SoFi, Fannie Mae Offer Cash-Out Refi for Student Loans: A new refinance mortgage offered by SoFi and Fannie Mae lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a cash-out refi.

A new refinance mortgage offered by Social Finance, better known as SoFi, lets consumers tap into their home equity to pay down student loan debt at terms more favorable than a traditional cash-out refi.

The San Francisco-based online lender is partnering with Fannie Mae on the product. The loans will be underwritten to the secondary market investor's guidelines for credit score, debt-to-income ratio and other criteria, and the property must support an 80% loan-to-value ratio, inclusive of both the original mortgage and student loan debts.

The "Student Loan Payoff ReFi" can be used to either reduce or completely pay off the borrower's existing student loans and is available to both consumers with their own outstanding student loans and those who have co-signed loans....