The average monthly payment is more than $550 for a new car, and Americans borrow almost $35,000 for new car purchases, according to LendingTree (2021). The average student loan payment for a University of Phoenix bachelors degree graduate is about $350. What do you think when you see this amount? Will you have a student loan payment higher than this, or lower than this? How do you feel about a student loan payment in comparison to the average car payment?

Whether you are borrowing federal loans or not, there are other options to pay for college that would be less expensive. Which have you taken advantage of? Which are you interested in learning more about and applying for?

While you may be paying student loans, you likely also need to save for retirement. Knowing many Americans do not have any or enough savings to retire, you will learn about options you may already be using or could soon use once youre working in your chosen career. When answering questions in the retirement calculators, consider what you want your future life to be like and what you can do to be comfortable in the future.

What budget adjustments can you make to help you save for that future? Do you think you will be able to begin or increase savings after graduation?

Respond to the following in a minimum of 175 words:

• Which concepts from Ch. 9 and Ch. 10 will be most important to your finances? Why are these relevant to you and how might you apply them to your life?
• How might a college education affect your long-term financial plan? Consider future income and loan repayment in your response. If you are using federal student loans to pay for college, what will your standard monthly payment be and how does that impact your financial future?
• Enter your information into the Retirement Planner Calculator from Greenpath to estimate how much monthly income you may have during retirement (be sure to expand the Investment returns, inflation, and Social Security section to edit those fields as needed). Enter your current savings information or what you plan to do after graduation. What did the results show you about your retirement? What level of risk would you be comfortable with? What steps can you take to save and invest in your future while still paying bills and living now?