Government Shutdown: Financial Resources for Federal Workers

Date Posted: 
Monday, January 14, 2019

The Washington State Department of Financial Institutions has developed a list of financial resources for federal workers impacted by the government shutdown.

If you are a federal government employee or contractor experiencing financial uncertainty as a result of the government shutdown, consider contacting your financial institution to discuss options and take advantage of the resources linked by topic below. 

Consider your options before taking out a high cost short term loan. Talk with your creditors to negotiate more time to pay bills, borrow from friends or family, or explore low or no interest loans offered by local banks and credit unions. If you do take out a short term loan, make sure the lender is licensed with the Washington State Department of Financial Institutions and borrow only what you can afford to pay back.

Washington Banks and Credit Unions Offering Assistance

Many banks and credit unions across Washington are offering hardship programs, zero or low interest loans, loan modifications and other types of assistance. Contact your local bank or credit union to discuss your options.

Credit Card and Loan Assistance

Many financial institutions are offering assistance programs for federal workers impacted by the shutdown. Check your credit card company’s website for information.

When you contact your credit card company, explain your situation and ask about hardship programs that may be available.

If you are struggling with debt, a credit counselor may be able to help. Find one near you to get started.

Mortgage and Rent

The Federal Housing Authority, along with Fannie Mae and Freddie Mac, has asked mortgage lenders to work with their customers who are furloughed government employees or contractors and have been affected by the shutdown.

If you do not have enough money in savings to cover your mortgage payment or rent, contact your lender or landlord immediately.

Don’t wait until you’re behind on payments. Lenders may work with you to waive late fees, set up a repayment plan or offer loan forbearance.

Student Loans Deferment

If you are a federal employee impacted by the partial government shutdown, there may be options for you to postpone making your payments through the use of a deferment or forbearance. See the information from the Department of Education linked below.

Wireless Providers Offering Help

Several wireless providers have announced programs to help federal government workers with their bills. Contact your cell phone company to learn more.

Beware Of Scams

Scammers may be using the shutdown to prey on victims. Scams you should watch out for:

Other Helpful Resources