Hi,
I was recently approved for a private student loan to consolidate my high interest (6.8%) federal student loans into. The private loan is a
variable 
loan starting at 3.63 and can change based on a 3 month LIBOR. The highest this loan can go is 9%, the term is 10 years, and the amount I am rolling into it is 47000 OR I can take a 5.5% fixed rate loan over the 10 years. There is no penalty for paying either early. No costs to intiate the loans.
I would love to hear what you would do in this situation and would also love to hear from those finance gurus out there on what you think I should do in this situation with the variable rate with LIBOR and all. Thanks for your time!
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