Post date: Sep 17, 2014 12:33:45 PM
According to data from the Federal Reserve Bank of New York, an estimated two million Americans age 60 and older are in debt from unpaid student loans, the New York Times reports. The Federal Reserve Banks' August 2014 “Household Debt and Credit Report” said the
number of aging Americans with outstanding student loans had almost tripled from about 700,000 in 2005; some debt was from older loans for personal education and other debt was more recent borrowing to help pay for college for other family members.
The U-M Office of Financial Aid asks students to Be Smart About Borrowing and borrow only what is necessary to achieve the goal of a U-M college education. Consider how you spend money and how you can save to avoid borrowing:
Stretch your dollars
In addition, create a budget for yourself that will help you manage your spending daily and throughout the month. For more, visit our page on budgeting basics.