Options for refinancing my private student loans

I currently have some private student loans. Right now, the balance is $15,400 at 4.2% variable with a payment of about $110 per month, but I’m paying $120. The payoff for the min payment would be 16 years and 1 month and the payoff for what I am paying now is 14 years and 3 months. Since this is variable, the rate has been as low as 2.5% and as high as 5.1%. Nothing too drastic, but it does fluctuate.

I have been thinking about refinancing these into a fixed rate, fixed term loan. I checked out Education Loan Finance (ELFI) and I got pre-approved for a 10 year loan at 4.05%. The monthly payment would be about $157, which I can afford. If I went with 5 year or 7 year loan, I could get a lower rate, but I would be cautious about the increased payment. For example, if I went with a 7 year term, it would drop the interest rate by 0.1% but the monthly payment would go up about $50 to $210. I know going from $110 to $210 per month isn’t that big of a difference, but money is tight and I like to keep my monthly minimum payments low while having the option to pay more each month if I wanted to.

So, should I go ahead and refi with ELFI at 4.05%? I’m leaning towards yes. Are there any other private student loan refi options out there?

Thanks in advance.



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