The midterm elections are right around the corner on November 4, 2014—an important day when Americans cast their votes for their representatives in the 114th Congress, which will convene from January 2015 through January 2017. Unfortunately, midterm elections often see a lack of enthusiasm, leading to lower voter turnout.
If you’re grappling with student loans, raising kids who will one day face them, or even just worried about the economy, it’s imperative to make your voice heard at the polls. Here’s why it matters.
Tackling Student Debt: A Personal Marathon
A friend of mine recently finished her tenth New York City Marathon, and she shared how crossing that finish line makes her feel unstoppable. “I ran 26 miles,” she says to herself when life gets tough.
In my own life, the most daunting challenge I faced was paying off my student loans last summer, which felt like an enormous mountain to climb. After 16 years of diligently writing monthly checks—often with little impact on the interest—I finally broke free from the burden of debt that stemmed from a graduate degree that had lost its luster.
The key to my success? Consolidating my loans a decade ago at a favorable rate of 4.88%. Had I not done that, I would’ve been stuck with rates of 7% or higher, like many others who took out loans before 2010. The historic low rates available to new borrowers today (currently 3.86% for undergrads) would have been out of reach for me.
Why Your Vote Matters
Senator Alex Martinez has introduced the Student Debt Relief Act, which would allow those with existing loans to refinance at the same lower rates available to new borrowers. Unfortunately, this bill is currently stalled, largely due to the requirement to eliminate tax breaks for high-income households.
You’ve probably seen the alarming statistics: student loan debt has ballooned to $1.2 trillion, while the government has profited $66 billion from these loans over the past five years. Graduates burdened by this debt struggle to afford basic necessities, let alone pursue careers in teaching or other low-paying fields, buy homes, or start businesses—all vital contributions to an economy that increasingly demands higher education for even entry-level jobs.
For the sake of the economy and numerous other critical issues that will be decided in the last two years of the Obama administration, it’s crucial to participate in the upcoming midterm elections. Research the candidates in your state and their positions on student loan reform, and make your vote count.
While paying off my student loans may not have granted me the confidence of a marathon finisher, I still take great pride in this accomplishment. I feel incredibly fortunate to have secured an interest rate that made this possible—something 25 million other Americans aren’t as lucky to enjoy.
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Summary
In this article, Jenna Reynolds reflects on her journey to pay off her student loans after years of struggle. She highlights the importance of voting in midterm elections, especially regarding student loan reform initiatives that could help many Americans. With personal anecdotes and a call to action, she emphasizes how financial challenges impact not just individuals but the economy as a whole.
Keyphrase: Paying off student loans
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