He's not getting into an elite program just yet; for sure, he has no money. He clearly cares somewhat about school so my advice would be to use running as a way to get into schools that might otherwise be an academic reach.
Top-end D3 schools would be a great option, both academicly strong and he'd be able to go to nats, something unlikley at D1 level. There are several non-ivy D1 but still very good schools in the Northeast (Im thinking Colgate type stuff) that he could use his times to help leverage acceptance. Have a fine career on a bad team but make bank post grad.
However, if running is truly his dream and you're willing to support it, he could probably walk on to decent d1 programs provided he sees linear progression in his times.
My advice would be figure out what he really wants from school outside running. What does he want to study, how academicly inclined in he. From there you can then start using running to find A) community and B) somewhere he can potentially leverage running to get acceptance into a school hes really excited about.
I was a mid student but a very tallented runner in HS an was able to leverage my running to get into a school that on paper I wasnt as smart as but faster than. I'm super happy with my decison. Maybe I'd be running faster somewhere else but academiclly I'm challeneged an because of the school on my degree ill be well off post grad. + I get to travel to big meets and race at nats, something I wouldnt have been able to do as much at my old program.
Out out of high school I went top flight D1 with no regard for academics and on zero money. I ended up miserable and transfered to a smaller less competitive school but significantly better school academiclly and it was the best decision I ever made