Members of Michigan State University Federal Credit Unionrecently refinanced $9.6 million in loan and credit card balances,surpassing a goal set by the cooperative.

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The $2.25 billion credit union ran its One Million DollarChallenge promotion from Jan. 3 to March 31 with the goal of savingmembers $1 million in loan interest during the three-monthperiod.

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Bringing their loan and credit card balance over from financial institutions, membersactually saved more than $1.3 million, according to MSUFCU. Threemembers who refinanced loans with MSUFCU during the promotion wonadditional cash prizes.

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The credit union held its first One Million Dollar Challenge in 2011, said Patrick McPharlin,president/CEO of MSUFCU.

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Founded in 1937, the East Lansing, Mich.-based credit unionserves more than 165,000 members.

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