The midterm elections took place on November 4, 2014, when Americans cast their votes for representatives in the 114th Congress, which would convene from January 2015 to January 2017. It’s often challenging to generate excitement for non-presidential elections, leading to typically low voter turnout during midterms.
If you currently have student loans, have children with student loans, or plan to eventually send kids to college, or if you’re simply concerned about the economy, it is crucial to make your voice heard at the polls. Let me elaborate on why this is so important.
Paying Off My Loans: My Personal Marathon Finish Line
A friend of mine recently completed her tenth New York City Marathon, sharing that the experience gives her a sense of invincibility. “I just ran 26 miles,” she reminds herself during tough times, using it as motivation to tackle other daunting challenges. I reflected on my own significant achievements and found that my journey to pay off my student loans felt just as monumental.
After 16 years of diligent monthly payments—often feeling as though I was barely making a dent in the interest—I finally conquered what seemed like an insurmountable obstacle: my student loans. This graduate degree, which once held promise, had long ceased to impress employers or contribute to my career advancement. Yet, last summer, I experienced the exhilarating liberation of being debt-free.
I managed to pay off my loans thanks to consolidating them a decade ago at an interest rate of 4.88 percent. Had I not done so, I would have been trapped with a rate of 7 percent or more, like countless other students who took out loans before 2010, missing out on the historically low rates available to new borrowers (currently 3.86 percent for undergraduates).
Why Your Vote Matters
Senator Sarah Johnson has proposed the Bank on Students Emergency Loan Refinancing Act, aimed at allowing existing borrowers to refinance at the lower rates now available to new students. Unfortunately, this legislation is currently stalled, primarily due to the need for Congress to eliminate tax breaks for high-income households.
The statistics are alarming: student loan debt has skyrocketed to $1.2 trillion, with the government profiting $66 billion from student loans over the past five years. Graduates burdened by debt struggle to make ends meet, let alone pursue careers in education or other low-paying fields, buy homes, start businesses, or contribute to an economy that increasingly demands a degree for employment.
For the health of the economy and countless other issues that will be addressed in the remaining years of the Obama administration, it’s imperative that you participate in the midterm elections. Research who’s on your ballot, identify those who support student loan reform, and make your vote count.
While my accomplishment of paying off my student loans hasn’t quite given me the confidence of a marathon finisher, I do take pride in my achievement. I am incredibly fortunate to have secured an interest rate that made repayment feasible, a privilege not shared by approximately 25 million other Americans.
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Summary
Paying off student loans can feel like a marathon achievement, representing dedication and perseverance. As student debt continues to rise, participating in the electoral process is vital for advocating for reforms that could ease the burden on millions of borrowers. By voting, you are not only impacting your future but also contributing to a broader economic landscape.