The midterm elections are around the corner, and if you’re like many people, the excitement may be lacking. But if you have student loans, are raising kids with student loans, or plan on sending your future offspring to college, you should care—because your vote matters.
Let me share my story of triumph over student loan debt.
For me, paying off my student loans felt like crossing the finish line of a marathon. A buddy of mine, who recently completed her tenth New York City Marathon, always says running those long distances makes her feel unstoppable. “I ran 26 miles!” she tells herself when life gets tough. I tried to think of my own monumental achievements, but my single attempt at marathon training was more like a sprint to the couch after I found out I didn’t make the lottery cut.
The biggest challenge I faced was finally paying off my student loans last summer. After 16 years of dutifully sending in monthly payments—some months barely making a dent in the interest—I finally broke free from the burden of that graduate degree that had long ceased to impress anyone on my resume. The degree that I thought would open doors had instead kept me locked in a financial struggle.
I managed to pay off my loans thanks to consolidating them a decade ago at a rate of 4.88 percent. If I hadn’t made that move, I would’ve been stuck with a rate of 7 percent or higher, much like countless others who took out loans before 2010 and are now missing out on the lower rates available for new borrowers.
This brings me to why voting is crucial. Senator Amy Rivera has introduced the Student Loan Refinancing Act, which would allow those still carrying loan debt to refinance at lower rates, similar to what new borrowers receive. Unfortunately, this initiative is stuck in limbo because it requires Congress to cut tax breaks for wealthy households.
Consider the staggering numbers: student loan debt has skyrocketed to $1.2 trillion, and the government has made a whopping $66 billion profit from student loans over the last five years. Graduates bogged down by debt can barely afford groceries, let alone pursue careers in teaching or other low-paying jobs, buy homes, or invest in the economy—one that increasingly demands degrees even for entry-level positions.
So, for the sake of the economy and a plethora of other pressing issues that will be decided in the final years of the current administration, it’s vital to cast your vote in the upcoming midterm elections. Research who’s on your ballot, who supports student loan reform, and make your voice heard.
While paying off my loans may not have given me the same level of confidence as finishing a marathon, I still feel a sense of pride. I’m incredibly lucky to have locked in an interest rate that made repayment possible, especially when 25 million other Americans are still grappling with student debt.
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In summary, my battle with student loans was daunting, but voting can make a difference for those still in the trenches. Don’t underestimate the power of your vote!