Got a formal offer: Current rate will be 3.85% + 1-month LIBOR (currently .17%) which comes out to 4.045%. With the autopay incentive it will be at 3.795%. Rates have a ceiling of just under 9%, which is scary. Unless someone talks me out of it, I will be accepting this tomorrow. My plan is to make minimum payments each month ($480.00 at current rate), max out my 401k, max out my IRA, and invest the rest in a taxable account (if there is anything left). If rates go up, I will aggressive pay off the student loans early.
My purpose in refinancing is that I think its better to pay off my loans over a longer period of time while aggressively investing my remaining income, but getting a lower interest rate is essential to make this worthwhile.