The couple could refinance their house and take out a new 30-year fixed-rate mortgage at 5% or less and devote the $500-plus monthly savings to make up for the shortfall in Jenna's college fund. However, we recommend speaking to the college financial aid office about Stafford and Plus loans from Sallie Mae, as well as additional options. They should continue to fund her 529 plan while she is in college. Because James still has three years to go before starting college, they should also continue funding his 529 plan.
