You would have to be in a very hot real estate market for your estimated value to be that high. Even if true, beware that lenders are very gun shy about cash out refi's. They'll "talk a big game", then when it's time to do the deal they might come up with many reasons why they won't value your house that high. Keep in mind you just paid a bunch of fees to close the house, now you are going to pay about 2-3% (perhaps more, depending on where you live...) again.
I wouldn't do it. Just focus (first) on paying the higher interest rate student loan by being extremely mustachian.