This paper reviews several current designs of Cube Satellite (CubeSat) Electrical Power Systems (EPS) based on Silicon FET technologies and their current deficiencies, such as radiation-incurred defects and switching power losses. A strategy to fix these is proposed by the way of using Gallium Nitride (GaN) High Electron-Mobility Transistors (HEMTs) as switching devices within Buck/Boost Converters and other regulators. This work summarizes the EPS designs of several CubeSat missions, classifies them, and outlines their efficiency. An in-depth example of an EPS is also given, explaining the process in which these systems are designed. Areas of deficiency are explained along with reasoning as to why GaN can mitigate these losses, including its wide bandgap properties such as high RDS(on) and High Breakdown Voltage. Special design considerations must be kept in mind when using GaN HEMTs in this application and an example of a CubeSat using GaN HEMTs is mentioned. Finally, challenges ahead for GaN are explored including manufacturing considerations and long-term reliability.