Hopefully your kids end up on scholarship but the benefit of being house rich and saving poor works to your advantage when applying for finacial aid.

By committing to a 15 year shchedule you also force yourself to pay down the loan. Easy to say you will do it when you are on a 30 year program, harder to do.

If you have equity in the home and are looking for a short term bridge why not take out an equity line. Right now you could find rate on those for 4% or less.