payments.

American Dream Downpayment Assistance act

American Dream Downpayment Assistance Act

A number of studies and surveys have revealed that one of the toughest challenges when it comes to buying a house, is saving money for the down payment. Closing cost and down payment assistance have helped many families in holding on to their houses and being regular with their down payments.

The Down Payment Assistance or the DPA helps in decreasing the homebuyer’s cost and relieves them of additional debts and tries to eliminate property liens.

American Dream Downpayment Initiative –

Such a grant creates positive home equity, therefore having a positive impact on the housing economy. For those wondering about repayment, well, the grant at FHA does not have to be repaid, which has a domino effect because there are other borrowers holding more equity for future purchase. This, in turn, allows the freeing up of entry-level properties, thus allowing people to buy their very first home.

The whole idea behind such a service is to increase the homeownership rate. This was meant to empower the minority groups with their own homes. This Act helps to lighten the cost and burden of home buying by providing the necessary funding to make these expenses more manageable, hence making it more affordable for the common people.

This grant is given only to first time home buyers with annual income not exceeding more than 80% of America’s median income based on the number of people residing within the household.

First Time Home Buyer Grant

A home is a necessity in today’s time and age. America being a developed country is head on to help their citizens buy their very first home. This not only provides a sense of security to the citizens of the country, but at the same time, allows them to be secure and safe financially.

Most people who have taken help from this Act do not regret their decisions, as it pushed them in the right direction when it came to buying a home. Many families have taken advantage of the American Dream Downpayment Assistance act and are enjoying the bliss of living in their own home.

Many people who are suffering from a cash crunch or for that matter credit crisis because of personal problems. In such a situation, burdening them with high-interest of home loans is a very bad idea. The American Dream Downpayment assistance act really helps people in more ways than one.

Posted in American Scholarships, Home Grant Tagged with: , ,

What is a Pell Grant and its eligibility requirements?

What is a Pell Grant and its eligibility requirements

Pell Grants is a federally funded grant. These are granted based on the person’s financial needs. The person concerned has to answer questions based on the free application for federal students Aid.

There are certain criterias which needs to be fulfilled in order to get this grant. The federal government evaluates the total family income and the number of people in the family. It is a calculation which only the officials can do, so it is best to apply for the Pell Grant to realize the eligibility.

What is a Pell Grant?

High school students can get a copy of the application from their counseling office or fill in the online form. There are a few other things which determine the Pell Grant eligibility and they are mentioned as follows:

• An undergraduate who hasn’t received a bachelor’s degree and is financially eligible.
• Students must meet the general federal student aid eligibility.
• Students under certification programs are also eligible.
• A sufficient course load is an important criterion

Pell Grant Eligibility

It is very important to make copies of all the forms which are submitted. Those eligible for the Pell Grant are informed by the department. Many students receive grants of a lower amount than expected because the department takes into account a number of calculations while deciding on the grant.

What is a Pell Grant and its eligibility requirements?

What is a Pell Grant and its eligibility requirements?

The Pell Grant is to encourage students from low-income families to complete their education. The grant eligibility is quite simple as opposed to other school funding and grants. People with a family income of less than $60,000 are eligible to apply. Students with even lower family income are given higher priority, because of their financial position.

Pell Grants For Felons To Go To College

Needless to mention, that students who have completed their college education and earned their bachelor’s degree are no longer eligible. After the student and felons has been allotted an educational fund, they must maintain their grades for pell grants for felons.

How to get money for college

So that they can further apply for other educational loans in the future. A good of standing other federal loans is also important. It is imperative to note, defaulting a federal grant definitely annihilates the possibility of the student and help single mothers receiving another fund.

The student must make an agreement to use the funds provided in the right direction, and put it to right use. The proceeds of the Federal Pell Grants can only be used towards education related expenses only and must not be put to any other use.

Named after the U.S senator Claiborne Pell hailing from Rhode Island, it was initially known as the Basic Education Opportunity Grant. The higher education act of 1965 was the body which pushed this grant.

Pell grant disbursement

These Federal Pell Grant Program are not loans, so they do not have to be repaid to the federal government. Around 5.4 million students have benefited from this program and have been able to fulfill their educational dream.

In a survey conducted in 2016, it was revealed that 8 out of the top 10 colleges were not private but public. These statistics have proved that such subsidies have really helped students in moving towards a better future by honing their academics.

It therefore boosts the confidence of students hailing from financially unsound families to do better academically. For more such updates keep visiting

Educational Grants and Financial Aid: What is a Pell Grant and its eligibility?

Posted in Pell Grants, USA Scholarships Tagged with: , , , , ,

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