Hi everyone! I recently had a meeting with a financial advisor and she said something that I’m trying to understand the logic about. I am (F) 24 and trying to pay off my private student loans. I asked if I should refinance for the second time because I submitted a hard inquiry at Earnest and got a rate that’s lower than 1.5% from what my current rate is. Earnest’s rate was something around 6.1% for the 5 year term, since that was the lowest, I was planning on going with that.

My current rate is in the 7.84% at SOFI. With a term of 15 years. I have been making extra payments to the point where my starting balance was around $31K (I refinanced with SOFI in September 2024) and now I’m around $22K. My goal is to get to $20K by end of December, and then have the loan fully paid off by January 2028.…