If your annual income exceeds federal student debt and you do not plan to apply for a public service loan relief, then refinancing may be a reliable long-term strategy. However, you may not want to refinance when you are unemployed or think you might be unemployed.
So even though it may be an option, refinancing during periods of unemployment (or expected unemployment) is a bad idea. This is because refinancing federal loans turns them into private loans. After that, you now owe the bank instead of the federal government.