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.

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