My private student loan that I only have $10k left on has a variable rate that is currently at 8.25%…. I have been trying to get quotes to refinance and the calculators don’t make any sense in how much I would save if I refinance at a lower rate (which BTW, isn’t ever as low as the 4.99% they advertise). This year, I will be getting a decent tax refund that will go to my SL and cut it in half.
My question is, do I bother trying to go through the hassle of refinancing it for a 7% rate, or just keep as is, apply the $5k tax refund, and keep paying the remainder off aggressively until it’s done, AND then work on building my emergency fund? My goal is to have it paid off by June, if not sooner. TIA.