Consildating student loans
But even with scholarships and Federal grants, most students will face a gap in their college fund that requires a student loan of one form or another.Whether you pursue a Federal loan or a private lender loan there are benefits and disadvantages that all student borrowers need to consider.The government can only take 15% of your disposable income.Additionally, the government cannot take more than 30 times the current federal minimum wage, so even if you make more money, the government can boost what it takes from your paycheck.
Scholarships and grants are always the preferred form of financial aid as they do not require repayment, and can be considered free money.
If you are a student loan debtor, it’s possible for the government to take a portion of your paycheck.
The good news, though, is that the government is limited in terms of how much it can take.
Can the government garnish your wages if you don’t pay your student loans? Few students can make it through school without the help of student loans.
Even if it is possible to get through the first four years without debt, many grad students find that they need to borrow in order to move further in education.