As a WI resident you can get discounts on certain majors at MSEP schools.
http://msep.mhec.org/
I am originally from WI. If the student has the stats to get into UW-Madison and that is a good fit for him, great. My niece did well there after graduating from a rural HS but had strong stats (graduated with a degree within business areas - merchandising; had a few internships and a job with one of those companies.She loved school there, and also did a term abroad, in Italy). U-MN and Whitewater. Also see what other UW schools have to offer.
MN/WI ‘reciprocity’ is good to expand student options.
I would not consider paying OOS rates at a public unless it is cost-effective based on fit for student after ruling out state schools and private schools that may be similar cost to OOS public.
Also agree about maybe looking at other OOS possibilities if cost-effective - stronger stat student can perhaps see something offered elsewhere.
IMHO spend your time reviewing the most likely opportunities, and run COA and NPC.
“I would have felt better if the guidance counselors had responded more enthusiastically to Iowa State…”
Chances are that the HS guidance counselors just don’t know that much about ISU. What would truly matter would be the opinion of some employers who hire the graduates of the two universities who have your kid’s projected major, and even then unless the employers are in the habit of recruiting from many different universities, they might not have enough experience with one or the other of these two to give you an informed opinion.
What about UNI, or is that too small?
I wouldn’t put much into any GC’s reaction to any particular school. Unless this is an elite private prep school GC, the GCs typically don’t know much about any particular school unless they went there.
One more bargain school - USD (University of South Dakota). Great B school. And even with no discounting, your OOS rate is going to be less than the one quoted by ISU. Now, Vermillion is kind of rural, if he liked UofIowa, the vibe is pretty similar. The university culture permeates the town.
You are lucky to live in Wisconsin and have so many choices with instate, affordable prices . Whitewater definitely should be on your list as your safety (hard to beat its $16,000 COA which includes books etc.). I’m not sure why the costs of the two Iowa schools are so different, but from my Wisconsin/Illinois background, they are pretty equal to me so if its between those two, I would definitely go to the cheaper one!
Thank you for all of your replies, support and suggestions! I really appreciate it 
We will definitely be visiting some of the UW schools, UMN and Iowa State this summer.
Thank you for the reassurance that Iowa State is a good school and a good deal!
What business major is your child interested in?
I believe both schools have other college and departmental scholarships also. Iowa State definitely does. These have separate applications due in Feb. So they are not guaranteed or included in the NPC. In addition to the ‘automatic’ university scholarship, my son received a quite substantial scholarship which is renewable for all years. You should look at the websites for the business colleges for both U of Iowa and Iowa State.
Iowa State has some of the largest career fairs in the country, with more businesses wanting to come than they have room for! Employers seem to value their grads…my (non-Iowa) employers certainly do. The campus is gorgeous with beautiful green spaces. 5% of building costs are mandated for ‘art’. The campus has a great ‘feel’. The first year honors program provides a unique opportunity for second semester freshmen to do a research project with a faculty mentor. Plan to visit if you are able!
@Madison85 He would probably say business management…
@MidWestM Thank you for the tips about additional scholarships and their career fairs!
What is wrong with Wisconsin schools or Minnesota schools?
What are his stats?
Iowa is in the Big 10, ISU is not. There is a certain cachet to going to a Big 10 school for Chicago area kids, which is why Iowa traditionally has done better pulling Illinois kids than ISU.
I live in Iowa now.
The University of Iowa is known for having better social sciences and humanities – as well as perhaps the top Creative Writing program in the country and a top-25 law school. It’s the IU of Iowa.
Iowa State is the Purdue of Iowa.
I think the U of Iowa has the edge in rep in part due to being in the Big Ten and due in part to being ranked higher (though as stated, the two have different emphases…). Finally, there are more Hawkeyes than Cyclones in Iowa – U of I is very much the flagship according to most Iowans. That is bound to affect judgment/rep.