Ultimately, the company will pay lenders $214 million to $225 million to settle related legal claims.
Most companies would have to pay lenders a premium to borrow so much.
Mortgage-holders took out loans they never intended to pay; lenders made loans they knew the borrowers could not afford.
Even as Treasury bond yields plummeted, the rates that Fannie Mae agreed to pay lenders for a new mortgage shot up by 0.15 percentage points, to around 4 percent on Monday morning, according to market participants.
The difference, or spread, between what Southeast Asian governments have to pay lenders and what the United States Treasury pays has narrowed to levels unseen since the period before the 1997 regional financial crisis.
The loans are guaranteed by the federal government, which also pledges to pay lenders and banks the difference between the fixed rate a graduate can lock in and the fluctuating market rate.
Mark Harris of mortgage broker SPF Private Clients says: "Where borrowers have large bonuses that might exceed their basic pay, lenders may be reluctant to take much of the bonus into account, severely restricting the amount that can be borrowed".
Normally borrowers pay lenders a rate, typically as an annual percentage, on the amount borrowed.
Wells Fargo, which recently acquired Pick-A-Pay lender Wachovia, has not announced a major initiative.
The Treasury Department offers $1,000 payments to lenders for each modified loan and pays lenders part of the difference between borrowers' old monthly payments and their new ones.
Whenever student interest rates, which are set annually, run below market rates, the federal government makes up the difference, paying lenders a subsidy to maintain their profit margins.
