Student debt is close to 1/10th of all mortgage debts out there! I believe the market will force agencies to announce more new products to ease or help this generation get financing on their mortgage loan, while he/she defer their student payments. At the current pace, personal debt is close to $57,000 per citizen. Fannie and Freddie along with other investors, will most likely watch this closely, as more debt that piles up keeps getting deferred, which can pose a risk on future obligations, including mortgages. Fannie's student refinance cash-out program, is most likely the beginning, to try and counter this problem. Interesting times ahead.