gk101 wrote:I don't think the person necessarily made a bad choice. I am just curious about their reasoning
I hate having six figure debt and want to pay it off asap. Half my loans were 7.8%, the other half 6.8%, and so this refinance is saving me about $400/month in interest.
I don't have a ton of other expenses right now, and even with $3k/month towards debt I have $5k+ for living and other saving. I feel secure in my job, and I'm not planning to leave biglaw until my debt is gone or manageable
Went with fixed instead of variable since 3.99% is pretty damn low, and I was willing to forgo a slightly greater drop to protect against a future LIBOR rise. My choices aren't for everyone, and refinancing definitely involves risks, but this made sense for me.