STUDENT LOAN CASH OUT REFINANCE PROGRAM This week Fannie Mae announced a new Student Loan Cash-out Program and made it easier for those who want to pay off their student loans through cash-out refinance. The refinance is not treated as cash out if the cash out funds are used to pay-off student loans. This makes the interest rate of the new loan much lower than before. All the yield adjustments for cash-out are eliminated. According to a new survey from Citizens Financial