What Are the Different Types of Financial Aid for Children?

Financial aid for children may not always come in the form of cash. There are school scholarships for kids ranging in age from preschool to college, and some grants available do not need to be repaid. Certain government programs might assist the children of a caretaker who is suffering from a disease, such as cancer. Tax incentives exist in some regions for families with children. Qualifying for scholarships or grants requires participation of some sort by the family, such as filling out an application.

Families living in low-income areas may qualify for scholarships for kids as young as preschool age, and this qualifies as a type of financial aid for children. Certain schools have grant and scholarship programs designed for needy families. These schools may be located in inner cities and could be extended by some government agency. A family might also qualify for a tuition-reduction program in which the family becomes accountable for only a percentage of the full tuition costs.

Raising children with any physical disabilities can be challenging enough without the added burden of financial stress. Financial aid for children could be distributed to low-income families including children with disabilities. Programs exist to make the lives of children suffering from certain diseases, including autism, easier especially if those kids are living in poverty.

Debt forgiveness may be one of the features of this type of financial aid for children offered by a nonprofit or charity organization. Although the money does not go directly to the child, it reaches the parents to make living conditions of the entire family better. The charity may go on to teach a family better budgeting techniques so that the quality of living for the children remains above a certain standard.

Financial aid for children suffering with cancer is also commonly available in developed countries. Foundations and charities are dedicated to providing financial aid to families with children battling this disease. In order to qualify for a nonprofit or government financial aid program, the child may need to be cared for at a facility or hospital that is approved by the provider. A family that struggles with a cancer diagnosis may not begin in any type of financial distress, but the health care expense can take a toll, and a loss of a percentage of income may be the result. In order to qualify, an applicant may need to prove access to cash is limited.

Families may qualify for certain child tax credits in a region. Children may need to be under the age of 17 in order for a family to qualify. The value of a child tax credit varies based on different criteria, including a household income.