David O'Keefe got his student debt forgiven in August.
He was able to quit his job and run for office after five months.
He told Insider that he couldn't have pursued his passion without student-loan forgiveness.
When Insider spoke to David O'Keefe in August, his student debt balance was $0.
The 36-year-old is quitting accounting and running for office as a county commissioner in his hometown of Tallahassee, Florida.
If the Public Service Loan Forgiveness program hadn't processed my application, I wouldn't have been able to run for office, O'Keefe said.
He told Insider that young people don't run for office because of their debt burdens, and that people in their late 30s don't run because of their debt burdens.
David O'Keefe.
45 million Americans hold student debt that can hold back homeownership, employment opportunities, and even retirement.
Older Americans hold a lot of student debt, but those in O'Keefe's generation aren't immune. A Morning Consult poll found that the most likely group to support debt relief is the average young person with a debt balance of $29,500.
O'Keefe is grateful to be free of that burden, but he wishes more people could say the same.
"There are millions of people like me who can't start their own business, who can't run for office, who can't start families, and who are putting off important parts of life because of their debt," he said.
It's important to have a sense of purpose and feel useful.
The Public Service Loan Forgiveness program is for public accountants. The federal program forgives student debt for public servants after ten years of payments.
O'Keefe made some of the payments. He paid off $60,000 and was left with $20,338.42, even though he originally borrowed 61,236.
He got a notice on August 19 that his student debt was gone after he applied for a loan forgiveness through the Public Service Loan Forgiveness program.
He was free to pursue his dream. Three years ago, O'Keefe started thinking about running. He had worked as an accountant for 15 years and made a nice salary, but he started to become more involved in local issues. He realized he didn't feel fulfilled from his job, but his student debt was holding him back from making any significant life changes.
"I think having a sense of purpose is important for a lot of people in my generation," O'Keefe said. It's difficult to do with the realities of our financial situation.
After O'Keefe found out he wouldn't be paying a $600 monthly bill, he and his wife decided to run for office to make a bigger impact and be more useful to more people. He's campaigning for the primary election in August and is a member of The Debt Collective, which advocates for the cancellation of all forms of debt.
O'Keefe's decision to take a different career path was motivated by student-debt cancellation, but it is also indicative of a growing trend of Americans quitting their jobs for better conditions. Insider previously reported that stress from the job and better pay are some of the reasons 38 million workers have joined the "Great Resignation" in 2021.
Student-loan forgiveness is likely to help follow that trend. The Education Department recently announced reforms to the program to make it easier for borrowers to be relieved of their debt burdens after the program ran up a 98% denial rate for years, but President Joe Biden has not acted.
It's making it harder for community involvement.
O'Keefe said that student loans helped him get independent and support himself. There's a whole generation of people saddled with student loan debt that can't participate in this important part of civic life.
Do you have a story about student debt? You can reach out to her at asheffey@insider.com.
Business Insider has an original article.
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