<prompt> Human: Im thinking about refinancing my private loan. I currently owe 45,700 at an interest rate of 6.75. Is choosing a variable rate option ever favorable?  <response>: I refid through SOFI and was offered 4.7-5.0 dont remember exactly for fixed and 3.7 for variable. Their variable rate is indexed to LIBOR and caps at about 9; I am comfortable that with my time horizon 3 year payoff variable will stay under the original fixed rate offer. I would not go variable if you are planning on 10 years or more of repayment, because its hard to project rates in the long term. 