By lowering your interest rate or leveraging a better repayment term, refinancing your student loans (such as private, federal, and/or PLUS loans) could help you save money in the long run or pay them off sooner. Make sure to remember that if you refinance some or all of your federal student loans into a private student loan with the credit union, you will lose access to any current or future federal student loan benefits, such as potential debt cancellation or income-driven repayment options. With the recent announcement from the Biden administration, it’s more important than ever to evaluate your options if you have federal student loans so that you can make educated decisions. For more information, check out these helpful resources: