Hey everyone,
I'm new to this site and the finance world in general, thus looking for advice on my loan situation. I'm currently a PGY1 with ~230k in loans with interest ranging from 6.2-6.8% and was looking to refinance as I will not be pursuing PSLF and ideally would like to have my loans paid off within 2-3years after residency. I applied through all of the companies listed on this site and with my max monthly payment ~$1900 my best options are:
I'm new to this site and the finance world in general, thus looking for advice on my loan situation. I'm currently a PGY1 with ~230k in loans with interest ranging from 6.2-6.8% and was looking to refinance as I will not be pursuing PSLF and ideally would like to have my loans paid off within 2-3years after residency. I applied through all of the companies listed on this site and with my max monthly payment ~$1900 my best options are:
20yr 5.44% Fixed $1600/month
20yr 3.9% Variable $1400/month
15yr 3.7% Variable $1700/month
Now my question is basically which one? Long story short I am inclined to go with the variable given everything I've read about variable vs. fixed, but I'm hesitant given the current trend of interest rates (variable here based on 1 month LIBOR). Obviously I'm aware of the "risk" of choosing the variable, but my question is - is that risk substantially higher now given the current state/uncertainty of things?
Thanks for the help in advance!
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