Question

Chelsea Menken of providence Rhode Island recently graduated with a degree in food science and now works for a major consumer food company earning 70,000 per year with about 52,800 in take home pay she rent an apartment for 1200 per month while in school she accumulated about 38,000 in student loan debt on which she pays 385 per month during her last fall semester in school she had an internship in the city about 100 miles from her campus she use her credit card for her extra expensive and has a current debt on account of 9000 she has been making the minimum payment on the count of about 240 a month she has assets of 14000?

Answer 1

The question covers the challenges of managing student loan debt and living expenses for a recent college graduate, emphasizing the importance of financial planning.

Step-by-step explanation:

The scenario provided about Chelsea Menken illustrates a common issue faced by recent college graduates: managing student loan debt and living expenses with entry-level professional salaries.

Chelsea's case shows a financial situation where her take-home pay is $52,800 annually, apartment rent costs $1,200 per month, and she has accumulated $38,000 in student loans, paying $385 per month, and $9,000 in credit card debt, paying the minimum of $240 per month. Given the increasing costs of college education and the rising student loan debt, it is imperative for graduates like Chelsea to engage in careful financial planning and budgeting to manage their expenses and debts effectively.