Although Fannie Mae’s new plan is designed to help clear the pathway for borrowers burdened with student loans to get a mortgage, there are both benefits and pitfalls to be aware of, according to the Consumer Federation of America. Fannie announced new policies last week that will help more borrowers with student debt qualify for a mortgage loan. The GSE noted that recent graduates average about $34,000 in student loan debt. Under the new policy, Fannie offers a number of changes. The first includes allowing borrowers to pay off their student loan debt and get a better interest rate. Homeowners with a minimum of 20 percent equity in their homes can get a cash-out refinance to pay off one or more student loans.