As we approach the midterm elections, it’s crucial for individuals, especially those with student loans, to participate in the democratic process. The upcoming elections on November 4, 2014, will determine representatives for the 114th Congress, which will convene from January 2015 to January 2017. Voter turnout tends to dwindle during non-presidential elections, but it’s essential to make your voice heard—especially if you or your family members are burdened by student debt.
Let me share my experience of overcoming a daunting challenge—paying off my student loans.
Finishing a Marathon in My Own Way
A friend of mine recently completed her tenth New York City Marathon, and she described how these races empower her. “I ran 26 miles,” she tells herself whenever she faces a daunting task. This mantra gives her strength and confidence to tackle new challenges.
Reflecting on my own life, I realized that my journey of repaying my student loans was akin to running a marathon. After 16 years of consistent monthly payments, including periods where it felt like I was merely covering interest, I finally achieved the seemingly impossible: I was debt-free.
My success stemmed from consolidating my loans a decade ago at a favorable 4.88 percent interest rate. Without that critical decision, I would have been locked into rates of 7 percent or higher, similar to many students who borrowed before the 2010 changes, missing out on the significantly lower rates now available to new borrowers.
The Importance of Voting
Legislation like the Bank on Students Emergency Loan Refinancing Act, introduced by Senator Elena Carter, aims to allow those with existing student loans to refinance at the same low rates available to new borrowers. Unfortunately, this bill is currently stalled due to the need for Congress to reallocate funds by eliminating tax breaks for high-income households.
The statistics surrounding student loan debt are alarming: it has soared to $1.2 trillion, and the government has profited $66 billion from these loans in the past five years. Graduates burdened by debt often find themselves unable to afford basic necessities, much less pursue careers in education or other low-paying fields, buy homes, or invest in small businesses—all of which are crucial for a thriving economy.
For the economy’s sake and numerous other pressing issues that will be decided in the final years of the Obama presidency, it is imperative to vote in the upcoming midterms. Investigate the candidates in your state and their positions on student loan reform.
Although paying off my loans may not have granted me the same confidence as finishing a marathon, I take immense pride in my accomplishment. I also recognize how fortunate I was to secure a manageable interest rate—25 million Americans still face greater challenges.
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In conclusion, while my journey to eliminate student debt has been grueling, it serves as a reminder of the importance of perseverance and the need to advocate for systemic change.
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