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As you probably read in one of my previous articles on this topic, the program in which the government will pay off your federal student loans is called The Federal Student Loan Repayment Program. It’s run by the Office of Personnel Management (www.OPM.gov). Here is a direct link to more information about the program.

www.opm.gov/oca/pay/studentloan/index.asp

Fact Sheet, Q&As and Annual Report to Congress

At the website, be sure to click on the Fact Sheet and the Questions & Answers on the left side of the page for additional details. But to answer your question, in a nutshell, any participating federal agency for which you might work can help pay your student loans through this program, as long as that agency participates in this program. Each year, participating agencies report to Congress about their activities in paying off employees’ loans. The 2008 Report to Congress from the Federal Student Loan Repayment Program is the most recent report available. Here is a link to that 38-page report. www.opm.gov/oca/pay/studentloan/html/CY2008StudentLoanRepaymentReport.pdf. In it, you will find listings of every single government agency that participated in the Federal Student Loan Repayment Program for that year.

For more information about this program and about paying off student loans, be sure to read a copy of my book, Zero Debt for College Grads: From Student Loans to Financial Freedom.

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The best resource to find grants, loans and financing for entrepreneurs is the federal government’s website http://www.business.gov. There, you will discover a wealth of resources for all kinds of small business owners, including:

• those just starting a business
• current entrepreneurs trying to grow their operations
• women
• minorities
• people with disabilities
• those in rural communities
• home-based business owners
• members of the military
• individuals seeking government contracts, and more

For Minority-Owned Businesses
For example, here is a link to the section of the website that offers help for minorities who are launching a business, or trying to expand one: www.business.gov/start/minority-owned.

For Women-Owned Businesses
Here is a link to the area within the site that lists dozens of programs specifically for women: www.business.gov/start/woman-owned/.

The U.S. Small Business Administration also has a list of Women’s Business Centers that can be a great resource. It’s a network of entrepreneurship centers found all around the country, where people can get in-person help and educational support to grow a business. Click here to find a local Women’s Business Center.

For Non-Profit Entrepreneurs
Additionally, here’s a link to information for non-profit entrepreneurs: http://www.business.gov/start/non-profits/.

In addition to traditional grants and loans, those starting a non-profit organization are eligible for benefits such as tax exemptions, government surplus, and discounted products and services from the government. Be aware that the majority of financing programs for entrepreneurs from the U.S. government involve loans. But there are many grants too. You have to do your homework and hunt around for what’s available.

Do Your Homework
Start by using the Loans and Grants Search Tool on the business.gov website. Find the search tool by clicking this link.  It will track down specific programs you may qualify for, based on your industry, your personal background, where you live, etc. Don’t forget to inquire about specific government programs that may be available in your own state, county and city as well. You can usually find these programs through your state’s Office of Minority and Women Business Assistance.

Does The SBA Offer Grants? Mostly No, But Sometimes Yes
According to the SBA’s website:

the “U.S. Small Business Administration does not offer grants to start or expand small businesses, though it does offer a wide variety of loan programs. While the SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments.”

So does the SBA offer grants to small businesses or not? The short answer is: Not really, since grants only go to a limited group of entrepreneurs. To see if you qualify, visit this SBA link for more information on specific federal grant programs from a multitude of government agencies: www.sba.gov/services/financialassistance/grants/index.html.

If you really want to be an entrepreneur, and you truly need financing, you must be willing to take the time to explore any and all legal options available for raising capital. In addition to the business.gov and sba.gov websites, try exploring grant programs at: www.grants.gov and the U.S. Department of Commerce’s Minority Business Development Agency (www.mbda.gov), which offers resources on everything from financing opportunities to landing government contracts.

Good luck with your business!

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Question: My Husband Has a Motorcycle Loan in My Name That I Did Not Sign For. I Have Knowledge of the Loan But Did Not Sign For It. We are Having Marital Problems Now. I Have Disputed This Loan With Equifax and They Will Not Remove It. He is Not Making Payments On Time. What Can I Do?

Answer: This is a very unfortunate situation because it sounds like even though you didn’t personally sign for the motorcycle loan, you knew that you husband was getting the loan in your name (i.e. using your credit in order to get the loan). Even if you didn’t know what he was doing, your recourse and options are going to be limited because I assume that many months (maybe years) have passed since he originally got the loan. The time for you to speak up about it – or to let creditors or the credit bureaus know that you did not authorize the loan – would have been immediately after you learned of this. If he took out a loan without your knowledge, authorization or consent, then that is identity theft. If you can prove that it was fraud, perhaps by showing that it was not your signature on the loan contract, then you may have an outside chance at getting this loan off your credit. However, that may be a long shot. Weren’t the statements coming to your house each month and didn’t you see them? Doesn’t your husband live in the same home with you and didn’t you ask how he got a motorcycle? How long has it been that he’s had that motorcycle? I know these questions may sound harsh. But from the financial community’s perspective, it may seem like you are complaining about being on the loan now that you and your husband are having marital problems and he is not making the payments.

Under the law, if your name is on a credit account with your husband, (such as a mortgage, credit card or car loan), then you are both liable for that debt – even if you divorce. Right or wrong, that’s the law – and not just in community property states either.

Evaluating Your Other Options

Since your husband is not making timely payments, you have a handful of other options:

a)      make the payments yourself – and preserve your credit rating;

b)      try to convince him to pay on time

c)      see if you can work out a voluntary repossession, where he would turn the motorcycle back into the lender/finance company (but your credit would be impacted)

d)      consider whether a financially responsible family member or friend can take over the payments and use the motorcycle, which will relieve your husband of paying each month and may also keep your credit intact

What to Do With the Credit Bureaus

Additionally, if you think that divorce is likely, I would start closing out all joint accounts and notifying your creditors of your impending or actual separation. You should also put a credit freeze on your credit files so that no new credit can be obtained in your name. Lastly, pull your credit records from Equifax, Experian and TransUnion, and sign up for a good credit monitoring service for the next year or so. You want to make sure there are no other accounts opened by your husband of which you may not have been aware.

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Question: I am a 23-Year-Old College Student with a Bad Debt of About $12,000 With American Express. I Believe the Statute of Limitations in Maryland is 3 Years. I Do Not Remember the Last Time I Made a Payment to Them. I Found a Receipt Showing a Payment in December 2006. But When I Called American Express, Their Records Don’t Go Back That Far. What Should I Do? And How do I Find Out When My Statute of Limitations Has Been Reached?

Answer: It’s kind of odd that American Express wouldn’t be able to track down this old debt that you had – especially considering it wasn’t chump change. It’s very likely, though, that the $12,000 was assigned to a collection agency or simply written off as uncollectable – especially since it was apparently more than three years ago and you were just 20 years old. As you were/are a college student, I’m assuming you weren’t making big bucks back then (or now) and Amex may have known that their chances were between slim and none, in terms of getting you to pay back what you owed. What to do now? Pull each of your credit reports from Equifax, Experian and TransUnion. You can get them online free of charge via www.annualcreditreport.com. See if that Amex debt shows up on your credit reports as a collection account, charge-off, judgment, or anything else negative. If not, do nothing. If so, contact the creditor/collection agency listed only if you are financially prepared to begin a repayment plan to pay off what you owed. Otherwise, do nothing.

The Statute of Limitations on Credit Card Debt

Lastly, here are a few ways to check the statute of limitations in your state. Each state has different statutes of limitations for past-due debts, depending on if the debt was based on a written contract, an oral contract, a promissory note, or an open account. Credit cards are usually categorized as open accounts. The statute of limitations for credit card debt ranges from 3 to 10 years, based on where you live. You can click the following link for a state-by-state list of statute of limitations. themoneycoach1.wordpress.com/2009/09/14/statute-of-limitations-on-debt/.

Alternatively, to check the statute of limitations on debts in your state, contact your State Attorney General’s Office or go to www.naag.org and click “The Attorneys General”. I checked for Maryland, since you mentioned that state and I believe that is where you live. You are correct that the statute of limitations there is three years. All the more reason, as I suggested, to just do nothing about that debt. Chances are no one is contacting you about it because the statute of limitations has expired and the debt is no longer legally enforceable.

Your Credit Rating

This does not mean, of course, that it can not still appear on your credit report. That’s another matter entirely. Negative information, such as late payments or collection accounts, can stay on your credit report for 7 years. If this info is on your credit report, rest assured knowing that because it is more than 2 years old, it is likely doing far less damage to your credit rating than it probably did more than three years ago when the account first went delinquent.  So if I were you, I wouldn’t worry excessively about it.

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