MADISON, Wis. — UW Credit Union has expanded its membership eligibility to include all current and former college students who reside in Wisconsin, a move Gov. Scott Walker is touting as way to help students refinance their loans.

The governor and credit union officials announced the expansion at a news conference on Tuesday.

Until now the credit union has generally served only current and past University of Wisconsin System and Madison Area Technical College students. It offers interest rates ranging from 2.2 percent to 6.8 percent.

Walker, a Republican, called the expansion another step in help students.

Scot Ross, executive director of liberal group One Wisconsin Now, told reporters after the news conference that the expansion likely won’t help anyone because students and recent graduates typically lack collateral and a credit history.