Carrie Lazar, CDMP, PCM
Senior Communications Manager
U.S. Senate Federal Credit Union | ussfcu.org
Alexandria, VA – Spring is a season of renewal—a time to declutter, reorganize, and refresh. But while you’re busy tidying up your home, why not do the same for your finances? One of the best ways to streamline your financial life is by evaluating your current loans to see if refinancing could save you money.
From mortgages and auto loans to student debt and credit cards, refinancing can help you lower your interest rate, consolidate payments, or adjust your loan terms to better fit your financial goals.
What is Refinancing, and Why Consider It?
Refinancing replaces your existing loan with a new one—ideally at a lower interest rate or with better repayment terms. This can help you:
Lower Your Monthly Payments – If rates have improved or your credit score has increased, refinancing can reduce what you pay each month.
Pay Off Debt Faster – Shortening your loan term means paying less in interest over time.
Consolidate Debt – Combining multiple loans into one can simplify payments and potentially reduce costs.
Lock in a Fixed Rate – If you have an adjustable-rate loan, refinancing into a fixed-rate loan can provide long-term stability.
Should You Refinance? Ask Yourself These Questions:
1. Will You Save Money? – Compare your current interest rate to available refinance options. Factor in any fees to see if the savings outweigh the costs.
2. What’s Your Credit Score? – A higher score can unlock better rates. If your credit has improved, you may qualify for a lower-cost loan.
3. Are You Planning to Move or Sell Soon? – If you won’t keep the loan long enough to break even on refinancing costs, it may not be worth it.
Credit Card & Student Loan Refinancing
Credit Card Balance Transfers – Carrying a high-interest balance? Transferring it to a USSFCU Visa® Credit Card can help you save money on interest and pay off debt faster. Unlike many national lenders, USSFCU offers a $0 balance transfer fee and lower rates than the national average, so more of your payment goes toward reducing your balance.
Student Loan Refinancing – If you have private student loans, refinancing could help you lower your interest rate and monthly payments. However, federal loan borrowers should consider income-driven repayment options before refinancing with a private lender.
Where to Start?
If refinancing sounds like a good fit, begin by comparing interest rates, reviewing loan terms, and calculating potential savings. Whether you bank with USSFCU or another trusted financial institution, be sure to ask about fees, repayment flexibility, and fixed vs. variable rates before making a decision.
At USSFCU, we help borrowers explore refinancing options that put them in a stronger financial position. Our team is here to help you find the best loan solution for your needs—whether that means lowering your interest rate, consolidating debt, or adjusting your repayment plan.
Take the first step today! Visit ussfcu.org to explore our lending options or call us at 800.374.2758 to speak with a loan specialist.
Spring is the perfect time to refresh your finances—let USSFCU help you take control and save!
About USSFCU
The United States Senate Federal Credit Union has been proudly serving the Senate community and beyond for nearly 90 years. As a member-owned, not-for-profit financial institution, USSFCU is committed to providing exceptional service, competitive financial products, and educational resources to empower members on their financial journey. For more information, visit www.ussfcu.org.
View this article and more on our website at ussfcu.org/blog.
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