Furlough Assistance for Federal Employees
For the last several weeks we’ve seen the second longest government shutdown in our country’s history, and over 80,000 government employees are being affected. Corporate Agencies are now offering assistance to federal workers for relief and assisting them with any hardship because many people won’t receive their next paycheck until the government reopens.
One of the most asked questions is “How will the furlough affect the federal employees or federal contractors health benefits?” All Business had an interesting article which explains how to approach your medical benefits concerns during the shutdown.
In an effort to help relieve the burden in other areas for those trying to pay their bills on time during the government shutdown, several companies are waiving late fees, providing extensions, offering revised payment schedules, and furlough relief loans.
These benefits are only available during the shutdown. Here’s an example, most mortgage companies will furlough your mortgage payment for up to 90 days (three (3) mortgage payments waived) if your agency is affected. Also, you may still be able to apply if the government reopens earlier. If necessary, it’s worth the asking. Most banks are offering to waive the fees, but it’s on a case-by-case basis. Credit cards waivers are based on what the company deems fair. If you think you may be affected by the furlough, you may want to contact your bank and inquire about their programs? In most cases, the principle is placed on the back of the loan. This will allow flexibility and not increase your payments in the future if it does it’s barely noticeable. The key is creating a plan to pay it off or down faster than required. Using a simple strategy such as the Lashawn Holland $5K savings challenge would easily help you deplete your debt, and provide healthy practices for future unexpected experiences.
Student loans and car notes can be furloughed and many of your credit card companies will waive payments with no interest for a period of time. All you have to do is contact your lender and ask “What are the qualifications?” Your employing agency will have to be closed, and you’ll need your furlough notice as proof. This applies to both essential and non-essential employees.
Sample agencies:
- Department of Homeland Security
- Justice Department
- State Department
- Interior Department
- Department of Agriculture
- Department of Housing and Urban Development
- Smithsonian Museums
However, in order to participate, you’ll have to apply before the government reopens. A recently published article by USA Today provides many valuable resources that may provide relief for you and your family during this period.
Be sure to check our blog often for continued resources.
