Unlocking Financial Freedom: A Voter's Guide to Securing Your FutureAs a direct descendant of enslaved individuals, I have exercised my right to vote in every election since coming of age. This is a privilege that many fought and died for, and I owe it to myself and to them to make my voice heard at the ballot box. When I vote, I look for candidates who support policies that align with my values, particularly in areas like education, infrastructure, climate change, and pocketbook issues.

Securing Your Financial Future: A Voter's Playbook

Navigating the Political Landscape: Protecting Your Wallet

With the recent shake-up in the presidential race, it's crucial that you consider which candidate will be better for your financial well-being. How do the two major parties plan to address the challenges facing Social Security and healthcare? In America, access to essential services often divides the haves and have-nots, and a major medical crisis can easily bankrupt a family. It's important to scrutinize the policy proposals of each candidate and how they will impact your personal finances.Beyond the national stage, state and local elections can also have a significant impact on your financial interests. When casting your ballot, consider which names on the ballot reflect your financial priorities or those facing economic insecurity.

Tackling the Student Debt Crisis: A Pivotal Issue for Voters

The student loan crisis has become a pressing concern for millions of Americans. At the end of the second quarter, nearly 43 million borrowers were carrying a staggering .6 trillion in federal student loan debt, with the average balance standing at ,853. This burden can be overwhelming, as payments spread out over years and interest accumulates, becoming a significant liability for many.The creation of a massive lending apparatus has pushed teenagers into signing up for loans they ultimately couldn't afford as young adults. Institutions of higher learning and lenders have also sold parents on taking out loans, promising they were good investments for their children. For many parents, this has resulted in decades of education debt, with some still struggling to pay it off as they approach retirement.In some cases, students have no degree or decent job to show for the debt, and loan servicers have counseled others into deferring their loans or placing them in forbearance, causing the debt to balloon due to interest capitalization. This interest is the true enemy, hindering financial aspirations such as building an emergency fund, buying a home, or investing for retirement.

Navigating the Maze of Student Loan Forgiveness

The Biden administration has been rolling out large-scale debt forgiveness plans for millions of Americans who took out federal student loans, providing much-needed relief. One such plan is the Saving on a Valuable Education (Save) Plan, a new income-driven repayment program that calculates monthly payments based on a borrower's income and family size.The Save Plan is a game-changer in addressing the problem of interest capitalization. Under this program, the Education Department will not charge any monthly interest not covered by the borrower's payment, ensuring that people who pay what they owe – even if it's zero dollars every month – will not see their loan balances grow due to unpaid interest.As of April, nearly 8 million borrowers had enrolled in the Save Plan, with 4.5 million having a monthly payment of zero dollars and an additional 1 million paying less than 0 per month. However, the program is currently in jeopardy, as a federal appeals court has temporarily blocked the Education Department from fully implementing the income-driven repayment plan. A group of Republican attorneys general are leading the effort to overturn it, arguing that President Biden overstepped his authority.

Protecting Public Service Loan Forgiveness

Another important program is the Public Service Loan Forgiveness (PSLF), which was created in 2007 to encourage public service work. After 10 years of working for a qualified employer, such as a government agency or a not-for-profit organization, and making 120 monthly debt payments, a borrower's remaining loan balance would be forgiven. However, the program has been plagued with problems, and borrowers have complained that, after decades of payments, they still haven't received the promised loan forgiveness.The Biden administration has pushed to fix rather than cancel the PSLF program, recognizing its importance in supporting public servants, social workers, and teachers. This is a crucial issue for voters to consider, as the fate of these programs can have a significant impact on the financial well-being of millions of Americans.

Voting with Your Wallet in Mind

As a voter, I prioritize policies that ensure decent wages, reduce poverty, fund food and housing assistance, and provide other safety-net programs for people in financial distress. These are the issues that matter most to me, as I understand that a job loss or medical illness can quickly put anyone in a precarious financial situation.By staying informed and making informed choices at the ballot box, we can work towards a future where financial security is within reach for all Americans, regardless of their background or circumstances. The decisions made by our elected officials can have a profound impact on our personal finances, and it's crucial that we exercise our right to vote with our wallets in mind.