Suppose that you just completed your first year of college with $11,000 in loans and plan to borrow the maximum each year from now until graduation. You have never accounted for the way you spend your money, do not have a budget, and want to insure that you will be able to repay your loans after college. What is the most important thing you can do right now?

Question

Quizplus · Accepted Answer

Developing a personal financial plan is crucial in ensuring that you can repay your loans after college. This plan will help you keep track of your expenses and income, prioritize your spending, and provide a roadmap for achieving your financial goals. It is important to start planning as soon as possible to avoid accumulating more debt and to begin making progress towards paying off your existing loans. While seeking advice from others can be helpful, it is ultimately up to you to take control of your finances and create a plan that works for you.

Suppose That You Just Completed Your First Year of College