It seems no one here remembers what interest rates used to be like 20 years ago. You can say 8% is a high interest rate, and compared to rates right now, it is. But based on historical comparison this is still quite low. If I had the choice, right now I'd take a fixed rate under 9% on the plan that it'll take 10+ years to pay off the loans and rates will continue to fluctuate upwardly. If rates drop significantly, you can always refi.