<prompt> Human: Like I said in the title, I have about 300k in loans from law school and undergraduate. Im working at a big law firm making good money.I have the opportunity to refinance my loans on a 5, 7, 10 or 15 year plan with interest rates of 2.35, 2.95, 3.85 and 4.20. Any of these plans would cut my current interest rates drastically.It seems to me that, on the one hand I should just pick the lowest interest rate and just put my head down and knock this out. On the other hand, if I do the 15 year plan, I free up a lot of cash flow that I can invest and probably earn better than 4.2 on in the long run. In any case, my wife and I live pretty simply so the extra cash flow will not get spent on consumption.Love to hear what yall think.EDIT: Thanks everyone for all your comments and advice! Too many people have weighed in for me to respond to everyone.EDIT 2: Some info people have asked for in the comments: I have a 30k emergency fund set aside. Im currently paying my loans on a 25-year plan with interest rates between 8.5 and 2.8 the 2.8 loans Ill keep in the federal loans and pay off over 25-years unless I refi on a 5-year plan. I currently put 5k toward my loans using the snowball method. Were in NYC which means COL is relatively high but we dont have a problem since were pretty frugal and dont splurge that often. I contribute about 10k a year to my 401k. My wife has no loans and makes about 60k. Were both in our early 30s and would like to have kids in the next few years. Thanks again everyone! I appreciate your help!!!  <response>: Personally I went with what is your equivalent of the 5 year; getting them knocked out ASAP to lower my monthly requirements. I didnt want to have that hanging over my head so I knocked my loans out. Similar to what the other guy said about having the opportunity to take a lower paying, lower stress job, its easier to scale back if in 5 years you dont owe that 2500mo still. I dont think you can go wrong either way though. 