As a student who is now transferring to a private school after they gave one up because of money, here is my perspective.
My first tip is to make sure you have a strong, broad list of schools. I ended up getting into high caliber schools and low caliber schools but no in between. We did not qualify for financial aid except for one OK school that I didn’t really want to go to in the first place. Because of this, I ended up going to the 30k/year public school rather than the 65k/year private school. But it was a huge drop in education quality and I regretted it. If there was one thing I could have done differently the first time was to find better matches so I wasn’t having to give up the super good expensive school and go to my next best which was a whole 3 steps down in terms of caliber.
The other thing I recommend is always consider the finances but don’t make them the priority. I honestly could have gone to the 65k/year school the first time and not had loans but the idea of paying that much was totally absurd to me so I didn’t. Again, I regretted it. I think for who I am I thrive in a private school environment with small class sizes and students who are there to work and not just party. I felt like the state school I attended was all about getting drunk, and it seemed like a waste of money.
I did save money by attending a state school for 1.5 years. If the student gets into a super expensive school as a freshmen but can’t afford it, maybe ask the school about transferring there after going to a community college to save funds. You still get the degree.
Also think about future jobs. If the student is pre-med, pre-law, engineering, computing or maybe business a full tuition private school is more likely going to pay off because the salaries would be higher. In my opinion don’t send your dance student to Harvard, if you know what I’m saying. They won’t make the money to justify it.
Consider location more than caliber. If the student says “I want to be in LA after I graduate” then they should go to a solid school in LA rather than a great school in Colorado. Networking is half of the job search anyway, so being in LA for 4 years and working there during internships will let them build an LA network that the great colorado student when they move to the same area 4 years later.
i guess the last thing I would say is talk with the financial aid office. They are often willing to work with you and if you go there they will likely crunch some numbers and see if you qualify for need based grants (this is mostly with private schools I think, public likely wouldn’t do much). But they did this with me. They looked at it with my brother in college and made other small changes to see if I could get funds. Also if you are an RA, which is a risk because you have to apply, you generally get free housing and sometimes meal plans as well. As private school this could make what you pay 50k down from 65k. But from this perspective I do not know if the RA’s get actual pay as well so you may be covering more of the student’s spending costs.
Overall, I say money is a factor but never let it sway your choice if you can help it. I wasn’t really excited for college after I went to the cheaper school so it wasn’t right for me, and the student should be happy first and worried about money second.